但是有一件事情是越来越清楚明白的：水门事件后实行的公众集资体系正在走向末路。

But one thing is becoming clear: the publicly-funded system, which was put in place after Watergate, is on its last legs.

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因此当报业公司为了集资收购更多报纸而向公众出售股票时，投资者们则将公司股价炒高。

So when newspaper companies sold shares to the public, often to raise capital so they could buy up more papers, investors bid up the prices of the companies.

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保险公司和银行不一样，它们多数不需要大量向公众募集资金。

Unlike Banks, most insurers did not need huge dollops of public money.

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