But it was a bubble – and a highly leveraged one at that. While periodic bubbles may be unavoidable, and no bubble is without consequences, a highly leveraged bubble tends to cause far more damage, owing to its impact on the real economy and the duration of the deleveraging process.
但这是一个泡沫，一个高度杠杆化的泡沫。周期性泡沫也许是不可避免的，但所有泡沫都会带来后果，高杠杆泡沫往往造成更大的破坏，因为其对实体经济的极大影响和持续漫长的去杠杆化过程。