They became almost worthless because they were investing in subprime debt and the value of the debt collapsed and so these collapsed as well.

它们变的分文不值,因为它们投资次级债务,而这些债券价格一落千丈,所以这些银行也跟着倒下

耶鲁公开课 - 金融市场课程节选

The thought was that the central bank is guarding the money stock and governments have a tendency to sometimes want to raid the bank when they're in trouble.

观点是,中央银行在保护金融债券,而政府当看到,银行陷入困境时,有查抄这家银行的倾向。

耶鲁公开课 - 金融市场课程节选

Well what it means is that starting in the 1930s we began to think of central banks as managing the money stock to stabilize the economy.

好吧，它意味着从二十世纪三十年代开始,我们就认为中央银行是,为了稳定经济而,管理金融债券的。

耶鲁公开课 - 金融市场课程节选

The value of the paper collapsed and the bank became insolvent.

结果债券价值大跌,导致银行破产

耶鲁公开课 - 金融市场课程节选

The debt of a company is the amount of money it owes either to banks, or to bond holders, or to note holders, or commercial paper holders; these are fixed incomes.

公司的债务是指一笔借来的钱,不管债权人是银行还是股东,或债券所有人,或者商业票据所有人,这些都是固定收益

耶鲁公开课 - 金融市场课程节选

What you used to do is, every six months you'd pull out your bonds and you'd clip the coupons with a pair of scissors; you take them to a bank and they would give you cash for your coupons.

过去,你每六个月从你的债券上,用剪刀剪下息票,把它拿到银行,用息票兑换现金

耶鲁公开课 - 金融市场课程节选