Was it the result of deregulation, speculative excess and greed?

金融危机是管制缺失，投机过度和贪婪的结果吗？

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The speculative excess brings in more steel than the market demands, and has a detrimental effect on pricing.

过度投机带来超过市场需求的钢铁，对定价产生不利影响。

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Speculative excess in the stockmarket has tended to be associated with booms in luxury goods and record prices for trophy assets.

股票市场中的投机过度很可能还伴随着奢侈品的繁荣和收藏品创纪录的高价。

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Kindleberger observes in "Reaching for yield"(p. 82), financial history offers many examples of times when falling yields on British consuls and other relatively safe investments generated speculative excess, followed by crash.

FORBES: Side lines

By contrast, by removing excess liquidity, the central bank can cause the sudden collapse of speculative excess, and it can also hurt healthy recovery or growth by constricting the money supply.

FORBES: Anna Schwartz, Monetary Historian, RIP

The strongest argument for a revaluation now is not that the yuan is undervalued, but that an adjustment would halt speculative capital inflows and so mop up the excess liquidity.

ECONOMIST: China's economy