We are in the midst of a financial crisis caused by the serious mispricing of all kinds of risks and by the collapse of the housing bubble that developed in the first half of this decade. What started as a problem with sub-prime mortgages has now spread to houses more generally, as well as to other asset classes.
我们正处在一场金融危机之中。这场危机是由对所有风险的严重错误定价和和美国在这十年的前五年中所产生的房地产泡沫的崩溃造成的。最初的次贷问题现在已经蔓延到整个的房地产以及其他的资产种类。住房问题正使金融危机愈演愈烈，而后者又正减少着维持经济活动所需的信贷供应。