The Fed has never given loans to anyone other than a depository institution that is a bank until last month, except they did so in the Depression.

上个月，联邦政府已经开始限制贷款业务,除了银行以外的其他金融机构,休想再放出一分钱的贷款，也就是在萧条时政府才会这么做。

耶鲁公开课 - 金融市场课程节选

We have to do it again because the mortgage institutions have deteriorated somewhat.

我们必须再做一次改革,因为抵押贷款机构已经有所恶化

耶鲁公开课 - 金融市场课程节选

Another example is the Saving and Loan Association.

还有一种存款机构叫做储蓄贷款协会

耶鲁公开课 - 金融市场课程节选

But the FSLIC wasn't; it was sleeping at the switch, so it allowed banks in the United States -it was primarily Savings and Loans who did this -to make bad loans and they were playing this moral hazard game.

但是FSLIC没有如此,制度变换初期他们对一切放任不管,于是这让美国的银行...,主要指的是那些储蓄贷款机构...,发放不良贷款,他们开始参与这项充满道德风险的游戏

耶鲁公开课 - 金融市场课程节选