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I think that deposit insurance is very important but we didn't have anything for corresponding accounts at brokerage services until 1970.
所以存款保险是至关重要的,在1970年前,在经纪服务业务中,对于对应账户还未有保护举措
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and we have a management company , but we're close to getting a deal.
我们有经纪公司，而且我们马上就要谈成一项合作了。
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The reason we picked these two cities we asked realtors- Karl Case, who's my colleague, he teaches at Wellesley College.
我们选择这两个城市的原因,我询问了房产经纪人,卡尔·科斯是我的同事,他在韦尔兹利大学教书
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And you take photos. You talk to an agent.
你拍过很多照片。你跟一个经纪人洽谈。
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I deal directly with the broker,
我直接跟经纪人交易，
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So it goes back many hundreds of years but it's in rapid change now because of information technology.
因此经纪业已经有好几百年的历史,如今借助信息科技的发展,而迅速得到发展
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You, as an individual, can call up your broker and say, I want to buy Google shares.
你作为个人,可以给经纪人打电话说,我想买进谷歌的股份
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If you were talking to your broker if you go really old days, you'd send a boy running over to your broker.
如果是很久以前,你想向股票经纪委托,你会派一个男孩跑去捎口信
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I'm the CEO of Google and I call the broker and I say, how many shares are outstanding?
如果我是谷歌的执行总裁,我给经纪人打电话问,一共发行了多少股票
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But banks and broker-dealers are in trouble because their assets are collapsing under them.
但是银行和经纪自营商正处于困境中,因为它们的资产正在它们之中崩塌。
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I hope you know what I mean; a brokerage service is a place where stockbrokers work and a stockbroker is somebody that manages your buying and selling of shares.
但愿你们听得懂,经纪服务业务就是股票经纪人从事的工作,股票经纪人,管理着股票的买入和卖出
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For example Bear Stearns which is a broker-dealer failed recently.
例如贝尔斯登,那个最近倒闭的经纪自营商。
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This is a fault that real estate brokers can make.
地产经纪人容易犯这样的错误
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You can call your broker and say, I'd like to short stock number one and what the broker will do is borrow the shares on your behalf and sell them and then you own negative shares.
你可以打电话给你的经纪人说，我要做空一号股票,经纪人就会在你的名下赊入这些股票,然后卖掉,这样你就拥有数量为负的股票了。
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Then I want to talk about brokerages.
然后我会讲经纪业
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A recent example of overselling: the National Association of Realtors has been running ads saying that home prices have always doubled every ten years.
举一个最近这方面的例子,全国房地产经纪人协会,投放了一则广告,内容是,在过去,房价每十年就能翻一番
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These are broker-dealers some of them are international like BNP Paribas is one of them--it's French.
它们都是经纪自营商,其中一些是国际的,比如巴黎国民银行是法国的。
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You can go there and say, I want to buy stocks, and the broker will say fine, we'll set up an account for you.
你去那说,我想买股票,经纪人说,没问题,先给你建个账户
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This was motivated by a spectacular failure of a brokerage, Goodbody & Co., in 1970.
一家证券经纪行的倒闭改变了这一状况,古德巴迪公司,于1970年倒闭
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Suppose Larry Paige calls up and says, I'd like to buy all of the Google shares, and the broker says, alright I'll get them for you.
假设拉里·佩奇打电话说,我想买下谷歌全部的股票,经纪人说好,我会帮你搞定
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Goodbody & Company was a broker, but it failed in 1970, it went bankrupt.
古德巴迪公司就是经纪商,不过在1970年破产了
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If you own stock-- we don't get them in the mail anymore because you own it through some brokerage account and you get it on a website.
如果你有股票...,我们现在不通过挂号信了,因为人们都通过经纪人账户,在网站上购买股票
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They call up their broker and say, what's wrong?
他们会给经纪人打电话,询问是怎么回事
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It's one of the most rapidly changing, hard to keep up with areas because someone can set up an electronic exchange overnight and suddenly become a base for trading trillions of dollars of securities.
经纪业是一个变化最快的行业之一,人们很难跟上它的步伐,因为人们可以在头一天晚上,设置一个电子交易,一夜之间,他就能在证券市场赚到千亿美金
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What they're really doing is just we're facing this seize up of our financial system so we have banks that we've just seen the failure of Bear Stearns which is actually a broker-dealer.
他们真正在做的只是,我们正处于金融体系失灵的阶段,所以我们有这种银行,我们刚刚目睹了经纪自营商,贝尔斯登的失败。
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So, the broker calls you up and says, you're the last guy, you have the last one hundred shares in Google and Google wants to buy them and we'll give you $500 a share.
经纪人给你打电话说就差你一个了,你有谷歌最后的一手股票,谷歌想以500美元每股的价格买回来
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Moreover, if you say, this stockbroker he was lying to me, he told me that this was a good investment and he even lied and said something to get me roped in, they won't pay you back.
再者,如果你说,股票经纪人欺骗我,他说买这个股票是个好投资,他对我说谎,把我骗迷糊了,他们不会还钱给你
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Most companies do splits because that might close the-- you might have been thinking about investing in Google but you could still--you could just say, I want to buy ten shares or five shares and the broker will do it for you, but they might charge a higher commission.
大部分公司会分割,因为这样会关闭...,比如你想投资谷歌,但是你可以说,我想买十股,或者五股,经纪人会照办,但是会索取更高的佣金
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I looked up CEO of Coldwell Banker, this is a real estate broker's firm.
我查了一些关于Coldwell，Banker，CEO的资料，这是一个地产经纪公司。
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Then the broker has to explain, no didn't you see the "x" there?
经纪人会解释说,你没看见x标记吗
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