为什么他们要相信拍卖利率债券会跟现金一样稳妥呢？
Why, then, should they believe that auction-rate securities are as good as cash?
不出所料的是，在2008年2月当人们急于获得现金时，拍卖开始失灵。
Sure enough, in February 2008 the auctions began to fail when there was a dash for cash.
拍卖将包含“现金结算”而非优先债券的实物交易。他因互换价值远超过这些债券的账面价值而存在。
The auctions will involve "cash settlement", rather than a physical exchange of the underlying bonds, which is needed because the value of swaps far exceeds the face value of those bonds.
假设在一个与现实社会完全颠倒的世界里有一场拍卖会，拍卖人向出价最高者提供现金，带著一堆各类资产的买家疯狂地竞相叫价。
Imagine an auction in a looking-glass world with the auctioneer offering cash to the highest bidder and the participants frantically outbidding each other with a jumble of assorted assets.
现在他们不得不支付利息。应付利息的现金，减去拍卖所能筹集的部分，最终只能来自于纳税人。
The cash for this, less what can be raised at auction, can only, eventually, come from the taxpayer.
农民们正在呼吁对市场自由化，这一举措将使他们能把作物出售给有现金的买家，而不用等待在拍卖场上出售。
The farmers are calling for the liberalisation of the market, a move that will see them selling their crop to buyers with ready cash than to wait to sell at the auction floors.
也请带一些现金，数额可以是拍卖期间你愿意出的爱心价款。
Please also bring a small amount of cash that you are willing to use bid with during the auction.
在上半年，该公司通常有巨大的现金流，因为它将从拍卖场购买烟草。
The company usually has huge cash outflows during the first half since it would be purchasing tobacco from auctions floors.
在上半年，该公司通常有巨大的现金流，因为它将从拍卖场购买烟草。
The company usually has huge cash outflows during the first half since it would be purchasing tobacco from auctions floors.
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