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The ones that are beautiful for framing are the ones that failed, so you can see all the coupons.
那些用来陈列的债券,其实都是违约的,因此你们才能看到息票
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But if they default, you can buy them at $90 and if they can't file their financial statements, you're entitled to par.
但是如果他们违约了，你可以在90美元买进0,但是如果他们没有发布他们的财务报表，你有权以票面价值购进。
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A contract is more then communication, a contract is communication with teeth. It actually changes the payoffs.
协议的效力大于口头约定,协议是有违约责任的,它影响收益
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Default rates are shooting up and valuation of securitized subprime mortgages have crashed and it's throwing turmoil all over the financial community.
违约率飞速上升,对于次级抵押贷款的估值也失效了,这还导致了整个金融系统的混乱
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One is there's an incentive to cheat and another is that other firms are going to enter.
一方面大家都有违约的动机,另一方面会有新人加入
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What's happening is the housing market is dropping, home prices are falling, people are defaulting in record numbers, and there are foreclosures.
房地产市场在衰退,房价在下跌,违约人数破历史纪录,很多贷款买房者取消了赎回权
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It's actually--our International Center for Finance is sort of a museum for defaulted bonds.
实际上,我们的国际金融中心,有点像违约债券的博物馆
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So basically, we're stuck with this verbal agreement and we both have an incentive to cheat and produce more whatever it is, sugar water.
但不管怎样,在这个口头协议不起作用,我们都有违约,生产更多这种糖水的动机
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So I should cheat and pick the quantity on my best response line that's much farther out so I'll produce more than my quantity.
我会违约选择我最佳对策的产量,我会生产出远远多于协约量的产品来
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the thing that made us aware that not filing financial statements was an event of default and, therefore, something that would entitle you to the payment immediately.
这件事情让我们意识到,没有发布财务报表是一种违约行为，而且是这种行为可以让你有权,要求立即付款。
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For companies that we thought had backdated stock options, that we could buy their bonds at what they would trade for without this potential event of default.
对于那些我们认为已经追溯股票期权的公司，我们会在没有潜在违约风险下进行交易的价格,购买他们的债券。
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The government bond, you don't have to worry about default.
对于政府债券,不必担心会有违约风险
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The housing sector in the United States, you might say, is completely different from municipal bond insurers; but when the housing sector starts going down, people start defaulting on their mortgages.
你可能会说,美国房地产,是与市政债券保险公司完全不同,但是当房地产行业开始衰退,人们就开始对抵押贷款违约
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A "Subprime borrower" Is somebody who has a poor credit history or some other indication that would suggest that they might not be able to repay the mortgage-- they might default.
次级借款人"指的是,那些信用记录较差的借款人,或在其他方面显示,他们很可能无力偿还贷款,也就是说他们很可能违约
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For example, if there's a homeowner who you've lent money to and the homeowner is defaulting on the mortgage, the homeowner might wreck the house -that happens all the time -or they might steal things from it.
比如,如果你贷款给一个房主,但是他违约不还贷,并可能在房子里搞破坏,这种事情经常发生,他们还可能会从房子里偷东西
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Good, so Steven, anticipating that Patrick is going to think that steven's a sucker but Patrick's going to cheat on him and produce too much, Steven's going to produce a best response to that and he's going to produce this quantity here.
很好,史蒂文预料到到帕特里克认为,自己是个傻瓜然后帕特里克会违约增产,那么史蒂文的最佳对策就是,生产这么数量的产品
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But Patrick knows Steven pretty well; he knows those guys who run Coca-Cola are pretty smart guys, so Patrick knows that the guy who runs Coca-Cola is going to anticipate that the guy who runs Pepsi is gonna cheat on the guy who runs Coca-Cola, and hence the guy who runs Coca-Cola is going to play a best response to Patrick's cheat on quantity.
但是帕特里克也很了解史蒂文,他知道可口可乐的经理都很精明,帕特里克知道可口可乐的经理会预料到,帕特里克会违约,因此可口可乐的经理就会寻找最佳对策,因为帕特里克违约在先
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But in this game, playing best response to each other, figuring out that in fact the other guy is going to cheat on me, or the other guy is anticipating that I'm going to cheat on him, or the other guy is going to anticipate that I'm going to anticipate that he's going to cheat on ,me, etc., etc., will eventually drag us back to the Cournot quantity.
但在这个博弈中,互相采取最佳对策,预料到了对方会违约,或者对方预料到了我会违约,或者对方知道我会预料到,他会违约,以此类推,那么最终还是会达成古诺产量的
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Well, all the way down, i guess, to C or beyond that -then you're failing.
如此排列,我想到达C或者更低时...,也就意味着你违约了
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