People are willing to lend to these organizations at low interest rates because they think there's an implicit government guarantee.

人们愿意以低利率,向这些组织提供融资,因为他们认为这里有政府默认的担保

耶鲁公开课 - 金融市场课程节选

I could consume all of my income-- if I borrow against my future income, I could-- there's a problem here of starvation.

我可以选择花掉所有的收入,如果我用未来的收入作担保借钱...,不过我们还得考虑吃饭问题

耶鲁公开课 - 金融市场课程节选

Now Mr. Milton took some risks when he separated himself from his cash and lent money to his clients, or lent more money to his clients than the collateral, the gold, was actually worth. And the motive for that risk, of course, the motive for that investment, was the expectation of a profit.

但是弥尔顿先生却冒着把自己和他的现金,也丢了的风险，或者借出去的钱比担保财产还要多，他这么投资的动机是，希望获得收益。

耶鲁公开课 - 弥尔顿课程节选

These are private companies--insurance companies--they're monoline because they look only at a certain class of risks and not all risks that they insure.

他们是私人保险公司,从事单线业务,因为他们只关注一类特定风险,而不是担保所有的风险

耶鲁公开课 - 金融市场课程节选

Unfortunately, what we've seen recently is a kind of a bank run on the asset-backed commercial paper.

不幸的是,最近的情况是,有些银行开始运作资产担保商业票据

耶鲁公开课 - 金融市场课程节选

We did have a large,short position in subprime mortgage-backed securities, which has paid off enormously for the University and really helped protect assets in the past nine months or a year.

我们确实曾持有很多,次级抵押担保证券的空头,它们为耶鲁赚了不少钱,并且在过去的9个月或1年间,为资产保值发挥了实在的作用

耶鲁公开课 - 金融市场课程节选

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

In other words, securities that were themselves backed by subprime loans.

所谓次级债券,就是那些靠次级贷款担保的证券

耶鲁公开课 - 金融市场课程节选

The FHA is specifically aimed at guaranteeing mortgages for low-income people and it was a vision that Roosevelt had to bring more and more people into owning homes in this country.

联邦住宅管理局专门,为低收入者提供抵押贷款担保,这是罗斯福的一个构想,他希望这个国家能有更多的人,能够住进自己的房子

耶鲁公开课 - 金融市场课程节选

Actually, if you have more than $100,000 in a bank account you should probably pull it out and spread it around over several banks because each bank is separately insured, so there's effectively no limit if you're just a little bit smart and move your accounts around.

如果你的银行存款远不止10万,你最好把多余的取出,分别存入几家银行,因为每家银行都是独立保险的,因此不存在担保额度,只要你聪明一点,把存款分别存入几家银行

耶鲁公开课 - 金融市场课程节选

It's for small investors because currently the limit on the SEC is $100,000; that's not a lot of money.

对于小额投资者,SEC规定的最低担保额为10万美元,实在不算多

耶鲁公开课 - 金融市场课程节选

An SIV is a company of a sort that invests in assets and they issue something like asset-backed commercial paper, but it's not a real company because it only exists as an organization sponsored by some bank.

IV类似从事资产投资的公司,同时也发行类似资产担保商业票据的证券,但它不是一家真正的公司,因为它只是由某家银行建立的一个组织

耶鲁公开课 - 金融市场课程节选