这三位经济学家跟踪观察了新英格兰的大量次级借贷者，并掌握了他们的详细信息，包括他们抵押贷款的期限和还款历史。
The economists tracked down a large number of subprime borrowers in New England on whom they already had detailed information, including the terms of their mortgages and their repayment histories.
迄今为止，观察过次级抵押贷款者还款规律的经济学家都指出，当房产价格达到顶峰并开始下滑时，并不是所有的次级借贷者都违约。
Yet economists who have looked at the pattern of payments on subprime mortgages point out that even when house prices topped out and then began to fall, not all subprime borrowers defaulted.
“金融风暴所到之处，一片狼籍”，曾经一度观察金融危机的旧式经济学家阿尔弗雷德·马歇尔这样说道，“当它结束的时候，人们将会非常平静，但是是那种愚蠢的，沉重的寂静。”
"The commercial storm leaves its path strewn with ruin," Alfred Marshall, a Victorian economist, once observed of financial crises. "When it is over, there is calm, but a dull, heavy calm."
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