Mr McCulley initially used the term in explaining the Russian financial crisis of 1998.

最初，麦考利曾把这个词用于解释1998年俄罗斯金融危机。

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More than anyone else it was Paul McCulley of PIMCO, a fund-management group, who popularized his ideas.

普及了他的思想的正是资产管理集团PIMCO的保罗·麦考利。

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New institutions, such as hedge funds and conduits—what Paul McCulley, of Pimco, a fund management group, has called “the shadow banking system”—are highly dependent on borrowed money, or leverage.

像冲基金和管道机构---Pimco资金管理集团的Paul McCulley将它们称为“影子银行系统”---这样的新兴机构严重地依赖借入资金（或曰杠杆）。

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Buster McCulley's parents are buried in an old cemetery on the land Mr. Carver is proposing to annex from Tennessee.

WSJ: In Latest War Between the States, Georgia Says Tennessee Is All Wet

And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.

FORBES: The Krugman/Bernanke Gambit Is Up

As Paul McCulley of Pimco, a giant bond manager, points out, the bulls who argue for a V-shaped recovery need to be careful what they wish for.

ECONOMIST: The dilemmas facing policymakers