来自《耶鲁大学开放课程：金融理论 第1集 第1集》

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  attention to the interest rate think about the collateral rate.
  还要关注抵押率
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  Why is it twenty percent that you have to put down?
  为什么要首付20%
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  Maybe it should be ten percent or forty percent.
  也可以是10%或者40%
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  Well, in fact, that number changes all the time.
  事实上这个数字经常在变
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  So here what I've done is--the pink line from 2000 to the
  在这里我所做的是 从2000年到未来的
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  future, that pink line is Shiller's Housing Index inverted.
  这条粉红色线是倒置的希勒房价指数
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  So you notice the scale on the right is the housing prices,
  你们可以看到右边纵轴是房价
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  but I've inverted it, and on the left I have the down payment percentage.
  不过我把它倒置了 而左边是首付率
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  These are non-agency loans.
  这都是非金融机构贷款
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  We'll come back to the graph later--
  一会儿我们再来说这幅图
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  I don't have time to explain exactly how I got it--
  我没时间跟你们解释这幅图是怎么画出来的
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  but what you see is that from 2000 onwards the down payment
  但你们可以看出来 2000年以来