Equity owners are willing to take risk for higher gains
bond holders are not。Real estates are directly related to mortgage and subsequently to bonds。
FED‘s responsibility is to rescue economy with necessary means。 FED bought bonds after 2008 crisis，likely also SPY, but didn't rescue the stock market after tech crash 20 years ago because it was confined in the tech sectors.
房地产的分布远比金融资产更平均，前1%的有钱人拥有美国半数以上的股权和共同基金，底层90%的人，持股比率不到不到12%。相反的，在房市，底层90%的人持有半数以上资产，最上面的1%持有不到14%。
bond holders are not。Real estates are directly related to mortgage and subsequently to bonds。
FED‘s responsibility is to rescue economy with necessary means。 FED bought bonds after 2008 crisis，likely also SPY, but didn't rescue the stock market after tech crash 20 years ago because it was confined in the tech sectors.
我确实是关心者乱，我股市上很小的exposure, 房产80_90个米的holdings, 现在core holdings 的LTV比较低，20%左右。
但是新投入的LTV很高，80%LTV, 这个比较危险。
如果房市掉一半，我就清0....
孟子觉得，普通老百姓拥有恒产，他们就能够安下心，不闹事，踏踏实实过小日子。否则就会觉得朝不保夕，只图眼前利益，不想将来，从而无所不为。国内一直是保房价维稳安定人心。美国历届政客都以股市为政绩，被花街资本绑架勒索。所以才有美国股市中国房市永远涨的戏说。