or people knowing how bad it would be.

或者人们并不了解情况的严重性
As a result of that those large losses,

由于这些巨额亏损
the financial market started losing confidence in

金融市场对某些金融机构
some of the financial institutions

和金融机构中的不同资产类别
and different asset classes in those financial institutions.

开始失去信心
Principally banks started trading in a really bad way.

主要是银行开始用非常恶劣的方式交易
People thought they were going to be forced to sell some of those

人们认为他们将被强迫出售证券
and we had a variety of different asset classes,

那些证券有多种类别
ranging from municipal bonds, basically changing their value.

例如市政债券它们的价值发生了变化
People said, I don't want these anymore,

持有人说我不再需要它们了
there were hedge funds that owned those on leverage,

对冲基金本以杠杆形式持有它们
so there were margin calls, which forced those securities to be sold,

当入不敷出时那些证券就被迫售出