M1
M10:00
所以，大萧条持续了很久，确实持续了非常长一段时间；不过它在人们心里持续的时间，其实比它在现实影响上持续的时间还要更长。
So the Great Depression went on and it lasted a very long time, but it lasted a lot longer in the minds of people than it did actually in its effects.
后来第二次世界大战来了，某种程度上算是以一种非自愿的方式，我们采纳了 Keynesianism。
World War II came along and in sort of an involuntary manner, we adopted Keynesianism.
我们开始出现财政赤字，当然，而且规模大得惊人，把我们的债务推高到了占 GDP 的一个前所未有的比例，之前从没到过，后来也再没到过。
We started running fiscal deficits, of course, that were absolutely huge and took our debt up to a percentage of GDP which we'd never reached, had never reached before, and never reached since.
呃，所以我们经历了一次巨大的经济复苏，但是人们心里的创伤太深了，父母又把那些记忆讲给孩子听。
Uh, so we had an enormous economic recovery, but the minds of people had been so scarred, the memories parents told their children.
一九二九年在人们心里成了一个象征。
1929 became a symbol in people's minds.
我的意思是，如果你说一九二九年，那感觉就像在说一七七六年或者一四九二年。
I mean, if you said 1929, it was like saying 1776 or 1492.
我是说，所有人都非常清楚你在说什么。
I mean, everybody knew exactly what you were talking about.
而且它还以一种相当惊人的方式影响了股价，甚至到了这个程度——如果你切到下一张幻灯片——直到一九五一年一月四日，那个一九三零年八月三十日出生的孩子都已经大学毕业了，股市才回到当年那个更早时候的水平。
And it affected stock prices in a rather remarkable way, to the point—if you'll change to the next slide—it was January 4th, 1951 that the kid who was born on August 30th, 1930 had finished college before the stock market got back to where it was at that earlier time.
所以你想想，从一九二九年到一九五一年，或者从我出生开始算，整整二十年；还要记住，呃，这件事开始的时候，这个国家也不过才一百四十岁。
So take the years from 1929, really, to 1951, or take the years from my birth, 20 years, and bear in mind that, uh, you know, the country was only 140 years old when this started.
在我们国家这段惊人的两百三十一年历史里，这二十年就是完全停滞的一段时期，你知道，很长一段时间都没有经济增长；而且在人们对国家财富、对美国经济值多少钱、对这些其实比很久以前经营得好得多得多得多的公司该值多少钱的感受上，也没有任何提升。
That's 20 years out of this amazing 231-year lifetime of our country that was flat out, you know, a time of—for a long time—of no economic growth and no feeling by people in terms about the wealth of the country, about what the American economy was worth, what all these corporations that were doing far, far, far better than they were long ago.
但是，花了这么长时间，市场里的价格水平才终于恢复到，呃，和我出生二十年前那个时候相当的水平。
But it took all of that time to restore, uh, in the market a price level, uh, that was equal to, uh, what it was when I was born 20 years earlier.
所以，呃，如果你想想，我们现在只是熬了几个月，而且还会再熬很多个月，不过，呃，我们也不知道最后会怎么样。
So, uh, if you think about the fact that we're enduring a few months and we'll endure some many more months, but, uh, and we don't know how it comes out.
而三十年代的人当时也不知道结果会怎么样，但他们还是挺过来了，坚持下来了，也重新繁荣起来了，而美国的奇迹也继续了下去。
And people in the '30s didn't know how it was going to come out, but they endured and persevered, prospered, and the American miracle continued.