在美国抵押贷款证券市场危机的迹象出现之前，2007年1月美元和欧亚的兑换率是1.30，交易中的汇率幅度可达1.36，这个汇率一直维持到2007年7月。

In January 2007 before the first signs of crisis in the US Mortgage-Backed Securities market, the dollar-euro stood at 1.30 and remained in a trading range to 1.36 until July 2007.

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官员争论说因为美国比其他国家依靠证券市场更多，依靠银行更少，他的危机更多的是因为流动性不足而不是无偿还能力。

Officials argue that because America relies more on securities markets and less on Banks than other countries, its crisis was rooted more in illiquidity than in insolvency.

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危机前的证券市场已是病入膏肓。

The pre-crisis securitisation markets were deeply murky.

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