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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。
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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
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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
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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。
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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
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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
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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
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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。
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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"
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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。
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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
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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。
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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
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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
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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
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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
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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
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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
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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
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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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