Then lastly, there are things like the Internet bubble, they're not usually called this, but--the lending bubble where--or the subprime mess.
其次,市场上还存在像互联网泡沫,不经常被提及的贷款泡沫,此外还有次贷危机。
To some extent, the subprime crisis is a failure of Basel II, which is not even fully born yet.
从某种程度上讲,次贷危机就是新巴塞尔协议的一次失败,该协议甚至还没有正式生效
I think that, in a sense, the subprime crisis that we have is an example of the dangers of new technology.
我认为,在某种程度上,这次次贷危机就是新科技,可能会带来危险的典型例子
I find this interesting because it calls to mind some of the problems we had with the subprime crisis.
我觉得这个挺有趣,因为它呼吁人们留心一些,我们在次贷危机中遇到的问题。
Subprime" Refers to the mortgages that were made mostly over the last ten years or so to subprime borrowers.
次贷"指的是,大约在最近10年中,提供给次级借款人的,住房抵押贷款
Why don't I lend some of it out and I can earn interest on the loan and make money.
为什么我不贷一部分出去呢,这样我就可以通过贷款赚利息了
If you know the subprime crisis is coming, then there's always a way to profit from that and that's what he did.
如果你能预言次贷危机,那总有从中获利的方法,而他就是这样做的
People knew that a lot of bad loans were being made or loans were being made to people who shouldn't be getting them.
人们知道现在银行有很多坏账产生,或者有很多多贷款再贷的时候就根本不需要人们来还它。
Another thing that I will be talking about is less important to this course but you have heard of this: the subprime crisis.
我要讲的另一个问题,在这门课里相对不是那么重要,你们听过这个词吗,"次贷危机"
You need the loan for years, but investors don't want to tie up their money for years.
这笔款你需要贷若干年,可是投资者不希望他们的钱被占用好几年
The subprime crisis is an example: some people were treated badly in this recent financial crisis.
次贷危机就是一个例子,在最近这次金融危机中,有人沦为受害者
That's what has been happening a little bit -more than a little bit--in the subprime crises.
类似的事情在次贷危机中发生过几起,其实远不只几起
Now finally, I want to talk about the current situation in what's called the subprime crisis.
我要讲一下目前的情形,也就是次贷危机
The subprime crisis is happening today because home prices are falling and with falling home prices more subprime borrowers are failing to pay their mortgage.
次贷危机之所以会发生,时因为房屋的价格在下降,随着房屋价格的下降更多的次贷借款人,将会无法支付他们的贷款
I think the subprime crisis that is the current financial crisis highlights this very well.
我认为目前的次贷危机,很好的说明了这一点
When you buy a house, you borrow the money and you pay it back in fixed-- it would usually be monthly, but let's say annual payments.
当你买了一座房子,你贷了些款,然后你在一定的时间内偿还一部分,一般来说都是按月来算的,但是假设我们是按年支付的
The subprime mortgage market was bringing people into the mortgage market who in prior decades would not have been involved-- would not have had any mortgage.
次贷抵押信贷市场,把十多年前那些,不能获得抵押贷款的人,带进了抵押信贷市场
The next lecture will be about real estate and that brings us into the subprime crisis and connects with interests that are central to my own thinking.
再下一节课我们会讲房地产,房地产带来了次贷危机,以及其与利息的联系,我认为这种联系是最核心的
Some people want to go back, some people think there's a lot of anger about the subprime crisis and there's some anger expressed against the financial community.
有些人想退回到过去,有人认为,次贷危机,让很多人感到愤怒,有些人把怒气指向金融从业人员
The division is what hampered regulators from dealing with the financial subprime crisis.
监管机构正是用来约束那些调控者,以防其与金融次贷有染的。
but has spread over the world and this is called the subprime crisis.
但是已经传播到了全世界,它就是所谓的次贷危机
Now incidentally I'm writing a book the title of the book is Subprime Solution; I just sent off the draft to the copy editor last Friday.
顺便提一句,我正在写一本书,名叫《次贷危机解决方案》;,上周五我刚刚将草稿送到文字编辑手中。
I don't know if you were reading about the subprime crisis, but we are living in a time, at this moment, of a financial crisis called the subprime crisis.
我不知道你们是否读过次贷危机的新闻,但现在,我们正在经历一场,名为次贷危机的金融危机
Liquidity is that banks lend long and borrow short -short-term, I mean.
流动性是指银行贷长借短,短是指短期
I think that,generally speaking -and Bob Shiller can speak to this with a lot more authority than I can this bubble was not something that should have surprised people.
我想,总的来说,希勒来讲这个话题,比我有权威的多,次贷泡沫,不是突然的
Incidentally, the New York Times had another article about Redleaf, saying that he was really one of the first persons to clearly delineate the subprime crisis that we're now in.
顺便提一下,《纽约时报》中,另一篇关于雷德利夫的报道,说他是第一位,真正清晰描述了目前的次贷危机
Sachsen LB and IKB was a bailout of twenty-six billion Euros and that's a huge scandal in Europe, which is still unfolding, and it derives from the U.S. Subprime crisis.
救助这两家银行一共花费了260亿欧元,这可是欧洲的一次超级丑闻,至今仍未平息,而且它源自美国次贷危机
Subprime refers to mortgages, which is not the subject of today's lecture, but a subprime mortgage is a mortgage issued to a borrower who is not considered prime--not a good risk.
次贷指的是次级抵押贷款,这不属于今天的讨论范围之内,次级抵押贷款是发放给特殊借款人的,他们不是优质客户,也就是说风险较大
I suspect that with the subprime crisis the Fed will be pushing real interest rates down dramatically again and we may be in a period of negative real interest rates again.
我推测,由于次贷危机,美联储会又一次大幅下调实际利率,我们可能会再次进入,负实际利率的时代
It's especially true right now with the subprime crisis.
在次贷危机下,情况更是如此。
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