"There seems to be a predominance of short-term thinking at the expense of long-term investing," said Commissioner Daniel Gallagher of the US Securities and Exchange Commission in a speech this week.

本周，美国证交会委员丹尼尔·加拉格尔在一次演讲中表示：“短线思维似乎已占据主导地位 ，其代价是长期投资受损。”

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Tier 1 capital includes common and preferred stock, cash reserves and certain other long-term "hybrid" securities.

一级资本比率包括包括普通股和优选股，现金储备，以及其他长期混合型证券。

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They cared terribly about the consequences to their clients in the long term from the securities they sold. That ethos, by the time the year 2006 came along, had pretty well disappeared.

他们对于卖出的证券对，客户的长期影响非常重视，而这种风气到了2006年的时候6，已经遗失殆尽了。

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This may or may not have much to do with the Fed buying long-term securities in the U.S. market under QE2.

FORBES: QE2, Trade and Black Box Economics

Fourth, if necessary, the Fed could reduce reserves by selling a portion of its holdings of long-term securities into the open market.

WSJ: Bernanke Op-ed in WSJ: The Fed��s Exit Strategy

Hard-to-sell long-term securities had been bought with short-lived debt, which left borrowers vulnerable to a change in sentiment every time the debt fell due.

ECONOMIST: Risk and the new financial order