The first wave was in the 1960s and, at that time, Congress had limits-- state governments had limits on the interest that savings banks could pay people on their accounts.

在20世纪60年代,那时候国会限制了...,各州政府给储蓄银行,设定了账户利率的支付上限

耶鲁公开课 - 金融市场课程节选

There are two things: you can have a cash account with them you put money into the cash account and you haven't bought shares with it yet; it's just sitting--it's like in a bank.

这里有两种情况,一种是你有现金账户,你将钱存进现金账户,但还没有买股票,仅仅是做储蓄,就像存在银行

耶鲁公开课 - 金融市场课程节选

If you go to a savings bank, or a savings and loan, or a commercial bank and you say, I want to open up a checking account--that's a deposit; or, I want to open up a saving account--that's a deposit.

如果你去一个储蓄银行或者商业银行，去储蓄或者贷款，你说，我想开个支票账户，这就是储蓄;,或者说我先开个存款账户，这就是储蓄。

耶鲁公开课 - 金融市场课程节选

So, a lot of people switched from savings accounts to REITs -that's called disintermediation.

于是很多人把钱从储蓄账户转向REITs,这被称为去中介化

耶鲁公开课 - 金融市场课程节选