It's contracting so the Fed is trying to prevent a serious recession by cutting interest rates; they've been cutting them rapidly.

它在减小,所以美联储正在试图阻止一个因为利率缩减,而产生的严重的经济衰退；,但是他们最近一直在降低利率。

耶鲁公开课 - 金融市场课程节选

But then the U.S. crashed into a huge well actually it was as worldwide recession of 1981-2.This was the biggest recession since The Great Depression.

但是之后，美国卷进了一个巨大的,事实上，是个世界范围内的经济衰退,于1981-1982年，这是自从大萧条以来,最严重的一次经济衰退。

耶鲁公开课 - 金融市场课程节选

The idea that emerged the memory of the '81-82 recession is very strong in our imagination because we think that it was caused by lax monetary policy by liberal thinking by the soft-hearted liberals who just didn't want to create any pain and suffering.

出现的观点,在我们的想象中,81-82年的经济衰退很严重,因为我们认为它是由于,松懈的货币政策，不拘一格的思想,那些仁慈的不想制造任何痛苦和疲劳的,自由主义者引发的。

耶鲁公开课 - 金融市场课程节选