(You'll hear all about discounting later.)

我们之后会讲折现
So there's no mystery."

这里没有什么难点
On the other hand nothing happened to interest rates.

另一方面利息率没有发生什么变化
They kept getting lower so there's no reason why the market

利率持续走低
should have crashed.

这并不能解释为什么市场会崩溃
So, again, this seems like a vindication for Shiller.

这个事实似乎佐证了席勒的理论
Now, it also, in a way, is a vindication for

同时也佐证了我的理论
my theory which is non-psychological.

我主张理性分析不大相信心理作用
So I'm distrustful a little bit of psychology because it can be

虽然人的心理作用很重要
anything, although I agree it's important.

因为人可以臆想出任何事物
So my theory is when you take a loan you have to negotiate two

所以我认为在人们贷款的时候要考虑两点
things, the interest rate and how much collateral you put up.

利息率和用抵押物的价值