If this were just a case of hedge-fund managers and bankers spending their bonuses, then the bubble argument would have great power.

如果只是一群对冲基金经理人和银行家在挥霍他们的奖金，那么泡沫论会更有说服力一些。

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Now that the "artificial-wealth bubble" of the past two decades is finally collapsing, one of two scenarios can occur: capital destruction or purchasing-power destruction.

由于在过去20年造成的“人工财富泡沫”终于崩溃了，那么有两种情况就可能发生：资本损毁或购买力损毁。

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This bubble economy has arisen because the Chinese people are now beginning to enjoy economic freedom and their spending power has increased.

这种泡沫经济产生的起因是中国人当初开始享受经济自由，而且他们的破费才干也有所提高。

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GE's turbine business collapsed in the wake of the U.S. power bubble, with sales falling to 122 units last year from 323 in 2002.

FORBES: On The Cover/Top Stories

Loosening of the traditional distinction between banks and building societies that made mortgage loans helped power a housing bubble in the 1980s, Prof.

WSJ: Thatcher's Economic Overhauls Still Debated

Regulators in the United States had total power over subprime lending but as the bubble built, they used that power not to raise down-payments or credit standards, but to lower them.

ECONOMIST: An alternative history lesson