But soaring deficits did not return the economy to full employment, so the Fed did what it had to do – cut interest rates. Lower interest rates worked, but not so much because they boosted investment, but because they led households to refinance their mortgages, and fueled a bubble in housing prices.
但是，激增的赤字并未将经济带回到全面就业上来，所以美联储被迫降低利率。低利率奏效了，但是效果并不显著。这并非由于低利率促进了投资，而是低利率让美国家庭重新资助住房贷款，并且助长了房地产价格泡沫。