M11:22
不过我想稍微讲一点个人经历，呃，这和 Great Depression 的故事会有一点关系——不会太多，但还是有一点关系。
But I would like to get into a bit of a personal note, uh, which will have some relevance— not too much, but some relevance— uh, to the, uh, the story of the Great Depression.
因为，呃，呃，一九二九年，我父亲当时二十六岁，呃，在一家本地的小银行里做证券销售。
Because, uh, uh, in 1929 my dad, who was 26 years of age then, uh, was employed as a security salesman by a, a local small bank.
然后，呃，他卖股票和债券，不过主要还是卖股票。
And, uh, he sold stocks and bonds, but he mostly sold stocks.
当股票跌了百分之四十八，而几个月前你还把这些股票卖给别人，呃，你是真的不太想再出去面对同样的那些人。
And when stocks fall 48% and you were selling them to people a few months ago, uh, you really don't feel like going out and facing those same people.
所以我觉得我父亲，呃，大概是选择了现在大家说的 shelter in place，也就是待在家里不出去。
So I think my dad, uh, probably elected to do as they say now, shelter in place, which means stay at home.
然后，呃，呃，我们家里其实也没什么可忙的。
And, uh, uh, there really wasn't that much in our house.
呃，我们只有一个小院子。
Uh, we just had a small yard.
而且那时候反正也是冬天。
It was wintertime anyway.
我父亲反正也不会在院子里这儿弄弄那儿弄弄。
My dad wouldn't have been puttering around the yard anyway.
再说那时候大家也都没有，你知道，电视那时候还没有。
And everybody wasn't, you know, television wasn't there.
然后，呃，呃，他和我母亲的关系也非常好。
And, uh, uh, and he and my mother got along very well.
所以在那种情况下，呃，如果你翻到下一张幻灯片，呃，大概九个月后，我就出生了。
So under those conditions, uh, if you'll turn to the next slide, uh, I was, uh, born about 9 months later.
所以，呃，不过在那个时候，呃，我其实是八月三十号出生的，但那天股市休市，所以我用的是前一天的数据。
So at, uh, but at that time, uh, I was actually born on August 30th, but the stock market was closed that day, and so I'm using the previous day's figures.
不过——当时我倒是没注意到股市休市了——但实际上，在那大约九个半月的时间里，股市已经反弹了百分之二十多。
But the— it wasn't— I didn't notice at the time that the market was closed, but the stock market had actually recovered over 20% during that 9-and-a-half-month period or thereabouts.
呃，到一九三零年秋天的时候，人们并不觉得自己正处在 Great Depression 之中。
Uh, people did not think in the fall of 1930, they did not think they were in the Great, a Great Depression.
他们觉得那不过是一次衰退，很像之前至少发生过十几次的那种，虽然那些时候股市不一定总是那么重要。
They thought it was a recession very much like had occurred at least a dozen times, although not always when stock markets were important.
不过，美国这么多年里，呃，经历过很多次衰退，而这次看起来并不像是什么特别反常、特别不寻常的事情。
But then we'd had many recessions in the, uh, in the United States over the time, and this did not look like it was something dramatically out of the ordinary.
呃，呃，不过，而且有那么一阵子，实际上在我出生后的大约十天里，呃，这种看法还在维持着，然后，呃，股市在那十天里居然还上涨了百分之一到百分之二。
Uh, uh, but, and for a while, actually for about 10 days after my birth, uh, that view held on, and, uh, the stock market actually managed to go up all of 1 or 2% there, uh, in those 10 days.
不过那就是最后一天了，呃，嗯，从那个时点开始就是这样。
But that's the last day, uh, well, from that point.