但在另一方面他还将面对爱尔兰历史上最严重的经济衰退局面，因为爱尔兰的房地产泡沫破裂后引发了公共财政危机。
But he was also set to preside over the deepest recession in the country's history. As Ireland's property bubble burst, it triggered a crisis in the public finances.
这些债引发了危机：抵押贷款，很容易就能办到的抵押贷款造成了房地产价格泡沫。
Then there is the debt that set off this crisis: mortgage debt. Overly easy mortgage borrowing financed the house-price bubble.
虽然这次的次级贷危机与日本1989年资产泡沫的破裂有许多不同点，但它们也有显著的相似之处。
Though differences between the subprime crisis and the bursting of Japan's own property bubble after 1989 are inevitably great, the similarities are striking.
但金融的历史是充满泡沫和危机的。
这场危机始于房地产问题，但是布什时代房地产泡沫的破灭的多米洛骨牌效应不仅波及美国，还有全世界各地。
The crisis began with housing, but the implosion of the Bush-era housing bubble has set economic dominoes falling not just in the United States, but around the world.
眼前的这场危机肇始于房地产泡沫的破裂，继而引发了广泛的抵押贷款违约，给许多金融机构造成巨大的损失。
The current crisis started with a burst housing bubble, which led to widespread mortgage defaults, and hence to large losses at many financial institutions.
银行危机前大多数富裕国家存在不动产泡沫，未来几年里这些国家会预期更加痛苦。
As most rich countries had a property boom before the banking crisis, they should expect more pain in the coming years.
伴随着大量起到金融杠杆作用的法案出台，房产泡沫破灭触发了此次的次贷危机。
The trigger of the crisis was the bursting of the housing bubble, combined with a large exposure by the levered financial institutions.
欧洲的情况也不乐观，很多欧洲的小公司由于经济泡沫而陷入了资产负债表危机，已经开始启用企业备用资金，但现在，这些资金也即将用尽。
The situation is no better in Europe. Many smaller European companies have been able to live off their reserves because they entered the crisis with balance-sheets fattened by the boom.
但这次，形成危机的资产价格和信额泡沫远大于1980晚期的日本或1920年晚期的美国，规模之大史无前例。
But this crisis was caused by the largest asset-price and credit bubble in history-even bigger than that in Japan in the late 1980s or America in the late 1920s.
具有讽刺意味的是，这些帮助产生信用泡沫的公司现在积极从这次危机中获利。
Ironically, the very firms that helped to inflate the credit bubble are now among the keenest to profit from its bursting.
那些稳定的周期总是导致泡沫甚至危机，更加自由的金融市场只会加剧损失。
Periods of stability always lead to excess and eventual crisis, and freer financial markets only lead to greater damage.
本次危机源于史上最大的房贷信用泡沫，美国房价平均下降了五份之一。
That crisis has its roots in the biggest housing and credit bubble in history. America's house prices, on average, are down by almost a fifth.
他把第一个称作为“事业危机和泡沫破灭”。
美国是危机之始作俑者，房产泡沫毁了金融部门。
America was where the crisis began, with a housing market bubble that corrupted the financial sector.
令人恐慌的是，以中国为中心的新兴市场目前的泡沫可能只是未来危机的冰山一角。
What is scary is that the current frothiness of emerging markets, centred on China, may be only a taste of what is to come.
美国房地产市场泡沫破裂之后，金融危机随之呼啸而来，自此之后，许多美国人都觉得实现美国梦的可能性变得越来越小。
Since the bust of the U.S. housing market and the subsequent financial crisis, many people in this country have jumped on the view that the American Dream is somehow deteriorating.
这种杠杆式投机可以解释为什么房产泡沫往往会引发经济危机。
It is leverage that explains why property busts have a habit of causing financial crises.
周而复始的，我们与大萧条、银行危机、房地产泡沫和技术变革进行抗争。
It bears repeating that we have been struggling with a recession, a bank crisis, a real estate meltdown, and a technology shift.
欧洲债务危机的蔓延，中国房产泡沫的破灭以及在刺激中反弹的美国经济的回落，使人们担心复苏中的经济又将遭殃。
Fears are growing that the global recovery will falter as Europe's debt crisis spreads, China's property bubble bursts and America's stimulus-fuelled rebound Peters out.
周而复始的，我们与大萧条、银行危机、房地产泡沫和技术变革进行抗争。
It bears repeating that we have been struggling with a recession, a bank crisis, a real estate meltdown, and a technology shift. It may take a little more time to re-boot.
周而复始的，我们与大萧条、银行危机、房地产泡沫和技术变革进行抗争。
It bears repeating that we have been struggling with a recession, a bank crisis, a real estate meltdown, and a technology shift. It may take a little more time to re-boot.
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