If the world's problem eighteen months ago was that

换句话说如果18个月前的问题在于
there was too much greed and too little fear,

贪婪有余恐惧不足
the world's problem today is that

那么现在的问题就是
there is too much fear and too little greed.

恐惧有余贪婪不足
Policies that would have been highly constructive eighteen months ago

18个月前最佳的政策是抑制信贷膨胀
in inhibiting undesirable lending are potentially counterproductive today

但在今天同样的政策只会抑制经济发展
in inhibiting constructive lending.

信贷不再是过度膨胀而是过度紧缩
Second, there's an overwhelming case

第二监管的另一个重心
for stronger consumer regulation in all financial areas.

要放在对金融消费者的监管上
If one studies carefully the extent to which

我们应该仔细研究
subprime mortgages at egregious interest rates were taken on

消费者是如何利用高利率的次贷
to help people get out of credit card debt at super egregious rates,

来偿还更高利率的信用卡欠款