监守自盗

是的 可以说无关紧要
You’ve written a very large number of articles
你撰写了很多文章
about a very wide array of subjects.
涉及的领域很广
You never saw fit to investigate the risks
你从来不觉得应该调查一下
of unregulated credit default swaps?
自由化信用违约互换的风险吗
I never did.
从来不觉得
Same question with regard to executive compensation
同样的 关于高管薪酬你的看法呢
the regulation of corporate governance
公司行政管理呢
the effect of political contributions…
政治献金的影响呢
What, uh, what, uh, w ,
你到底要问什么
I don’t know that I would have anything
关于这些话题
to add to those discussions.
我没什么好说的
I’m looking at your resume now.
我手上有份你的简历
It looks to me as if the majority
看起来你除教职之外
of your outside activities are, uh
在外主要是担任
consulting and directorship arrangements with
金融服务业顾问
the financial services industry.
或者是从事管理工作
Is that, would you not agree with that characterization?
你对这种描述有异议吗
No, to my knowledge,
不同意 据我所知
I don’t think my consulting clients
我的简历上并没有列出
are even on my CV, so
我为之提供咨询的客户
Uh, who are your consulting clients?
那么你都为哪些客户提供咨询
I don’t believe I have to discuss that with you.
我认为没必要跟你说这个
Okay.
好吧
Look, you have a few more minutes, and the interview is over
再过几分钟采访就要结束了
Do you consult for any financial services firms?
你担任过金融服务公司的顾问吗
Uh, the answer is, I do.
担任过
And… And, but I d ,
那么… 但是
I do not want to go into details about that.
关于这点 我不想详谈
Do they include other financial services firms?
是否包括其它金融服务公司
Possibly.
有可能
You don’t remember?
你不记得了吗
This isn’t a deposition, sir.
先生 这不是在审讯
I was polite enough to give you time,
让你采访已经给你面子了
foolishly, I now see.
现在看来 真是犯傻
But you have three more minutes.
但你还有三分钟时间
Give it your best shot.
好好利用
In 2004, at the height of the bubble,
2004年 也就是泡沫经济的最顶峰
Glenn Hubbard coauthored a widely read paper
格伦·哈伯德与威廉·C·杜德利合作发表了
with William C. Dudley
一篇广为人知的文章
the chief economist of Goldman Sachs.
后者是高盛集团首席经济学家
In the paper, Hubbard praised credit derivatives
在文章中 哈伯德盛赞信用衍生产品
and the securitization chain
以及证券链
stating that they had improved allocation of capital,
声称他们改善了资本分配
and were enhancing financial stability.
提高了金融稳定性
He cited reduced volatility in the economy
他称赞其抑制了经济的波动性
and stated that recessions
同时表示经济衰退
had become less frequent and milder.
已经逐渐减少变弱
Credit derivatives were protecting banks against losses
信用衍生产品保护了银行免于破产
and helping to distribute risk.
并分散了风险
A medical researcher writes an article, saying:
如果一位医学研究者撰文道
to treat this disease, you should prescribe this drug.
要治这个病就必须服用这个药
It turns out Doctor makes 80 percent of
而事实上医生百分之八十的收入
personal income from manufacturer of this drug.
都来自于该药的生产商
Does not bother you?
你不觉得不妥吗
I think, uh, it’s certainly important to disclose
我觉得 开诚布公当然很重要
Well, I think that’s also a little different from cases
但这和我们现在所说的事情
that we are talking about here. Because, um ?Um
还是有些区别的 因为…
So, uh, what do you think this says
你认为这反映了
about the economics discipline?
经济学科一个什么样的现状
Well, heh heh, it has no relevance to anything, really
这其实没什么关系
And indeed, I think, um, it’s a part of the, it’s a
事实上 我想 它是整个问题…
important part of the problem
非常重要的一部分
The rising power of the U.S. Financial sector
美国金融业的日渐强势
was part of a wider change in America.
是美国大变革背景的一部分
Since the 1980s, the United States has become
自上世纪80年代起 美国社会
a more unequal society,
便愈加不平等
and its economic dominance has declined.
其经济优势也在衰退
Companies like General Motors, Chrysler, and U.S. Steel
如通用汽车 克莱斯勒 美国钢材
formerly the core of the U.S. Economy were poorly managed
这些曾是美国经济核心的企业 因经营不善
and falling behind their foreign competitors.
落在了国外竞争者的后面
And as countries like China opened their economies,
随着中国等国家经济的开放
American companies sent jobs overseas to save money.
美国公司为节省开支而将工厂移至海外
For many, many years,
很多年以来
the 660 million people in the developed world
发达国家里的六亿六千万人民
were effectively sheltered
相比于这个星球上
from all of this additional labor
其他国家的劳动力
that existed on the planet
得到了有效的庇护
Suddenly, the Bamboo Curtain and the Iron Curtain are lifted
突然间 这些庇护全部消失
and you have 2.5 billion additional people
一瞬间多出了25亿劳动力
American factory workers were laid off by the tens of thousands
成千上万的美国工人被裁
Our manufacturing base was destroyed,
我们的制造业基础
literally over the course of a few years.
在几年内便土崩瓦解
As manufacturing declined, other industries rose.
制造业衰退的同时 其他产业也在崛起
The United States leads the world in information technology,
美国作为信息产业的世界领头羊
where high paying jobs are easy to find.
其中高薪职位俯仰即是
But those jobs require an education.
但这些职位都需要高学历
And for average Americans,
而对于普通美国人来说
college is increasingly out of reach.
大学变得越来越遥不可及
While top private universities like Harvard
像哈佛大学这样的顶级私立大学
have billions of dollars in their endowments
能够获得数十亿的捐助
funding for public universities is shrinking,
而对公立大学的拨款不断缩水
and tuition is rising.
学费则不断上涨
Tuition for California’s public universities
加州公立大学的学费
rose from 650 dollars in the 1970s
在70年代只有650美元
to over 10,000 dollars in 2010.
而在2010年则涨到了1万美元
Increasingly, the most important determinant
逐渐地 美国人能否上大学
of whether Americans go to college
决定性因素变成了
is whether they can find the money to pay for it.
他是否承担得起学费
Meanwhile, American tax policy shifted
与此同时 美国税收政策
to favor the wealthy
逐渐倒向富人
When I first came to office,
当我刚上任时
I thought taxes were too high, and they were.
便认为税收太高了 事实也的确如此
The most dramatic change
其中最引人注目的改变
was a series of tax cuts designed by Glenn Hubbard
便是由时任布什政府首席经济顾问的
who at the time was serving
格伦·哈伯德所设计的
as President Bush’s chief economic advisor
一系列的减税政策
The Bush administration
布什政府
sharply reduced taxes on investment gains,
大幅削减了投资收益税
stock dividends,
以及股息税
and eliminated the estate tax.
并取消了土地税
We had a comprehensive plan
我们经过了全面规划
that, when acted has left nearly $1.1 trillion dollors
实施后 已为美国工人家庭
in the hands of American workers families, investors,
投资者和小型商业主们
and small business owners.
省下了1万1千亿美元税收
Most of the benefits of these tax cuts
减税政策带来的优惠绝大部分进入了
went to the wealthiest 1 percent of Americans.
美国前百分之一的富裕阶层的口袋
And by the way, it was really the cornerstone,
同时 这为我们的经济复苏政策
in many ways, of our economic recovery policy.
巩固了基础 且其巩固作用体现在各方面
Inequality of wealth in the United States
美国的贫富差距
is now higher than in any other developed country.
已经超过了其它所有发达国家
American families responded to these changes in two ways:
美国人民只有两种方式应变
by working longer hours, and by going into debt.
要么拉长工时 要么负债累累
As the middle class falls further and further behind,
由于中产阶级逐渐衰落
there is a political urge to respond
政治上迫切需要给出对策
by making it easier to get credit.
即放宽贷款标准
You don’t have to have a lousy home.
你们不必住在破房子里
The low income home buyer
低收入的购房者
can have just as nice a house as anybody else.
同样可以拥有舒适的房子
American families borrowed to finance their homes
美国家庭贷款买房
their cars, their healthcare,