他说，对美联储而言在1990年代末将股价控制在一个合理的平衡区间的唯一办法就是把利率加高到对经济当头一棒的水平。
The only way, he says, for the Fed to have kept stock prices in reasonable equilibrium ranges in the late 1990’s would have been to raise interest rates so high that they hit the real economy on the head with a brick.