But the crucial question – and one that is rarely asked – is how US households were able to reduce their debt burden during a period of high unemployment and almost no wage gains while sustaining consumption growth. The answer lies in a combination of “no recourse” mortgages and fast bankruptcy procedures.
但鲜有人问及的关键问题是为何美国家庭能够在高失业和工资几无增长的时期减少债务负担，同时还能维持消费增长。答案在于“无追索权”按揭和迅速的破产程序。