As they saw it, no matter how high stock prices rose relative to profits, or no matter how high house prices rose relative to rents, regulators deferred to the collective wisdom of the market.

• 在他们看来，不管股票价格相对于公司利润上升的有多高，抑或无论房屋价格相对于房租水平攀升的有多高，监管者都应该顺从市场的集体智慧。