You all are, I guess, somewhere between eighteen and twenty-one years old,

你们应该是18到21岁之间
probably nineteen and twenty-one,

也可能19到21岁
so you don't have the perspective to understand

或许你们还无法理解
how really interesting and dangerous this current environment is.

现实的金融环境是如何危机并存
What's happened is that

现实的情况是
through an abnormal issuance of something called subprime securities--

通过对次级抵押贷款的异常评级...
nobody in this audience, certainly people watching,

在座的各位中没有人
have probably owned a house.

能够拥有一栋房产
What happened was that in the late 90s,

在上世纪90年代后期
the government in Washington passed a law

华盛顿政府通过了一项法令
to encourage more low-income people being able to buy houses

使得低收入人群能够买得起房子
and resulted, along with other factors,

综合其它的一些原因该法令造成了