Investors might have coped with the credit crunch if it were not for the high commodity prices, and vice versa.
如果不出现过高的商品价格，投资者也许能对付得了信贷紧缩，反之亦然。
3
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.