Every risk management device relies on a design and the design is usually complex and has-- it all has to work together.
每种风险管理工具都是基于某种设计,而这种设计通常都是很复杂的,需要各部分相互之间的配合
Well, it apparently is not so obvious because in the Americas, before Columbus came-- " pre-Columbian America-- there were no wheeled vehicles anywhere.
好吧,从表面上看这似乎不那么显而易见,因为在美洲大陆,在哥伦布到来之前-,在“前哥伦比亚美洲-,根本没有任何轮式交通工具存在。
But, put it on a vehicle and keep that vehicle crash-worthy.
但是把它放在交通工具上时,同时还要保证交通工具能抗撞击。
So, the jargon with that will-- with which we'll proceed is this.
那么,我接下来要介绍的是-,是一个必不可少,至关重要的工具。
We had civilizations-- Aztecs, Mayas, Incas, etc.-- but no wheeled vehicles.
在各个文明中-,例如阿兹台克,玛雅,印加-,都没有轮式交通工具的踪影。
These mortgages were given out to people that couldn't afford them and today you have what you call subprime mortgages--subprime paper They issued against this paper stuff called mortgage-backed security. They securitized them and these things are all floating around now.
我们发放这些抵押贷款给那些买不起房子的人,所以现在你们看到了一种你们叫做,次级抵押贷款的金融工具--次贷票据,他们把这种票据叫做,有抵押证券,他们把有抵押证券证券化,这些证券现在在市场上被多次交易,广为流通。
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