That ratio may have been higher in the nineteenth century; it's gradually trending down, but it's a slow-moving thing.

在19世纪这个比率要高一些,然后逐渐下降,但这是个缓慢变化的过程

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I'm oversimplifying a little bit but between wars the rate tends to come down because people think, well the war is over.

我说得有点过于笼统了,但在战争期间，税率走势却有所下降,因为人们都觉得战争结束了。

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One thing that happened was that after 1956, 1957 the number of cases were down, there was a small bump here, the cases were up.

一九五六年后发生了一件事,在一九五七年,病例的数量有所下降,但在这里却有一个很小的上扬,病例数量上升了

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Well, yes, of course things fall down, but why?

对，物体当然下降，但为什么？

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It doesn't match up very well though because interest rates have been going down since 1980 and the boom is very sudden, so it seems to me that Greenspan should have seen this bubble coming.

虽然这说法有些瑕疵,因为利率自1980年开始就一直下降,但繁荣却突如其来,所以我觉得,格林斯潘本应能看到泡沫的发生

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The big Pharma hasn't really done research for years but then he married in the biotech area and therefore biotech companies aren't that well run but they spent a great deal in research for the large molecule drugs.

大型制药企业已经很多年没有做过相关研究,但它却与生物技术领域合作,因此导致众多生物技术公司经业绩下降,但生物技术公司在大分子药物的研究上,却投入了很多。

耶鲁公开课 - 金融市场课程节选