Before the next boom gets under way, the Fed needs a credible commitment to limiting leverage and raising interest rates and doing what is necessary to shock people out of cloud-cuckoo land.

在下一个繁荣时期开启之前，美联储需要做出可靠的承诺：限制杠杆率、提高利率、并采取必要行动将人们从乌托邦的幻境中惊醒。