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房地產(chǎn)泡沫時(shí)期貸款熱重現(xiàn)美國(guó)

房地產(chǎn)泡沫時(shí)期貸款熱重現(xiàn)美國(guó)

Stephen Gandel 2013-05-31
如今越來(lái)越多的美國(guó)人以經(jīng)紀(jì)賬戶為抵押,貸款購(gòu)買公寓或擴(kuò)張業(yè)務(wù)。這可讓人不怎么放心。因?yàn)橘J款與泡沫往往相伴,而無(wú)度的貸款正是導(dǎo)致上次美國(guó)樓市崩潰的關(guān)鍵原因。

????但我們不太可能知道到底有多少股票抵押貸款用在了其他地方,又有多少被用于提高投資賬戶杠桿。美國(guó)金融業(yè)監(jiān)管局并不跟蹤這些貸款的流向。

????而且,很多財(cái)務(wù)規(guī)劃師通常也不建議使用保證金貸款,這類貸款比例最近平均約為2%。首先,保證金貸款采用浮動(dòng)利率。貸款利率會(huì)隨存款利率變動(dòng),而存款利率最近一直在上升。其次,保證金貸款隨時(shí)可以收回。如果你的股票投資組合價(jià)值縮水,經(jīng)紀(jì)公司可以要求你立即償還保證金貸款,即便你一直按時(shí)還款。最后,與房屋抵押貸款不同,股票賬戶抵押貸款沒(méi)有稅收優(yōu)勢(shì)。

????綜合上述缺點(diǎn),越來(lái)越多人使用保證金貸款的現(xiàn)象說(shuō)明當(dāng)前圍繞股市投資至少存在一定的非理性繁榮,即便這種繁榮不會(huì)在短期內(nèi)破滅。“這說(shuō)明人們又一次忘了市場(chǎng)的波動(dòng)本質(zhì),”宣稱自己從不建議使用保證金貸款的佛羅里達(dá)州科勒爾蓋布爾斯財(cái)務(wù)規(guī)劃師哈羅德?伊文斯基說(shuō)。“我們?cè)僖淮位氐搅苏J(rèn)為股市只會(huì)單邊上漲的時(shí)候。”(財(cái)富中文網(wǎng))

????譯者:老榆木

????But it's impossible to really know how much stock market borrowing is being spent elsewhere, and how much is being used to leverage up investment accounts. FINRA doesn't track where the borrowed money goes.

????What's more, many financial planners generally advise against margin loans, which recently have averaged around 2%. First of all, margin loans have a floating rate, so they will go up with interest rates, which have been rising recently. Second, margin loans are callable. If the value of your stock market portfolio drops, your brokerage firm could require you to pay back your margin loan immediately even if you have never missed a payment. Lastly, unlike borrowing against your house, there's no tax advantage to borrowing against your stock account.

????Stack up all those disadvantages, and the fact that more people are using margin loans must mean there is at least some irrational exuberance going on around stock market investing right now, even if it's not quite going to burst anytime soon. "It just means people have lost touch again with market volatility," says Harold Evensky, a financial planner in Coral Gables, Fla., who says he never recommends margin borrowing. "We're back to thinking stock markets only go up."

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