Right now, they are ticking time bombs that will cause a global crisis as soon as the next one fails not if, when.  现在，它们就是定时炸弹，其中一个破产倒闭，就会引发全球性危机。而且问题还不是会不会倒，而是什么时候倒的问题。

Second thing we need to do is completely reform modern executive and professional compensation,which is what they use to suborn the appraisers.  第二，我们要彻底改革当前的高管人员薪酬制度，这也是他们用来胁迫估价师的工具和手段。

Remember, they were pressuring the appraisers through the compensation system, trying to produce what we call a Gresham's dynamic,  想想看，他们在通过薪酬体系向估价师施压，造成劣币驱逐良币的格雷欣效应，

in which bad ethics drives good ethics out of the marketplace. And they largely succeeded, which is how the fraud became endemic.  市场上道德节操无人问津。很大程度上，他们得逞了。这就是为什么欺诈行为如此猖獗。

And the third thing that we need to do is deal with what we call the three D's: deregulation, desupervision, and the de facto decriminalization. 第三，我们要解决三无问题：无规章制度、无有效监管、出事后无人担责被绳之以法的问题。

Because we can make all three of these changes, and if we do so,  因为我们可以从这三方面进行改革，只要我们这样做，

we can dramatically reduce how often we have a crisis and how severe those crises are. 就能大幅降低危机发生的频率和危机发生后的危害程度。

That is not simply critical to our economy. You can see what these crises do to inequality and what they do to our democracy. 这不仅事关我们的经济。看看这些危机对贫富差距的影响，对我们的民主制度的破坏。

They have produced crony capitalism, American-style, in which the largest financial institutions 危机产生了裙带资本主义，有美国特色的裙带资本主义，最大的金融机构是

are the leading financial donors of both parties, and that's the reason why even after this crisis,  两党的最大金主，这就是为什么这场比储贷危机严重，

70 times larger than the savings and loan crisis, we have no meaningful reforms in any of the three areas that I've talked about, 70倍的危机发生之后，在我提到的三个方面依然没有任何实质性的改革。

other than banning liar's loans,which is good, but that's just one form of ammunition for this fraud weapon. 除了欺骗性贷款被取缔，这当然是好事，但欺骗性贷款只是他们手中的一种武器。

There are many forms of ammunition they can use.  他们可用的武器还很多。

That's why we need to learn what the bankers have learned:  这就是为什么我们需要求教银行家的地方：

the recipe for the best way to rob a bank,so that we can stop that recipe,because our legislators,  抢银行的最佳秘方，这样我们才能除掉它。因为我们的国会议员

who are dependent on political contributions, will not do it on their own. Thank you very much.  离不开政治献金，所以他们不会主动来做这一切。谢谢，多谢。