来自《耶鲁大学开放课程：金融理论 第1集 第1集》

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  peak of the housing cycle, which is the bottom of that
  当房价处于周期顶端 也就是这条曲线底部
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  curve, that's when collateral started getting tougher and
  这时抵押贷款变得很困难
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  people started asking for more money down again,
  人们开始要求更高的首付率了
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  and sure enough the prices turned around.
  当然房价走势也就开始逆转
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  So if you look at the prices of mortgages,
  再来看看抵押贷款的价格
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  again, the inverse on the right, and you look at the
  右边的轴仍然是倒置的房价
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  margins on the left, not for buying houses but for
  但左边不是买房的保证金
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  buying securities-- I don't have time to explain
  而是购买证券的保证金
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  this whole graph, but the blue line is the buying
  我没有时间给你们解释这整个图
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  securities.
  这条蓝线就是购买证券的曲线
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  So '98 is a big crisis,
  98年出现过严重经济危机
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  the margins spike up,
  保证金要求急剧上涨