Of course, the problems are not damning; they're problems that reflect the progress yet needed to be made in insurance.

当然,这些问题并不是非常糟糕的,这些问题反映了,保险行业中还有待改进之处

耶鲁公开课 - 金融市场课程节选

The housing sector in the United States, you might say, is completely different from municipal bond insurers; but when the housing sector starts going down, people start defaulting on their mortgages.

你可能会说,美国房地产,是与市政债券保险公司完全不同,但是当房地产行业开始衰退,人们就开始对抵押贷款违约

耶鲁公开课 - 金融市场课程节选

That's when the insurance industry was really born.

保险行业就是这时候产生的

耶鲁公开课 - 金融市场课程节选