Demand for these goods is less sensitive to changes in interest rates, because it takes years to work out such gluts.

• 美国经济面临的问题不再仅限于现金不足，而是丧失偿还能力，而这是货币政策无力解决的。成百上千万美国家庭已处在无力偿还抵押贷款的边缘。