Cities go bankrupt and they just can't pay, so you as a buyer of these bonds feel reluctant to invest in them.

如果一市政府破产了,他们将无法支付,因此作为投资人,你可能不想购买它

耶鲁公开课 - 金融市场课程节选

The problem is, if your brokerage firm fails you could lose a lot; you could lose your cash account and your security account.

可问题是,一旦经纪公司破产,你可能损失惨重,赔光你现金账户和证券账户上所有的资金

耶鲁公开课 - 金融市场课程节选

Banks are in trouble and as you know - they're starting to fail because they the value of their assets in the market is falling rapidly.

银行陷入危机，并且你知道,他们开始破产因为他们,市场中资产的价值,在迅速的降低。

耶鲁公开课 - 金融市场课程节选

In other words, if you had an account at a brokerage and you thought you had a hundred shares of IBM and now the broker is going bankrupt -the broker won't answer your email anymore and he's just gone you go to SIPC and say, I had these hundred shares.

换句话说,如果你在一家经纪公司,设有账户,其中有IBM的100股股份,现在经纪行破产了,经纪行不再回复你的邮件,消失了,你告诉证券投资者保护公司,我有100股IBM的股票

耶鲁公开课 - 金融市场课程节选