is on the order of the value of GNP,

对应于国民生产总值
that's a loss of 20% of GNP.

即损失了20%的国民生产总值
If the marginal propensity to consume out of wealth is 4%,

如果边际消费倾向超过总财富的4%
the loss is 8/10% of GNP--

则国民生产总值损失0.8%
an amount that an economy would rather not lose,

没有一个经济体愿意遭受这种损失
but hardly the difference between economic success and economic failure

如果存在政策反应
and something that's potentially offset

经济的成败则难以区分
if there is some policy response.

有些因素可能被相互抵消
There is data and evidence for the view that

对于该观点有数据和证据显示
a significant amount of financial disruption can take place

巨额的金融损失可能只对
with relatively little consequence for the real economy.

实体经济产生相对较小的影响
The difficulty is that

麻烦的是在1987年 1998年