But if financial markets are already frothy now, consider how frothy they will be in 2015, when the Fed starts tightening, and in 2017 (if not later), when the Fed finishes tightening? Last time, interest rates were too low for too long (2001-2004), and the subsequent rate normalization was too slow, inflating huge bubbles in credit, housing, and equity markets.
但如果金融市场已经出现泡沫，那么想想到2015年联储开始收紧和2017年（最早）收紧结束时泡沫该有多大？上次出现利率过低、持续时间过长（2001－2004年），且其后正常化太过缓慢的情况直接导致了信贷、住房和股市的严重泡沫。