Was it the result of deregulation, speculative excess and greed?
金融危机是管制缺失，投机过度和贪婪的结果吗？
The phenomenon of speculative excess has less to do with free markets than with high profits.
过度投机的现象与其说与自由市场有关，不如说与高利润有关。
The speculative excess brings in more steel than the market demands, and has a detrimental effect on pricing.
过度投机带来超过市场需求的钢铁，对定价产生不利影响。
Speculative excess in the stockmarket has tended to be associated with booms in luxury goods and record prices for trophy assets.
股票市场中的投机过度很可能还伴随着奢侈品的繁荣和收藏品创纪录的高价。
On that basis, asset prices are always "right", there can be no bubbles and central Banks should not intervene to restrain speculative excess.
以此为基础，资产价格总是“恰如其分的”，这里面没有泡沫，而且央行不应过分干预投机行为。
Right now, there is huge speculative excess in emerging markets around the world. There will be a lot of money coming out of emerging markets.
如今，全世界新兴市场投机过盛现象严重，会有许多资金逃离新兴市场。
True, the memory of 1929 was gradually receding, but there continued to be bull markets, with widespread tales of speculative excess, followed by bear markets.
诚然，1929年的记忆已逐渐消逝，但牛市仍在继续发生，随后有关投机过度的流言则开始四处传播，接着就发生熊市。
According to Merrill Lynch, a sign of speculative excess is that the spread between prices of listed commodities (bought by investors) and unlisted products is a record 60%.
美林(Merrill Lymch)提出过度投机的标志是对于同一种商品，它在现货市场上的价格(被投资者购买)与此商品在现货市场上的价格之间的差距达到60%。
That depends, in part, on whether you begin from the premise that financial markets are efficient, or that they are inherently prone to irrational behaviour and speculative excess.
这部分的取决于你的分析前提认为金融市场是有效的，还是生来就有行为非理性与投机过度的倾向。
"We have to find a new way - or maybe it's an old way - to stimulate enough demand for the economy to do what it's supposed to do without speculative excess," Mr. Bernstein said.
“我们必须找到一条新的途径——这也许是一种古老的方式——刺激足够的需求，使经济无需经受过度投机造成的恶果，让它做它应该做的事情，”伯恩斯坦说。
"We have to find a new way - or maybe it's an old way - to stimulate enough demand for the economy to do what it's supposed to do without speculative excess," Mr. Bernstein said.
“我们必须找到一条新的途径——这也许是一种古老的方式——刺激足够的需求，使经济无需经受过度投机造成的恶果，让它做它应该做的事情，”伯恩斯坦说。
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