But the real puzzle here was not the existence of these two bubbles but the fact that the first burst with minor consequences while the second provoked a financial bloodbath.

但真正的谜题，并不在于这两个泡沫存在与否，而是为何第一个泡沫破灭时影响甚微，而第二个泡沫破灭时金融业血流成河。

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Perfectionism is an illusion, but the pursuit of it is real and can have damaging consequences.

完美主义是一种错觉，但追求完美是真实的，而且会产生破坏性的结果。

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But if such a debacle is not to occur again, a disaster of this magnitude requires deeper reflection and real consequences.

不过，要想避免重蹈覆辙，这样规模的灾难应当带来更深刻的反思与真正的后果。

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Mr Blair recognised a war would lead to innocent people dying and "real consequences" but he said no action would still leave Saddam in power.

BBC: Blair: UN must deal with Iraq

But it can have important consequences for real people.

FORBES: Congress May Not Rewrite the Tax Code in 2013, But They Can Make It Simpler

But it is having consequences in the real world.

ECONOMIST: The World Bank