The most immediate is financial distress emanating mainly, but not exclusively, from the US and spilling out to hit all sectors of the global economy. This was and is the result of an asset bubble fueled by excessive leverage and by the massive transparency issues associated with complex securities and derivatives that were supposed to spread risk, but instead mainly increased the systemic risk already present with excess debt.
最直接的是，主要从美国、但又不完全是从美国产生的金融危机，其向美国之外蔓延，打击了全球经济的所有领域。这过去是、现在仍是资产泡沫带来的结果。对杠杆效应的过度运用，以及与复杂的证券及衍生产品相关的透明度方面的严重问题（这些证券和衍生产品本来是应该分散风险的，而最后却增加了已经因为过多的债务而存在的系统性风险），都对资产泡沫起了火上浇油的作用。