大約從2007年至2009年，美國經歷了金融危機與經濟衰退，就諸多衡量標準而 言，這是美國自1930年代大蕭條以來所經歷最嚴重的經濟倒退。同時，此事件對 世界其他經濟體也造成巨大的負面影響。此次「大金融危機」與隨之而來的「大 衰退」，其前因後果相當複雜，學者們對其原因和影響重要細節的爭論將會持續幾 十年。本文回顧了一些可能的原因，特別著重過度槓桿和房價過度波動這兩個根 本的因素。本文也提供關於房地產和金融市場的10項改革建議，可望減少未來與 房地產市場相關的衰退所造成的成本。

Circa 2007 through 2009, the United States experienced a financial crisis, and a recession, that by many measures was the largest adverse economic event the U.S. has experienced since the Great Depression of the 1930s. Furthermore, these events had large negative repercussions on other economies around the world. The Great Financial Crisis and Great Recession were complex, and scholars will be arguing over important details of their causes and effects for decades to come. This paper reviews a number of contributing elements, focusing especially on two fundamentals of the twin “Greats:” excessive leverage, and excessive volatility in housing prices. The paper includes a package of 10 proposed reforms in real estate and financial markets that can mitigate the costs of future real estate-related downturns.