collateral and sometimes the amount of collateral put up is

抵押物而有时有些抵押物
wrong.

又是不合法的
So that's going to be the conclusion of this course that

所以说本节课我们得出的结论就是
what went wrong in the last two years or three years was a

近两年发生了接二连三的状况
horrible mistake about how much collateral to be put up,

其根源在于我们制订了太多的契约
and the Fed instead of just monitoring the interest rate,

而官员们只重视监控利率了
which is what you're taught in macroeconomics it's supposed to

而你们在宏观经济学课上应该也学过
do, should be monitoring collateral

调控抵押物
as well and maybe even most importantly.

也许更为重要
So with that introduction to the rest of the course--

所以在你们下面的课程中
I don't know how convinced you are about Shakespeare the

我都不知道该怎么向你们描述
economist, but anyway, let's now switch to

作为经济学家的莎士比亚了现在