大而不倒（2011）

We have no intention of dismantling the regulatory agencies.
我们无意废除监管机构
However, we must come to grips with inefficient and burdensome regulations.
然而，必须着手处理无效和累赘的规程
We will eliminate those that are unproductive and unnecessary.
淘汰那些无收益和多余的
Tearing down these antiquated walls and granting banks significant new authority.
推到陈旧的围墙，授予银行重大而崭新的权力
FEMALE NEWSCASTER 1: In a victory for the banking industry,
女新闻播音员 其一：银行业的胜利
Congress has approved legislation
国会已经批准通过了立法
which will allow commercial and investment banks
准许商业和投资银行
to merge and form institutions of unprecedented size and global reach.
融♥资♥合并，构建空前规模和全球化市场机构
I think it’s very important for us not to introduce regulation for regulation’s sake.
重要的是我们不该为了规章而提出规章
I do believe in the American dream.
我深深信赖着美国梦
Owning a home is a part of that dream.
拥有一个家是这个梦的一部分
We are taking action to bring many thousands of Americans closer to owning a home.
我们采取行动让千万的美国公民更靠近这个梦
This project not only is good for the soul of the country,
这个计划不仅有益于每个人灵魂上的安定
it’s good for the pocketbook of the country as well.
还能充实每个人的钱袋
MALE NEWSCASTER 1:The housing market has reached frantic proportions.
男新闻播音员 其一：住房♥市场的比例已经大到了疯狂的程度
It seems that everybody is building,buying or selling.
每个人都在搭建、买♥♥进或卖♥♥掉房♥子
作为金融投资界的公认标准，提供被广泛认可的信用评级、独♥立♥分♥析♥研究、投资咨♥询♥等服务
S&P：标准普尔（Standard & Poor’s）是世界权威金融分♥析♥机构
FEMALE NEWSCASTER 2: The Dow and the S&P both breaking records.
女新闻播音员 其二：道琼斯和标普指数均创新高
Profits soared 93% at Goldman Sachs this year.
今年高盛投资银行盈利猛增93%
Hotshot traders and bankers can expect to take home 10, 25,
厉害的商人和银行家有望赚到一千万、二千五百万
and in some cases, $50 million.
甚至五千万美元
Things that are too good to be true, are.
一切太美好以至于无法相信
SENATOR BUNNING: When you see something coming…
参议员邦宁：当你看见它袭来之时
The real estate bubble…
房♥地♥产♥泡沫
Bubble… Housing bubble…
房♥地♥产♥泡沫 泡沫
don’t put it off.
别拖延了
Take action immediately.
立即行动
当经济增长速度过快，出现了严重的通货膨胀时 一国就要利用紧缩性政策来压制通胀，较好的实行了紧缩政策 使得过快增长的经济速度平稳的下降到一个合适的比例 而没有出现大规模的通缩和失业，就可以叫做经济软着陆
soft landing ：软着陆
Will there be a soft landing or will the bubble burst?
是软着陆成功还是产业泡沫破灭？
MALE NEWSCASTER 2: The new story, the mortgage meltdown.
男新闻播音员 其二：新消息，抵押贷款崩♥盘♥
This morning in the mortgage meltdown, new numbers showing
今晨，抵押贷款崩♥盘♥，持续增长的数据显示
that a record number of Americans are losing their homes.
多不胜数的的美国人正在失去他们的住房♥
More than 70 mortgage companies have failed in the last few months in America,
最近几个月超过70家在美国的抵押贷款公♥司♥已经倒闭
and now the biggest of the big companies, the Bear Stearns, the big banks,
现在最大的公♥司♥，贝尔斯登投资银行这样的大银行
are caught holding the bag.
正在独自承担着损失
MARIA BARTIROMO: The fifth largest investment bank in the country, Bear Stearns,
玛丽亚·巴提罗莫：国家第五大投资银行，贝尔斯登
is being sold for just $2 a share to JPMorgan.
正以每股2美元的价格卖♥♥给摩根大通
It’s being assisted by the government, which is stepping in to guarantee
经政♥府♥援助，贝尔斯登进行了担♥保♥
some $30 billion in Bear’s toxic real estate assets.
为三百亿贝尔斯登的不良房♥地♥产♥资产
You’ve got to imagine that Hank Paulson didn’t think he signed up for this
你得想象汉克·保尔森认为他没有签署这个
美国财政部长 任职2006年7月10日 – 2009年1月20日
Hank Paulson: Henry （Hank） Merritt Paulson，Jr.
when President Bush picked him to become Treasury Secretary.
布♥什♥总统挑选他担任财政部长
Hank Paulson may now have to undo some of the deregulation measures
汉克·保尔森得不得撤销
that he and his peers on Wall Street pushed through when he ran Goldman.
在他运营高盛时和华尔街同行费心完成的管制举措
Treasury Secretary Hank Paulson telling Matt Lauer this morning,
今早财政部长汉克·保尔森告诉马特·劳厄尔
“We’re all over it. I’ve got great confidence in our markets.
“我们会挺过去的，我对市场有足够的信心。”
“They’re resilient. They’re flexible.”
“它灵活且坚韧，它会复原的。”
Ali, the truth is that Bear Stearns is only a very small fraction of this story.
阿里，是事实贝尔斯登只是墙角一隅
Our economy could face far worse than a recession.
我们需要面对的不仅仅是经济衰退
DAVID FABER: In the wake of Bear’s collapse, Lehman Brothers is scrambling
大卫·菲伯尔：贝尔斯登的崩♥盘♥让人开始清醒，雷曼兄弟公♥司♥正忙于
to reassure investors about the impact of the mortgage crisis on its own assets.
安抚投资者，因为次贷危机给资产带来的冲击
Insurers of the firm under a great deal of pressure this morning.
保险公♥司♥承受着巨大的压力
Dick Fuld, a 39-year veteran of Lehman
迪克·福尔德，一位效力于雷曼银行39年的老将
and the longest-running CEO of a major investment bank on Wall Street,
华尔街主要投资银行在位时间最长的首席执行官
has pulled the firm back from the brink during other crises,
多次在危机期间把公♥司♥从悬崖峭壁边拉回来
（迪克·福尔德，迪克是昵称）
理查德·福尔德
but today, for the first time that I’m hearing it, investors are questioning his leadership.
今天，我们第一次听到消息，投资人们正质疑他的引领方法
One key question investors have for Lehman Brothers,
投资人们对雷曼兄弟公♥司♥的关键疑问
“What’s the true earnings power of this investment bank’s business?”
“什么才是投资银行业务真正的盈利能力？”
雷曼兄弟公♥司♥总裁兼首席运营官
乔·格雷戈里
Hey. Get up here.
嘿 快过来
We gotta start stacking sand bags.
我们得堆沙袋了
What are you talking about?
你在说什么？
We’re down 21 %. On paper, I just lost $90 million, personally.
降了21%了。我刚刚损失了九千万美元，还是我自己的
FABER: With investors pummeling Lehman shares,
菲伯尔：在投资人对雷曼股票的持续打击下
the big question this morning is,
今早的大问题是
“What options does Fuld have?”
“福尔德会怎么选择呢？”
So far, he has failed to raise new capital
目前，他还没能筹集到新的资金
while virtually all of his rivals have already done so.
然而所有的竞争对手都已筹集到
财政部长
亨利·保尔森
And now, hedge fund manager David Einhorn is publicly questioning the accuracy of…
对冲基金经理大卫·艾因霍恩公开质疑……
Anything good?
有好消息？
It’s a red-tailed hawk, first one this year.
红尾鹰，今年望见的第一只
Dick Fuld’s on one.
迪克，福尔德在一号♥线
COMMENTATOR: (ON TV) …to provide credible answers.
评论员（电视上）：…提供可靠的答案
INTERVIEWER: So let’s go through a couple of those, uh,
采访者：我们来通过一组，呃
what you call discrepancies, because…
怎么称呼这些矛盾之处，因为…
Tough morning? We show topquality earnings,
头疼的一早？ 我们展现出了高质量的盈利
Yeah. we beat every prediction.
我们击败所有预言。 是
It’s the damn short-sellers. You know the game, short and distort.
该死的，他们做空市场。你懂这个游戏的，空头和谎言
They’re rumormongers and they’re making a killing.
他们散布谣言，然后赚得盆满钵满
What are your plans for a capital raise?
你筹集资本的计划是什么？
We’re way ahead of you. Now, let me be clear,
早就想好了，让我说清楚些
we don’t need the cash.
并不需要现金
You know, it’s about perception.
你知道，这和认知有关
Buffett, Buffett.
巴菲特，巴菲特
We’re thinking of reaching out to Warren Buffett.
沃伦·巴菲特
Great.
很好
You and Buffett go back, right?
你和巴菲特有交情，对吧？
Do me a favor and call him.
帮我给他打个电♥话♥
Tell him Lehman is rock solid.
告诉他雷曼坚若磐石
As Treasury Secretary, I can’t advocate for a specific investment.
作为一名财政部长，我不能鼓吹专用性投资
雷曼首席财务官
艾琳·卡兰
Hank, you want me to raise capital or not?
汉克，你希望我能筹到钱吗？
2008年5月24日
星期六
JIM WILKINSON: Lehman Brothers is a hell of a lot bigger than Bear Stearns.
吉姆·威尔金森：比起贝恩斯登，雷曼兄弟的情况犹如炼狱般糟糕
The market is terrified.
市场糟透了
When I was running Goldman, I never even conceived
我运营高盛时从没设想过
of asking the Treasury Secretary to cut a deal for me.
让财政部长为我促成一桩协议
Yeah, but the Bear bailout created…
是,贝尔斯登所受的财政救助产生了…
Please don’t call it a bailout.
请别说成是救助
Okay, the very large Bear Stearns purchase assistance package
行，贝尔斯登的住房♥援助计划
created an expectation.
产生了希望
Fuld’s counting on direct intervention from you.
福尔德期望着你能直接干预调节
Buffett’s a simple solution.
巴菲特只是个简单的解决办法
财政部参谋长
吉姆·威尔金森
I think you make the call.
我认为你可以给他打电♥话♥
As what? Warren’s friend? His former banker? The Treasury Secretary?
以什么身份？巴菲特的朋友，前银行家，还是财政部长？
No. Fuld’s calling him.
错，福尔德跟他通话才对
Hopefully he’ll jump in and we can all relax.
希望他能投入进来，我们可以轻松一些
Relax? We just buried one investment bank, we got another one that’s barely breathing.
轻松？只是为一家投资银行买♥♥了单，还有其他等着我们根本没时间喘气
This is a confidence game. People lose faith in Lehman,
这是勇气游戏。人们对雷曼失去了信心
these banks are gonna drop like dominoes
这些银行会像多米诺骨牌一样倒下去
and I don’t have the authority to do a thing about it.
我没权力去干预
We’re late. We’ve been late on everything.
我们晚了，一切都太迟了
Neel’s team is working on some kind of a disaster scenario.
尼尔的团队在为极端情况制定方案
国际事务助理秘书
尼尔·卡什卡利
We’re calling it the “Break the Glass” plan,
我们叫它“破镜”计划
what to ask Congress for if your back’s against the wall.
如果你碰壁了，国会就会拿来实施
(CHUCKLES) Money.
（轻蔑地笑）钱
Is what you ask them for.
就是你们向他们要的东西
The problem is, Congress won’t move until we’ve already hit the iceberg,
问题是，国会不会采取任何行动，除非我们真的撞上了冰山
公共事务助理秘书
米歇尔·戴维斯
and at that point, it may be too late.
到那时，恐怕就太迟了
So you’re saying, with the full weight of the United States Treasury behind me,
意思是，在美♥利♥坚♥合众国财政部的全力之下
all I can do is call Warren Buffett?
我能做的就是给沃伦·巴菲特打电♥话♥？
Hi, Warren. It’s Hank.
嗨，沃伦。是我，汉克
I understand you’ve been talking to Dick Fuld.
我理解你跟迪克·福尔德商量过
You know my misgivings, Hank, about investment banks.
你知道我的忧虑，汉克，关于投资银行
世界上最富有的人
沃伦·巴菲特