So what banks offer is liquidity -the ability to borrow short even though the loans that are made are long-term.

而银行就提供了流动性,即接受短期存款,但可以发放长期贷款的能力

耶鲁公开课 - 金融市场课程节选

People can't pay --they can't pay a high interest if they don't have it as a long-term loan.

如果银行不发放长期贷款,他们就不能够支付高额利息

耶鲁公开课 - 金融市场课程节选

Then they came up with the Term Securities Loan Facility.

然后，他们发明了术语,长期资产支持证券贷款。

耶鲁公开课 - 金融市场课程节选

Even though the deposits are short-term and the depositor can get the money at any time, the depositor is earning interest of a level that can only be made on long-term loans.

即使是短期存款,存款人可以随时取走存款,存款人也可获取仅从长期贷款中,才可得到的利息水平

耶鲁公开课 - 金融市场课程节选

In fact, they are in practice long-term because you have a relationship with your banker and you play golf with your banker and your banker understands that you have a business -he's your friend, let's hope.

实质上这些借贷款就是长期的,因为你与银行从业者有着千丝万缕的联系,你和他一起打高尔夫,而且他知道你在做生意...,他是你的朋友,希望如此

耶鲁公开课 - 金融市场课程节选

They invest in something long-term--notably, subprime loans.

所筹资金用于进行长期投资,例如次级贷款

耶鲁公开课 - 金融市场课程节选