With home prices falling (and set to continue to fall), and with banks uncertain of their financial position, lenders will not lend and households will not borrow. So, while the additional liquidity injected into the financial system by the Fed may have prevented a meltdown, it won’t stimulate much consumption or investment.
随着房产价格下降(而且会继续下降)以及银行对自身的财政状态不确信，贷款者不愿意借钱给人而各个家庭又不愿意借钱。因此，尽管美联储向金融系统注入的额外流动资金或许防止了崩溃，但是它并不会刺激多少消费或者投资。相反，大部分钱会流向国外。例如中国就担心美联储的刺激手段将会提高其国内的通货膨胀。