TED演讲:银行是如何被掏空的(4)

 By 2006, 40 percent of all the loans made that year, all the home loans made that year,were liar's loans,40 percent. 截至2006年，当年发放的所有贷款，当年的所有房屋贷款中四成是欺骗性贷款。高达四成啊，亲。

And this is despite a warning from the industry's own antifraud experts that said that these loans were an open invitation to fraudsters 行业自身的反欺诈专家曾经警告，这些贷款简直是引狼入室，

and that they had a fraud incidence of 90 percent,nine zero.  诈骗率高达九成，百分之九十。尽管有这些警告，问题还是发生了。

In response to that, the industry first started calling these loans liar's loans, which lacks a certain subtlety,  作为回应，金融行业首先开始称呼这些贷款为欺骗性借贷，听上去不太悦耳。

and second, massively increased them, and no government regulator ever required or encouraged any lender 其次，大幅增加这种贷款。没有任何政府监管机构要求或者鼓励任何借方

to make a liar's loan or anyone to purchase a liar's loan,and that explicitly² includes Fannie and Freddie.  放出欺骗性贷款要求或鼓励任何人去购买欺骗性借贷，这当然也包括房利美和房地美。

This came from the lenders because of the fraud recipe.  由于欺诈的成因和模式，借方难辞其咎。

What happened to appraisal³ fraud? It expanded remarkably⁴ as well.  估价欺诈行为又是怎样呢？同样膨胀得非常了得。

By 2007, when a survey of appraisers was done,90 percent of appraisers reported  2007年，有份针对估价师的调查，9成受访的估价师表示，

that they had been subject to coercion⁵ from the lenders trying to get them to inflate⁶ an appraisal. 他们受到借方的胁迫，要求他们对估值进行灌水（夸大价值）。

In other words, both forms of fraud became absolutely endemic and normal,and this is what drove the bubble.  换言之，两种形式的欺诈行为成为常态，疯狂肆虐，泡沫于是成型。

What happened in the governmental sector⁷?  政府部门的情况呢？

Well, the government, as I told you,when we were the savings⁸ and loan regulators,we could only deal with our industry,  政府啊，不提也罢，说多了都是泪，我们监管储贷的时候，我们只能处理我们负责的行业，

and if people gave up their federal deposit insurance,we couldn't do anything to them.  如果借方放弃他们的联邦存款保险，我们就将束手无策。

Congress, it may strike you as impossible, but actually did something intelligent in 1994, 国会，说起来你们可能不信，在1994年实际上倒是干了点实事，

and passed the Home Ownership and Equity⁹ Protection Act that gave the Fed, and only the Federal Reserve, 通过了《房屋所有权和股权保护法》，法案赋权美联储，仅限美联储

the explicit¹, statutory authority to ban liar's loans by every lender,whether or not they had federal deposit insurance.  明确的法律权力去取缔来自任何借方的欺骗性贷款业务，无论这些借方有无联邦存款保险。

So what did Ben Bernanke and Alan Greenspan,as chairs of the Fed do when they got these warnings 在接到这些预警信号,作为美联储主席到底做了些什么？

that these were massively fraudulent loans and that they were being sold to the secondary market?  这些大面积的欺诈性贷款 要转售给次级市场的欺骗性贷款

Remember, there's no fraud exorcist.  请记住，没有神人能将这些欺诈行为消失。

Once it starts out a fraudulent loan, it can only be sold to the secondary market through more frauds, lying about the reps and warrantees,  欺骗性贷款一旦出现，只能通过更多的欺诈行为，如编造合约声明和保证条款把这一借款转售给次级市场。

and then those people are going to produce mortgage-backed securities 然后借方再推出抵押贷款证券和

and exotic derivatives¹⁰ which are also going to be supposedly backed by those fraudulent loans.  衍生产品，而为这些产品进行担保的正是欺骗性借款。

So the fraud is going to progress through the entire system,hyperinflate the bubble, produce a disaster.  欺诈行为将贯穿整个系统的始终，使泡沫急剧膨胀，进而造成灾难。

And remember, we had experience with this.  想想看，这事我们之前经历过。

We had seen significant losses,and we had experience of competent regulators in stopping it. 我们遭受了巨大的损失，职能监管机构也有阻止危机出现的先例。

Greenspan and Bernanke refused to use the authority under the statute¹¹ to stop liar's loans.  但是格林斯潘和伯南克拒绝使用法律赋予他们的权力来取缔欺骗性借贷。

1 explicit   

adj.详述的，明确的；坦率的；显然的

参考例句：

• She was quite explicit about why she left.她对自己离去的原因直言不讳。
• He avoids the explicit answer to us.他避免给我们明确的回答。

2 explicitly   

ad.明确地，显然地

参考例句：

• The plan does not explicitly endorse the private ownership of land. 该计划没有明确地支持土地私有制。
• SARA amended section 113 to provide explicitly for a right to contribution. 《最高基金修正与再授权法案》修正了第123条，清楚地规定了分配权。 来自英汉非文学 - 环境法 - 环境法

3 appraisal   

n.对…作出的评价；评价，鉴定，评估

参考例句：

• What's your appraisal of the situation?你对局势是如何评估的？
• We need to make a proper appraisal of his work.对于他的工作我们需要做出适当的评价。

4 remarkably   

ad.不同寻常地，相当地

参考例句：

• I thought she was remarkably restrained in the circumstances. 我认为她在那种情况下非常克制。
• He made a remarkably swift recovery. 他康复得相当快。

5 coercion   

n.强制，高压统治

参考例句：

• Neither trickery nor coercion is used to secure confessions.既不诱供也不逼供。
• He paid the money under coercion.他被迫付钱。

6 inflate   

vt.使膨胀，使骄傲，抬高（物价）

参考例句：

• The buyers bid against each other and often inflate the prices they pay.买主们竞相投标，往往人为地提高价钱。
• Stuart jumped into the sea and inflated the liferaft.斯图尔特跳到海里给救生艇充气。

7 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

8 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

9 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

10 derivatives   

n.衍生性金融商品；派生物，引出物( derivative的名词复数 )；导数

参考例句：

• Many English words are derivatives of Latin words. 许多英语词来自拉丁语。 来自《简明英汉词典》
• These compounds are nitrosohydroxylamine derivatives. 这类合成物是亚硝基羟胺衍生物。 来自辞典例句

11 statute   

n.成文法，法令，法规；章程，规则，条例

参考例句：

• Protection for the consumer is laid down by statute.保障消费者利益已在法令里作了规定。
• The next section will consider this environmental statute in detail.下一部分将详细论述环境法令的问题。