M22:17
这个，呃，政府在去年九月、九月中旬的时候，确实是——他们面对的局面，已经非常接近整个金融体系的全面崩溃了，呃，我觉得你能想象到的最接近的程度也不过如此。
The, uh, the government in September, mid-September last year, really did— they were facing a situation that was as close to a total meltdown, uh, throughout the financial system as, uh, I think you can imagine.
当时，呃，短短几天里，就有两千亿美元从货币市场基金里流出。
It, it, uh, you had a couple hundred billion dollars move out of money market funds in a couple of days.
商业票据市场也冻结了，这就意味着，全国各地那些跟金融行业根本没关系的公司，基本上都会在发工资这件事上遇到麻烦。
You had the commercial paper market freeze up, which meant that companies all over the country that had nothing to do with the financial world basically were going to have trouble meeting payrolls.
我们当时——我们真的是在凝视深渊。
We were— we really were looking into the abyss at that time.
而且当时采取了很多非常迅速的行动。
And a lot of action was taken very promptly.
总的来说，我赞赏当时采取的那些行动。
And overall, I commend the actions that were taken.
所以就像 Charlie 说的，要指望那些一天工作二十个小时、还不断从四面八方接收到新信息和坏消息的人做到完美，
So as Charlie says, to expect perfection out of people that are working 20-hour days, and are getting hit from all sides by new information, bad information.
就拿那个周末来说，Lehman 出事了，AIG 出事了，Merrill 在我看来也会出事，除非 B of A 把它买下来。
That one weekend with Lehman going, AIG going, Merrill would have gone, in my view, unless the B of A had bought it.
我的意思是——当你四面八方都在挨打，还得制定政策，还得考虑 Congress 的反应和美国民众的反应，你知道，你不可能每件事都做得完美。
I mean, it was— when you're getting punched from all sides, and you have to make policy, and you have to think about congressional reaction and the American people's reaction, you know, you're not going to do everything perfectly.
但我觉得，总体来说，他们干得非常非常好。
But I think overall, they did a very, very good job.
我是能理解他们的。
I'm sympathetic.
那番话是 Dick Kovacevich 说的，他去年在全球直话直说大赛里，输给 Charlie 拿了第二名。
That remark was made by Dick Kovacevich, who came in second last year to Charlie in the plain speaking contest around the world.
而且据我了解，Dick Kovacevich 是在一个星期天中午刚过的时候接到电话的，对方让他第二天下午一点或者两点到 Washington，但没告诉他是为了什么事。
And it's true that Dick Kovacevich was called on a Sunday a little after noon, as I understand it, and told to be in Washington the next day at 1 or 2 o'clock without being told what it was about.
到了那儿，有十一位银行家，还有一些官员，他们被告知，他们要接受 TARP 的资金，要接受政府贷款和优先股安排，而且他们只有一两个小时可以签字，连跟董事会商量的时间都没有。
And there were 11 bankers there and, and some officials, and they were told that they were going to take TARP money and they were going to take loans from the government and preferred stock, and that they only had an hour or 2 to sign it, and they didn't get to consult with boards.
不过，这就是紧急状态的本质，你知道。
But that's the nature of an emergency, you know.
我觉得，我觉得，是的，嗯，你肯定会做出一些决定，过后回头看，总会有人说，我本来可以做得再好一点。
I think, I think, yeah, well, that you're going to have some decisions that later can be looked back at and somebody will say, I could have done it a little bit better.
但总的来说，在我看来，相关当局做得非常好。
But by and large, the authorities, in my view, did a very good job.
而且，银行和银行之间差别可是非常大的。
And all banks aren't alike by a long shot.
按我们的看法，Wells Fargo 是一家——尤其是在大型银行里面——非常出色的银行，而且它有一些别的银行没有的优势。
And in our opinion, Wells Fargo is a— among the large banks particularly, it's a fabulous bank and has some advantages that the other banks don't have.
但在那样的时候，你不会去分辨这些细微差别。
But at a time like that, you're not, you're not dealing in nuances.
顺便说一句，我建议你们大家都上网去读一读 Jamie Dimon 写给股东的信。
Incidentally, I would recommend to all of you that you go to the internet and read Jamie Dimon's letter to his shareholders.
就是 JPMorgan Chase 的 Jamie Dimon。
Jamie Dimon of JPMorgan Chase.
那是一封非常精彩的信。
It's a fabulous letter.
里面谈到了 Charlie 刚才说的一个点，而且 Jamie 在写清楚这场危机是怎么造成的，以及未来可能该怎么做这件事上，做得非常出色。
It talks about a point that Charlie made there, but Jamie did a great job of writing about what caused this and, and what might be done, done in the future.
这，这个，呃，是我见过最好的股东信之一。
It's, it's, uh, it's as good a shareholders' letter as I've ever seen.
所以一定要去找来看看。
So by all means, uh, look it up.
是很长，但很值得读。
It's long, but it's worth reading.
好，我们来看二区。
Okay, we'll go to area 2.