if there is one lesson everybody should take away from the credit crunch it is that central bankers, no less than dentists, are only human.
此次信贷危机有一个人人都应铭记在心的教训,那就是, 就算不比牙医差,央行行长也只是凡人而已.
like previous blowups, the credit crunch has its roots in short-sighted monetary policy and in the tendency for bank lending, rising asset prices and strong gdp growth to reinforce each other.
像以前的泡沫破裂,信贷危机有它的根源,存在于货币政策的短视和向银行借款的趋向中,上扬的资产价格和走强的gdp增长互为增强。
the credit crunch had its origins in finance. but the banking industry and the economy are now locked in a kind of negative symbiosis, where bad news in one induces pain in the other.
信用危机本身有着金融方面的起源,但目前银行业与经济被锁定在一个负面的共生关系中:一方不利好的消息总是让另一方倍感痛苦。
the trend was upwards for much of this decade, except for the period when the credit crunch was biting hardest.
近十年的大多数时间里,这一趋势是向上的,除了信用紧缩最为严重的时期之外。
this helps to explain why demand for places is up this year, even as falling house prices make people feel poorer and the credit crunch makes student loans pricier.
这有助于解释了为何今年申请上升的原因,尽管下降的房价使人们感觉更穷了而且信贷紧缩使得学生贷款更加昂贵。
the worst of the credit crunch may be in the past, but there are tougher times ahead for the euro-area economy.
信用危机最糟糕的情况已经过去,但是对于欧元区经济体来说更加残酷的时期正在前面呢。
but one of the lessons of the credit crunch is that banks are still important underwriters of liquidity when markets dry up.
但是信用危机的一个教训就是,在市场干涸的时候,银行仍然是流动性的重要承销者。
investors claim that now profits are back, rewards should go first to shareholders because they suffered the cost of the credit crunch more than anybody else.
投资者声称,现在高盛公司又盈利了,应首先向股东派发报酬,因为他们遭受信贷紧缩的损失比任何人都要大。
even so, the credit crunch points the way for the next regulatory push.
即使如此,这次信用危机为下一次的规章制定指明了方向。
if so, the mortgage crunch will be a grinding drag on america's economy; one that unfolds over several years, hitting some people and some regions hard, but not, in itself, a macro-economic disaster.
如果这样的话,贷款危机是美国经济的一大拖累;这会在几年内展现,对一些人和地区造成沉重的打击,但本身不会是一次宏观经济的灾难。
up north in the tar sands, many projects are being postponed, as the credit crunch adds to the woes caused by low oil prices and high labour and material costs.
在北方的油砂地区,由于信用危机使得低油价和高人工以及材料成本造成的困境更加恶化,许多项目正在往后推移。
the book might also have a strong future as a supermarket paperback—with the subtitle, 「everything you wanted to know about the credit crunch but were afraid to ask」.
超市书架上的平装书中,这部作品销量也或许有光明前景——看它的副标题,「有关这次信贷危机,您想知道而又不敢询问的一切。」
there is no credit crunch on main street for small businesses.
在小企业的主要街道上绝对不存在信贷紧缩。