It arose from the beginnings of the housing bubble -the real estate bubble that we're now in.

而是源自房地产泡沫的初现,也就是如今的房地产泡沫

耶鲁公开课 - 金融市场课程节选

His honest--he said, maybe froth in the real estate market but not a bubble.

他坦言也许房地产市场有点小泡泡,但绝不是泡沫

耶鲁公开课 - 金融市场课程节选