Now, if that happens these homes are the collateral to the banks for all these mortgages and we're going to have -and probably do have already--a recession.

如果那种情况发生了的话,这些房子是银行对房屋抵押贷款的唯一担保品,那我们将会面临,-很可能现在正在面临着--经济衰退。

耶鲁公开课 - 金融市场课程节选

Well, that's because the housing market is now in decline.

因为住房市场正在衰退

耶鲁公开课 - 金融市场课程节选

Now, for a long time in American scholarship and in American classrooms one of the deep mythologies about this whole story of the era of the American Civil War in the Old South is that the Old South's plantation economy was dying out.

在很长的一段时间中,美国学术界和美国课堂,对于这个时代内战前的南方历史,存有一个疑点,就是当时南方的种植园经济正在逐渐衰退

耶鲁公开课 - 美国内战与重建课程节选

We may be in a recession now; a lot of people are saying that, so I would be tempted to draw a new line here, somewhere around here, maybe December of 2007.

也许现在正在经历衰退,人们普遍这样认为,所以我想在这画条新的直线,画在这附近,也许是2007年12月

耶鲁公开课 - 金融市场课程节选

In response to the subprime crisis that we are now in, our central bank, the Federal Reserve, has been cutting interest rates aggressively to try to save the economy that appears to be declining.

为了积极应对,目前的次贷危机,我们的中央银行,也就是美联储,已经调低利率,来积极地拯救正在衰退的经济

耶鲁公开课 - 金融市场课程节选