The reduction of leverage after a credit bubble bursts takes a long time, which prevents a vigorous economic recovery.

信贷泡沫之后，减杠杆的过程要持续很久，这将阻碍经济有力地复苏。

youdao

Just two years ago the perfect storm of a decade of excess credit, excessive leverage and uncontrolled expansion by financial institutions precipitated the crisis.

恰在两年前的那个时代，信用卡风暴正盛，过度使用，过度举债以及金融机构对扩张的不加控制，促成了危机。

youdao

As the system of leverage that magnified credit collapses in on itself, borrowing becomes harder and demand falters.

财务杠杆系统放大了信贷规模，当它发生自我崩塌时，借贷难度会陡然增加，而需求会变得萎靡不振。

youdao

It implies that much of the economic growth from 2003 to early 2007 was built on easy credit and leverage.

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And they were papered over by massive leverage, credit card debt, a housing market bubble.

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Lastly, one lesson that we learned from the failure of the endowment model during the 2007-2009 credit crisis, is that low leverage, complete transparency, and daily liquidity are essential during times of market distress.

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