If the market had been left to run for a little longer, it might have become crazier still. Justbefore the crisis broke, there had been talk of securities made up exclusively of riskierdevelopment loans. But in contrast to the overbuilding of the early 1990s, when rapid rentalgrowth persuaded developers to dig lots of holes in the ground, this time lenders and investorswere disciplined enough to want income-producing properties; they were just not disciplinedenough to price the risks correctly.
如果这个市场当时再持续一段时间,可能还会变得更疯狂。就在危机爆发之前,曾讨论过完全由高风险的开发贷款所构成的债券。但是和1990年代的过度开发相反,这次贷款者和投资者头脑还是足够清醒,他们想要的是投资型的房产;他们只是在正确计算风险上头脑不够清醒。
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