The Fed has long argued that central bankers should not try to prick asset bubbles, but must mop up the mess promptly when they burst.

美联储长期以来一直认为，中央银行不应该尝试去戳破资产泡沫，而必须在泡沫破裂后迅速地收拾残局。

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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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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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