2008年，下跌中的市场带来这样一个恶性循环：股价下跌导致债务违约和投资者的火线抛售，这又使得股价进一步下跌。
In 2008, falling markets caused a vicious circle of debt defaults and fire sales by investors, pushing asset prices down even further.
理论上，这种交易长期来看是不可持续的，高收益只不过是为违约风险的投资者做补偿。
In theory this trade should not be sustainable in the longer term; the higher yields should merely compensate investors for the default risk.
而且实际上很长时间里这些垃圾债券的额外收益，远高于违约的风险给投资者带来的损失。
And indeed over time the extra yield offered by these bonds more than compensated investors for the risk of default.
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