They only made it easier for people, in those areas of the world where there is a half-believable story about a fabulous future economy, to indulge their fantasies. Interest rate increases will deliver a fresh dose of reality: the interest expense of owning a home is going to claim a larger share of family budgets, a hard fact that will eventually sink into our thinking.
正是这种盲目乐观的态度造成了房地产泡沫的出现。低银行利率并没有造成泡沫。低利率只是让那些生活在经济前景仿佛一片光明的地区的人们更容易沉浸在他们的幻想之中。利率的上升会让他们面对现实：购房的贷款利息将会占家庭预算的更大一部分，这是我们最终必须面对的严峻现实。