Saving and Loan Associations were making bad loans, especially in Texas, but in lots of other states as well -this is when Ronald Reagan was President.

当时储蓄贷款协会出现了不良贷款,尤其在德克萨斯州,不过在其它很多州也同时出现了...,当时的总统是罗纳德·里根

耶鲁公开课 - 金融市场课程节选

So, they had an unfortunate incentive to make bad loans.

因此他们投机取巧不断放出不良贷款

耶鲁公开课 - 金融市场课程节选

But the FSLIC wasn't; it was sleeping at the switch, so it allowed banks in the United States -it was primarily Savings and Loans who did this -to make bad loans and they were playing this moral hazard game.

但是FSLIC没有如此,制度变换初期他们对一切放任不管,于是这让美国的银行...,主要指的是那些储蓄贷款机构...,发放不良贷款,他们开始参与这项充满道德风险的游戏

耶鲁公开课 - 金融市场课程节选