Hiya, Frank. How are the wife and kids?
弗兰克 家人都好吗
You know, for you, I'm considering treasury bonds
我觉得国库券和公共事业股票
and utility stocks. Smoke?
比较适合你 抽烟吗
In the late '70s, banking wasn't a job
在七十年代末 银行业
you went into to make large sums of money.
可赚不了大钱
It was a fucking snooze.
就是他妈的小打小闹
How about those Mets?
纽约大都会赢了吗
Filled with losers. Like selling insurance or
充斥着废柴 比如卖保险的
And if banking was boring,
如果说银行业无聊的话
then the bond department at the bank was straight-up comatose.
那银行的债券部门简直就让人昏昏欲睡
We all know about bonds.
我们都知道债券是怎么回事
You give them to your snot-nosed kid when he turns 15.
在你那还流着鼻涕的孩子满十五岁时给他
Maybe when he's 30 he makes a hundred bucks.
也许等他到了三十岁能赚个一百块
That is, until Lewis Ranieri came on the scene
直到所罗门兄弟银行的
at Salomon Brothers.
路易斯·拉涅利出现
You might not know who he is, but he changed your life
你也许不知道他是谁 但他对你生活的改变
more than Michael Jordan, the iPod and YouTube put together.
比迈克尔·乔丹 iPod和油管的总和都多
All right, gentlemen! Let's get some money in here!
好了先生们 我们来赚钱吧
Let's make some money! What do you say?
我们来赚钱吧 你们说怎么样
You see, Lewis didn't know it yet,
路易斯还没有意识到
but he had already changed banking forever
但他只用了一个简单的点子
with one simple idea.
就永远改变了银行业
The mortgage-backed security.
住房抵押贷款支持证券
Or private-label MBS.
或者弄成品牌叫MBS
You've got your average person's mortgage.
你们都有普通的住房抵押贷款
Fixed rate, 30 years.
固定利率 三十年期
Boring, safe, small payoff, right? But,
风险小 回报低 对吧
when you have thousands of them all bundled together,
但当你把成千上万的贷款绑在一起
suddenly the yield goes up but the risk is still small because,
突然间投资收益上升了但风险依然很小
well, they're mortgages!
因为它们是住房抵押贷款
And who the hell doesn't pay their mortgage?
谁会不还住房抵押贷款呢
What exactly is the credit rating on this bond?
这种债券的信用评级是多少
This bond, gentlemen, is AAA-rated.
先生们 这种债券是AAA级的
This is exactly what the
这正是密歇根州立
Michigan state pension fund has been looking for.
养老基金在寻找的投资
I'll buy $20 million.
我要买两千万
Oh, come on, live a little.
拜托 胆子大一点
The money came raining down,
钱源源不断地来了
and for the first time,
史上第一次
the banker went from the country club to the strip club.
银行家们从乡村俱乐部到了脱衣舞俱乐部
Pretty soon, stocks and savings were almost inconsequential.
很快 股票和储蓄变得无足轻重
They were doing $50, $100, $200 billion
他们一年里创造了五百亿 一千亿...
in mortgage bonds and dozens of other securities a year.
两千亿的抵押债券和其他形式的债券
And America barely noticed as its number one industry
美国人并没有注意到第一行业
became boring old banking.
变成了无聊的银行业
And then one day, almost 30 years later, in 2008,
后来有一天 大概三十年后 2008年
it all came crashing down.
泡沫破裂 经济崩盘
March. Bear Stearns was in a death spiral
三月 贝尔斯登公司严重亏损
and the Fed brokered its sale.
联邦政府促成了它的被收购
called the worst financial crisis in modern times.
当代最严重的金融危机
Certainly the largest
毫无疑问是这个国家
financial disaster in decades in this country,
几十年以来最大的金融危机
and perhaps the end of an era in American business.
也许是美国经济一个时代的终结
In the end, Lewis Ranieri's mortgage-backed security
到头来 路易斯·拉涅利的住房抵押贷款支持证券
mutated into a monstrosity
突变成了使世界经济
that collapsed the whole world economy.
崩溃的怪兽
And none of the experts or
而且没有任何专家
leaders or talking heads had a clue it was coming.
领袖或发言人事先知道这一点
I'm guessing most of you still don't really know what happened.
我猜你们中的大部分还一无所知
Yeah, you got a soundbite you
为了不显得太蠢
repeat so you don't sound dumb, but come on.
你会重复电视采访的说法 但得了吧
Our financial institutions are strong.
我们的财政机构是强大的
But there were some who saw it coming.
但还是有人预测出了它的来临
While the whole world was having a big old party,
当整个世界都在狂欢时
a few outsiders and weirdos saw what no one else could.
一些局外人和怪人看到了别人看不见的
Not me. I'm not a weirdo. I'm pretty fucking cool.
不是我 我不是怪人 我很酷
But we'll meet again later.
但我们一会儿会再见面的
These outsiders saw the giant lie at the heart of the economy.
这些局外人看到了经济中心的巨大谎言
And they saw it by doing something
他们是通过做其他二货
the rest of the suckers never thought to do.
没有想到的事情看出来的
During the 1930s,
在二十世纪三十年代
the housing market collapsed nationwide
全国范围的房屋市场蒸发了
I mean, half of all mortgage debt was in default.
半数的住房抵押贷款都违约了
And, I mean, there were very
我是说 这有
specific identifiers, extremely recognizable.
非常具体的标志 非常容易识别
I mean, for instance,
比如说
one of the hallmarks of mania
狂热的标志之一是
is the rapid rise
衍生品的复杂性
in complexity and the rates of fraud.
和欺诈比例的快速增长
And did you know that they're going up?
你知道它们在持续上升吗
more comfortable alone.
独自一人时感觉更舒适
I believe maybe it's because of my glass eye.
我觉得可能是因为我的玻璃眼睛
I lost the eye in a childhood illness.
我在童年疾病中失去了一只眼睛
It separates me from people.
它使我和他人隔绝
And did you know that they are going
你知道它们在
The highest fraud rates since the 1930s.
自从二十世纪三十年代以来的最高的欺诈率
Hey, hey, it's okay. It's okay.
没事的 没事的
No, I didn't know that.
不 我不知道
In 1933, the fourth year of the Great Depression.
在1933年 大萧条的第四年
Let's wash it off and put it back in.
我们洗一洗再把它装回去
You were playing so great, son.
你打得很好 儿子
I even heard the coach say it.
教练都这么说了
