来自《耶鲁大学开放课程：资本主义：成功、危机与改革第10集第10集》

You have to look at this as, the environment was changing

大家看看这个环境正在改变
because the demand for loans was increasing a lot,

因为贷款需求增长很多
but so that there were--

因此
their approval rates were actually going down.

实际的审批率则呈下降趋势
It really doesn't look like that--it doesn't look like

事实上并非如此
irrational exuberance on the bankers' part for prime loans.

银行家在优质贷款方面的非理性繁荣
Mostly on the prime side,

在大部分的优质贷款方面
bankers appeared to be behaving really pretty rationally,

银行家更多表现的非常理性
less so on the subprime side.

比次级债方面更加理性
The loan-to-income ratio, that was going up;

收入贷款率呈上升趋势
the value-to-loan ratio was going down;

贷款价值率则下降
in other words,

换句话说