从表面上看，这与2003年至2004年的情况相似：上一轮房地产、信贷、大宗商品和股市泡沫就是在那时开始膨胀，主要受低名义利率和低通胀的推动。

On the surface, this looks like 2003 and 2004 when the previous housing, credit, commodity and equity bubbles started to inflate, helped by low nominal interest rates and a lack of inflation.

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然而，这种价格回的过程中，提高利率，以减缓对消费者的影响，但一般都推迟一到两年的表面。

However, this price back in the process of raising interest rates to slow the impact on consumers, there are generally delayed one to two years to surface.

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虽然存在大量的呆账，但存贷利率差价如此之大，给任何表面上守信用的银行都提供了盈利空间。

This is an unchangeable fact. Despite the abundant bad debts, there is still profit space left for the seemingly credit-worthy banks.

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