The other thing to remember is that the Fed takes a "stock" approach to easing, which means it is the size of the balance sheet rather than the pace of purchases that matters.
另外，美联储采取“股法”手段来达到复苏的目的，这意味着关键的问题是资产负债的规模，而不是采购速度。
2
The stock of debt that banks and households still carry will take years to pay off. The hole in the balance-sheet must be sealed before the economy can regain its bounce.
银行和家庭的债务要花几年的时间才能偿完，资产负债表的大坑也要先填平了，经济才能重归反弹点。
3
The danger, however, is that too much emphasis on the stock cycle misses the underlying characteristics of this downturn. This is mainly a balance-sheet recession precipitated by a financial crisis.