At the beginning of the nineteenth century, in 1800, paper was handmade out of cloth-- that's the way they made it.

在19世纪初叶，即1800年，当时的人用布料手工制纸。

耶鲁公开课 - 金融市场课程节选

They invented the paper machine so they could mass-produce paper-- it didn't have to be handmade anymore-- and they invented wood pulp paper so it didn't have to be made out of cloth anymore.

于是人们发明了造纸机从而可以大量生产纸-,而不再需要手工制作-,后来人们还发明了木浆纸,所以后来不再用布料来制纸。

耶鲁公开课 - 金融市场课程节选

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。

耶鲁公开课 - 金融市场课程节选