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"The banks that came closest were Citibank, Bank of America and if those had not been supported by the government, I think it might have caused a cascading crisis that would have been much worse than the one we actually had,"
VOA: standard.2009.12.20
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I'm not talking about investment banks in this lecture -I'm talking about commercial banks, which accept deposits from depositors.
这节课不讲投资银行,只讲商业银行,商业银行从储户那里吸收存款
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so all the big banks are in Canary Wharf, I think.
所以，我觉得所有的大银行都在金丝雀码头了，我是这样认为的。
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One thing that's been a trend around the world is that the I mentioned that the U.S. Federal Reserve System was different from other central banks in that it was designed to have independence.
一个在世界范围内,流行的事实是,我提到过美国联邦储备系统,与其他中央银行不同,因为它有独立自主性。
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re not regulated tightly as ordinary banks would be I believe they have something, they have something like two billion dollar line of credit at the treasury.
他们所受管制，They’,没有普通银行严格,我想他们有，他们有大概20亿元,的授信额度,在财政部。
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I think that going forward, both the rating agencies and the banks will be very important in our society.
我认为这会有效果,信用评级机构和银行,都将会在我们的社会中扮演很重要的角色
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There must be fundamental reasons for it and I wanted to go over some of the fundamental reasons why we have banks.
它的形成必有其根本的原因,下面我就阐述银行产生的一些基本原因,为什么会有银行
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I've talked to some of our students who have taken jobs at investment banks and sometimes I think they're probably too demanding.
我曾经和一些,工作在投行的学生谈过话,有时我觉得他们太苛刻了。
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I think maybe the concluding lesson the central banks were institutions that emerged out of experience with bankers.
新工具的迅速扩散,我认为也许结论就是,中央银行是银行主。
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What I want to do is talk about what the Fed in this country is doing and what other central banks are doing.
我想谈论一下,这个国家的联邦政府正在做什么,并且其它的中央银行正在做什么。
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There are different kinds of banks today -I'm going to jump to modern times.
今天则有不同形式的银行出现,我直接跳到现代的部分讲解
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Banks, as I say, are with us to stay; we just have to improve our regulation and disclosure requirements so that banks can be prevented from taking unnecessary risks.
如我所说,银行与我们同在,我们只需要完善对监管,和信息披露需求,这样银行就可以避免追求不必要的风险
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The optimistic thing is I think that we have a very good Fed chairman and we have coordinated efforts by central banks around the world and we're doing things that are attempts to prevent the collapse of the financial institutions.
积极的方面在于,我认为我们有一个很优秀的美联储主席,并且我们有世界各地的中央银行,协调的努力,而且我们正做着试图,阻止金融机构崩溃的事情。
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It's a very important industry and it's also one in which many of our students have found jobs, so I think it's important for us to try to understand the history of investment banks, the role they have in our financial community, and how they're regulated.
投资银行是一个非常重要的行业,我们许多学生都在投资银行工作,我们需要,了解投资银行的历史,在我们金融业扮演的角色,以及人们如何监管投资银行
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Liquidity is that banks lend long and borrow short -short-term, I mean.
流动性是指银行贷长借短,短是指短期
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I wanted to mention in this context, because I'm emphasizing how banks help solve the adverse selection and moral hazard problem -I wanted to mention briefly here also the rating agencies, which fulfill some of these functions.
我早就想在这段内容里讲讲这事了,因为我一直强调,银行是如何帮助解决逆向选择,以及道德风险问题的...,我还一直想在这里简要的提下,本应履行这些职能的那些信用评级机构
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Central banks around this time I think it was under the leadership of Paul Volker who was the Federal Reserve Chairman they raised interest rates to kill inflation and they threw the world into a huge recession.
在这个时期，中央银行,我认为正处于保罗？沃尔克的领导之下,保罗是美联储的主席,他们提升了利率来抵制通货膨胀,然而却将整个世界都卷入了一场巨大的经济衰退。
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In addition to commercial banks--well, I'm not going to talk about investment banks here; that's another lecture.
除了商业银行之外...,我不会在这里讨论投资银行,这是另一节课的知识
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I would argue that it was pluperfect obviously disabled the banks and the major investment banks.
我认为很明显对银行和主要投资银行,产生了阻碍作用。
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As a result, there was a huge banking crisis and I mentioned before that Mexico doesn't have much in the way of domestic banks anymore.
最终,爆发了严重的银行业危机,我之前提过,墨西哥已没有几家本土银行
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Anyway, I want to start out with the most fundamental thing: what are banks?
无论如何,我想从最基础的东西开始,银行是什么
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I want to clarify just what it is that banks do.
我想讲一下银行到底是干什么的
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I was talking, up to this point, about commercial banks.
到目前为止我所讲到的都是,商业银行
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And all of a sudden he had a crisis Well, I'm not going to get into the depth of it but our banks, because they wanted to make more and more money--and our investment bank, Wall Street--kept issuing different paper against mortgages so it made it simple to give a mortgage.
突然间危机降临在了他的头上,嗯~我不想继续深谈这个问题,但是我们的银行，由于它们想,赚越来越多的钱--还有我们的投行，华尔街--一直都在发行各种各样的抵押贷款票据,那样抵押贷款变得更加容易。
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I mentioned earlier that we used to be on the gold standard and central banks were gold standard institutions that were trying to stabilize the economy but subject to the constraint that they had to maintain convertibility with gold but those central banks' role has changed a lot.
直至改变,我之前提到,我们过去是以金本位为基础的,并且中央银行也是以金本位为基础的机构,它们试图稳固经济,但是也在,保持金子的转换功能约束下。
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