Across virtually all the major indicators – including equity and housing price runs-ups, trade balance deficits, surges in government and household indebtedness, and pre-crisis growth trajectories – red lights are blinking for the US. Simply put, surging capital flows into the US artificially held down interest rates and inflated asset prices, leading to laxity in banking and regulatory standards and, ultimately, to a meltdown.
几乎所有主要标志，包括资产和住房价格攀升、贸易平衡赤字、政府和居民负债猛增以及危机以前的增长轨迹等等都给美国亮出了红灯。简而言之，汹涌流向美国的资本人为地压低了利率并抬高了资产价格，导致银行和监管标准松懈并且最终造成瓦解。