In 1988, when there was a boom in California, but of course not in Milwaukee, the average person in Los Angeles thought home prices would go up 10% a year for the next ten years --that's the median, I'm sorry.

988年加利福尼亚出现了繁荣,当然,在密尔沃基则没有出现,洛杉矶的人们普遍都认为房屋价格,会在未来十年内以每年10%的速度,上升,应该是中间价,不好意思

耶鲁公开课 - 金融市场课程节选

That's because it started out that way; when the federal government wasn't involved in those sorts of things and somehow, we never had the in fact, it's talked about--we should-- maybe we'll see it in the next ten or twenty years.

因为从一开始就是分开的,当时的联邦政府还没有介入监管,我们从来没有过...,实际上有一种说法,我们应该,也许10年或20年内,统一监管能够实现

耶鲁公开课 - 金融市场课程节选