Baily is an author and former adviser in the Clinton administration, says after the failure of Lehman Brothers towards the end of 2008, many of the world's largest banks feared the worst as the collapse of the housing bubble exposed investments in risky subprime loans.

VOA: standard.2009.12.20

Let's make some risky loans and if it succeeds we make money; if the thing blows up, well then they government will pay.

然后贷款给一些风险大的项目,如果成功了,我们会赚钱,如果事情搞砸了,那时政府自会买单

耶鲁公开课 - 金融市场课程节选

They should have been watching, under Reagan, because if you let them pay high interest rates you better watch out that they don't make risky loans if you're insuring them.

在里根的执政下,他们本应该进行监管,因为如果你准许机构支付高利率,且对他们进行保险,你最好进行监管,防止他们发放高危贷款

耶鲁公开课 - 金融市场课程节选

It used to be that the government didn't let banks pay more than a certain amount on their deposits and that helped protect banks because then they didn't have to compete to pay high interest rates -then be incentivized to make risky loans to try to make money with those high interest rates.

在这之前,政府不允许银行对存款,支付超过一定数量的利息,那样做是为了保护银行,因此他们不必争相,去支付高额利率...,因为在高利率支付下银行会倾向于,发放高危贷款以获取利润

耶鲁公开课 - 金融市场课程节选

They were in a very risky position because subprime loans were already recognized as being risky.

这给银行带来极大风险,因为次级债早已被认为具有高风险

耶鲁公开课 - 金融市场课程节选