(The Fed raised its benchmark federal funds rate from 1% in 2004 to 5.25% in 2006 and held it there until August 2007). As a result, house prices collapsed, leaving a trail of zombie banks (whose liabilities far exceeded their assets) and ruined borrowers.
当美联储最终以升息的动作停止了支出狂欢后，债务的倒金字塔崩塌了。（美联储将其基准利率——联邦基金利率从2004年的1%提高到了2006年的5.25%，并一直维持该水平至2007年8月。）结果，房价崩盘了，留下的是一大批僵尸银行（负债远超资产）和遭受重创的借款人。