this work is that we're taking as given that people--

很迷人的一点在于我们认为人们
everybody, the banks and the borrowers are operating in their

所有人银行和借款者都
own best interests.

将自己的利益放在第一位
So that we're looking at this as sort of a equilibrium outcome

因此我们将其视为均衡产出
where they've taken into account the potential for the capital

其中人们考虑到了资本限制
constraints and what have you, so that negative coefficient

以及你所拥有的因此正如你所见
actually-- you see it here,

这里实际是负相关的
this negative coefficient on approvals for prime versus subprime.

对次级债和优质债的审批是负相关的
My tone of voice may have led you to believe that I thought

我的表述可能会让大家认为
that was a foolish thing.

我认为这是一件蠢事
It certainly no evidence that it's foolish at all,

但并没有证据证明这是蠢事
but it's an interesting puzzle.

而是一件有趣的谜题