The third point is more diagnostic: The shockingly anemic pattern of post-crisis US consumer demand has resulted from a deep Japan-like balance-sheet recession. With the benefit of hindsight, we now know that the 12-year pre-crisis US consumer-spending binge was built on a precarious foundation of asset and credit bubbles.
第三点是关于诊断的：美国消费者需求在危机后增长如此无力是因为类似于日本的深度资产负债表衰退导致的。从后见之明中我们知道，危机之前美国所经历的12年的消费者支出繁荣建立在脆弱的资产和信用泡沫的基础之上。当这些泡沫破裂时，留给消费者的是大量积压的过多债务和过少储蓄。