All this was encouraged by the authorities. Any time a debt crisis threatened the economy, central banks slashed interest rates. The prospect of such rescues reduced the risk of taking on more debt. Bubbles were created, first in equities, then in housing. It was a monetary ratchet, in which each cycle ended with much higher debt and much lower interest rates. The end-game was reached in 2007-08 when investors realised a lot of this debt would not be repaid. As the credit crunch tightened, central banks had to cut short-term rates to 1% or below.
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Bubbles were created, first in equities, then in housing.
泡沫出现，首先出现在股票，接着是住房。
The first half of the year will be challenging, as equities continue to be hit by credit market ructions, fears of recession in the US and UK and downward revisions to earnings forecasts.
由于信贷市场动荡将继续冲击股市，加之投资者担心英美经济衰退和企业调低盈利预测，今年上半年将十分艰难。
Microsoft is set to report first-quarter results with analysts expecting an earnings beat, but Equities analyst John Kozey says a beat for the tech giant could be followed by a drop in share price.
微软公司发布第一季度财报，分析师预计盈利增长。但股票分析师约翰说对于这样的科技巨头接下来可能会面临股价下跌。
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