Our story today is called "A Municipal Report."

VOA: special.2009.01.17

So, what happens with municipal privileges, towns that had municipal privileges, these are eroded and then virtually eliminated by powerful potentates.

地方特权怎么样了,拥有地方特权的城镇又发生了什么,绝对统治者削弱并最终废除了地方特权

耶鲁公开课 - 欧洲文明课程节选

The other thing that's happened now is that Warren Buffett said he wants to get into the municipal bond insuring business.

还有一件事,沃伦·巴菲特说,他希望介入市政债券保险这一领域

耶鲁公开课 - 金融市场课程节选

He is the director of applied research for the Solid Waste Association of North America, a professional organization that promotes the efficient and environmentally-sound management of municipal solid waste.

VOA: standard.2010.08.05

So, municipal privileges-- walls were put up for a variety of reasons around towns. Plague, for example.

在那些有特权的地方,人们因为各种理由修建围墙,例如瘟疫

耶鲁公开课 - 欧洲文明课程节选

And one of the reasons why France ends up with a republic, and not a monarchy,is because these prefects who represent the Republic can go into conservative regions and say, "hey,we didn't really like the way the elections came out last time; your municipal council, uh-uh-uh,a lot of monarchists there.

这也是为什么最终法国成为共和国,而没有成为君主制国家的原因,是因为,代表共和政体的省长可以去守旧地区并说,"嘿,我们并不喜欢上次的选举方式,你们的城市议会,有太多的拥护君主制度者了

耶鲁公开课 - 1871年后的法国课程节选

Then, the value of the subprime loans that the municipal bond insurers own starts to go down.

接着,市政债券保险公司,持有的次级贷款价值开始下跌

耶鲁公开课 - 金融市场课程节选

So, part of the whole process is the elimination of these these municipal privileges and replacing municipal officials, to make a long story short, with people that they have appointed.

他们采取的一个办法,就是取消那些地方政府的特权,更换本土官员,简而言之,就是以近臣取而代之

耶鲁公开课 - 欧洲文明课程节选

It's not just municipal governments, but a lot of different aspects of our financial system are going to be touched by a crisis that's spreading from one segment to another.

不仅仅是地方政府,还有很多不同的金融系统领域,都要被影响,危机波及到一个领域又一个领域

耶鲁公开课 - 金融市场课程节选

So, there will be new municipal bond insurers appearing that will take up slack and we'll be all right but the problem is that we may have a crisis for a while.

新的市政债券保险公司将会出现,那样我们暂时可以松口气,但是问题是,次贷危机将会延续相当长的时间

耶鲁公开课 - 金融市场课程节选

One would be the municipal privileges.

比如地方政府的特权

耶鲁公开课 - 欧洲文明课程节选

It was a big news story for the people who work in the municipal government.

这对于在地方政府工作的人们而言,是一个大新闻

耶鲁公开课 - 金融市场课程节选

Lot's of investors won't buy a municipal bond unless it's insured.

如果市政债券没有投保,很多投资者是不会去购买的

耶鲁公开课 - 金融市场课程节选

We refer to the bonds that they issue as municipal bonds.

地方政府发行的债券称为市政债券

耶鲁公开课 - 金融市场课程节选

You can see how things are feeding through the system: it starts out in one thing, it goes to the insurance companies, and then it goes to the municipal governments.

你能看到事件是如何在系统里相互影响的,它开始于一件事,它涉及到了保险公司,然后又传递到地方政府

耶鲁公开课 - 金融市场课程节选

These are municipal bond insurers.

这就是市政债券保险公司

耶鲁公开课 - 金融市场课程节选

The housing sector in the United States, you might say, is completely different from municipal bond insurers; but when the housing sector starts going down, people start defaulting on their mortgages.

你可能会说,美国房地产,是与市政债券保险公司完全不同,但是当房地产行业开始衰退,人们就开始对抵押贷款违约

耶鲁公开课 - 金融市场课程节选