What you had was panic selling of securities

恐慌性地抛售证券
rolling through every element of the financial system

波及到金融系统中的每一个元素
as people desperately tried to get out of stuff

人们不顾一切地抛售
before it would become worth less.

以防它的价值变得更低
This type of rapid de-leveraging resulted in downward valuations

这种去杠杆化使得证券的估值不断下滑
for all these securities--a lot of hedge funds going bankrupt.

很多对冲基金因此破产
Anyone with leverage borrowing more than five to one

任何杠杆借贷比例超过5:1的金融机构
to carry some very secure real securities,

会持有一些非常安全的债券
not subprime, but government-oriented securities

不是次级债而是政府导向债券
--those institutions got into trouble.

那些金融机构陷入困境
What we've had is basically melt in the financial markets,

金融市场融入了我们所拥有的一切
where the banks have been so severely impacted

银行受到非常严重的影响因此