Name: 創紀錄的高持股率引發經濟學家的警惕 (Record-high stock ownership raises red flags among economists)
Uploaded: 2025-09-30T09:55:58.000Z
Duration: 2 min 15 s

Also new this morning, the stock market has been rising.

今天上午還有一個新消息，股市一直在上漲。

Americans have more money in stocks than ever before.

美國人持有股票的資金比以往任何時候都多。

Economists are warning that could be a problem, and that a market downturn could hit Americans harder than ever before.

經濟學家警告說，這可能是一個問題，市場下滑對美國人的打擊可能比以往任何時候都要嚴重。

Seeing as Matt Egan looking into this one for us this morning.

今天早上，馬特-伊甘正在為我們調查這個問題。

Well, Kate, this is a double-edged sword, right?

凱特，這是一把雙刃劍，對嗎？

When markets are booming like they have been, market rallies can really be a very good thing for the economy, right?

在市場蓬勃發展的時候，市場反彈對經濟來說確實是一件好事，不是嗎？

Each record high can inspire confidence, get people to spend more money, right?

每一次創新高都能激發人們的信心，讓他們花更多的錢，不是嗎？

Go out to dinner, buy a car, take a vacation.

Of course, the problem is that it really does cut both ways because they're also exposed to potential market meltdowns that have happened in the past.

當然，問題是這確實是兩方面的，因為他們也面臨著過去發生過的潛在市場崩潰。

And these really are historic levels of exposure.

而這些確實是歷史性的暴露水準。

If you look at stock holdings, direct and indirect, like through 401ks and retirement plans, stocks make up 45% of household finances, right?

如果你看看直接和間接持有的股票，比如通過 401k 和退休計劃持有的股票，股票佔家庭財務的 45%，對嗎？

That's the most on record that go back to the 1950s.

這是 20 世紀 50 年代以來的最高紀錄。

And when you look at the trend here, you can see how this has really, really increased in terms of how much of people's portfolios stocks take up.

當你看到這裡的趨勢時，你就會發現，股票在人們的投資組合中所佔的比重真的是越來越大了。

追溯到 1980 年，這一比例僅為 13%。

Now, one thing I would note, though, is that this doesn't cut equally, right?

不過，我要指出的一點是，這並不能一視同仁，對嗎？

The top 10% of households actually own 87% of the stocks, but still, the higher-income households, those are the ones that are really keeping this economy afloat.

收入最高的 10%的家庭實際上擁有 87% 的股票，但高收入家庭才是真正支撐經濟的力量。

And if there's a market reversal, a downturn, well, they could stop spending.

如果市場發生逆轉，出現下滑，他們就可能停止消費。

And I think that this really does underscore why it was so critical that that market meltdown that we saw in March and in April over the president's tariffs stopped, right?

我認為，這確實強調了為什麼我們在 3 月和 4 月看到的因總統關稅而導致的市場崩潰如此重要，對嗎？

If it didn't, it could have caused a self-fulfilling prophecy, actually causing a recession.

如果不這樣做，就可能造成一語成讖，實際上導致經濟衰退。

Of course, the president blinked on those tariffs.

當然，總統在這些關稅問題上閃爍其詞。

He paused them for a period of time, and the market's really been off like a rocket ship ever since then.

他暫停了一段時間，從那以後，市場就像火箭一樣飛速發展。

The S&P 500 has gained $15 trillion in value just since April 8th, a stunning figure.

自 4 月 8 日以來，標準普爾 500 指數已增值 15 萬億美元，這是一個驚人的數字。

I think the bottom line is, Kate, you and I often talk about how the market is not the real economy, but I do think that this record-high exposure shows that the market does have a significant influence on the economy, for better or worse.

凱特，我認為底線是，你和我經常談論市場不是實體經濟，但我確實認為，這一創紀錄的風險敞口表明，無論好壞，市場確實對經濟有重大影響。