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美联储长期实行宽松的货币政策,造成的突出表现是过度借贷和过度消费。危机之前,美国家庭的储蓄率是零,就是说美国家庭作为一个整体不储蓄,工资收入百分之百的花掉。
The long-standing monetary easing by the Federal Reserve has caused over-lending and overconsumption. Before the crisis, the savings rate of the U.S. households was zero, meaning that the U.S. households as a whole did not save and spent 100% of their wage income.