Thank you very much. Everybody, please have a seat. Thank you very much. Well, thank you. It is good to be back. It is good to be back in New York, it is good to be back in the Great Hall at Cooper Union. 非常感谢。请大家就座。非常感谢。好的，谢谢。很高兴能再次回到这里。很高兴回到纽约，很高兴再次回到库珀联盟的大会堂。
We've got some special guests here that I want to acknowledge. Congresswoman Carolyn Maloney is here in the house. Governor David Paterson is here. Attorney General Andrew Cuomo. State Comptroller Thomas DiNapoli is here. The Mayor of New York City, Michael Bloomberg. Dr. George Campbell, Jr., president of Cooper Union. And all the citywide elected officials who are here. Thank you very much for your attendance. 今天到场的还有一些特别的嘉宾，我想向他们致意。国会议员卡罗琳·马洛尼来了。州长大卫·帕特森来了。总检察长安德鲁·科莫来了。州审计长托马斯·迪纳波利也来了。纽约市长迈克尔·布隆伯格。库珀联盟校长乔治·坎贝尔博士。还有所有在座的全市民选官员。非常感谢各位出席。
It is wonderful to be back in Cooper Union, where generations of leaders and citizens have come to defend their ideas and contest their differences. It's also good to be back in Lower Manhattan, a few blocks from Wall Street. It really is good to be back, because Wall Street is the heart of our nation's financial sector. 能回到库珀联盟真是太好了，一代又一代的领袖与公民曾来到这里阐述理念、辩论分歧。也很高兴回到下曼哈顿，离华尔街只有几条街。回到这里确实让人由衷高兴，因为华尔街是我国金融业的心脏。
Now, since I last spoke here two years ago, our country has been through a terrible trial. More than 8 million people have lost their jobs. Countless small businesses have had to shut their doors. Trillions of dollars in savings have been lost -- forcing seniors to put off retirement, young people to postpone college, entrepreneurs to give up on the dream of starting a company. And as a nation we were forced to take unprecedented steps to rescue the financial system and the broader economy. 自两年前我在此演讲以来，我国经历了一场严峻的考验。超过八百万人失去了工作。无数小企业被迫关门。数以万亿计的储蓄化为乌有——迫使老年人推迟退休，年轻人延后大学学业，创业者放弃创业梦想。作为一个国家，我们不得不采取前所未有的举措来拯救金融体系和更广泛的经济。
And as a result of the decisions we made -- some of which, let's face it, were very unpopular -- we are seeing hopeful signs. A little more than one year ago we were losing an average of 750,000 jobs each month. Today, America is adding jobs again. One year ago the economy was shrinking rapidly. Today the economy is growing. In fact, we've seen the fastest turnaround in growth in nearly three decades. 正因为我们所作的决策——必须承认，其中一些极不得人心——我们如今看到了希望的迹象。一年多前，我们每月平均流失七十五万个就业岗位。如今，美国重新开始创造就业。一年前，经济正在急剧萎缩。今天，经济正在增长。事实上，我们见证了近三十年来最快的增长反弹。
But you're here and I'm here because we've got more work to do. Until this progress is felt not just on Wall Street but on Main Street we cannot be satisfied. Until the millions of our neighbors who are looking for work can find a job, and wages are growing at a meaningful pace, we may be able to claim a technical recovery -- but we will not have truly recovered. And even as we seek to revive this economy, it's also incumbent on us to rebuild it stronger than before. We don't want an economy that has the same weaknesses that led to this crisis. 但你们来到这里，我也来到这里，是因为我们还有更多工作要做。除非这种进展不仅体现在华尔街，也能体现在主街，否则我们无法满意。除非数百万找工作的邻居能够找到工作，工资以有意义的速度增长，否则我们或许能宣称技术性复苏——但我们并未真正复苏。即便在设法复兴经济的同时，我们也有责任把它重建得比以往更强。我们不希望经济仍然带有引发这场危机的同样弱点。
And that means addressing some of the underlying problems that led to this turmoil and devastation in the first place. 这意味着要从根本上解决当初引发这场动荡与破坏的某些深层问题。
Now, one of the most significant contributors to this recession was a financial crisis as dire as any we've known in generations -- at least since the '30s. And that crisis was born of a failure of responsibility -- from Wall Street all the way to Washington -- that brought down many of the world's largest financial firms and nearly dragged our economy into a second Great Depression. 这场衰退最重要的成因之一，是一场几代人以来最为严峻的金融危机——至少是上世纪三十年代以来最严峻的。这场危机源于责任的失守——从华尔街一直到华盛顿——它拖垮了世界上许多最大的金融企业，几乎把我国经济拖入第二次大萧条。
It was that failure of responsibility that I spoke about when I came to New York more than two years ago -- before the worst of the crisis had unfolded. It was back in 2007. And I take no satisfaction in noting that my comments then have largely been borne out by the events that followed. But I repeat what I said then because it is essential that we learn the lessons from this crisis so we don't doom ourselves to repeat it. 正是这种责任的失守，我在两年多前——在这场危机最严重的局面尚未展开之前——来到纽约时曾谈过。那是在2007年。我并不以当时所言随后被事态大量印证为乐。但我重申当时所讲，是因为我们必须从这场危机中汲取教训，才不至于自取覆辙。
And make no mistake, that is exactly what will happen if we allow this moment to pass -- and that's an outcome that is unacceptable to me and it's unacceptable to you, the American people. 而且不要误解，如果我们任由这一刻溜走，那恰恰就是会发生的结果——这样的结局对我是不可接受的，对你们美国人民也是不可接受的。
As I said on this stage two years ago, I believe in the power of the free market. I believe in a strong financial sector that helps people to raise capital and get loans and invest their savings. That's part of what has made America what it is. But a free market was never meant to be a free license to take whatever you can get, however you can get it. That's what happened too often in the years leading up to this crisis. 正如我两年前在这个讲台上所说，我相信自由市场的力量。我相信一个健全的金融部门，能帮助人们筹集资本、获得贷款、投资储蓄。这正是美国之所以成为美国的一部分。但自由市场从来都不意味着可以肆意攫取一切、不择手段地攫取。然而在危机爆发前的那些年里，这样的事却屡见不鲜。
Some -- and let me be clear, not all -- but some on Wall Street forgot that behind every dollar traded or leveraged there's family looking to buy a house, or pay for an education, open a business, save for retirement. What happens on Wall Street has real consequences across the country, across our economy. 华尔街上有有些人——让我说清楚，不是所有人——但有些人忘记了，每一笔被交易或被杠杆操作的美元背后，都是一个想要买房、支付学费、开办企业或为退休储蓄的家庭。华尔街所发生的事，对全国各地、对整个经济都会产生真实的影响。
I've spoken before about the need to build a new foundation for economic growth in the 21st century. And given the importance of the financial sector, Wall Street reform is an absolutely essential part of that foundation. Without it, our house will continue to sit on shifting sands, and our families, businesses, and the global economy will be vulnerable to future crises. That's why I feel so strongly that we need to enact a set of updated, commonsense rules to ensure accountability on Wall Street and to protect consumers in our financial system. 我曾谈到，必须为21世纪的经济增长奠定新的基础。鉴于金融部门的重要性，华尔街改革是这一基础中绝对不可或缺的一环。没有它，我们的房子将继续建在流沙之上，我们的家庭、企业和全球经济都将暴露在未来危机的风险中。正因如此，我才如此强烈地主张，我们必须制定一套更新过的、合乎常理的规则，以确保华尔街承担起责任，并保护我们金融体系中的消费者。
Now, here's the good news: A comprehensive plan to achieve these reforms has already passed the House of Representatives. A Senate version is currently being debated, drawing on ideas from Democrats and Republicans. Both bills represent significant improvement on the flawed rules that we have in place today, despite the furious effort of industry lobbyists to shape this legislation to their special interests. 现在好消息是：实现这些改革的一份综合方案已经获得众议院通过。参议院版本目前也正在辩论之中，吸收了民主党人和共和党人的意见。两项法案都对我们现行有缺陷的规则构成了重大改进，尽管行业游说者拼命试图按照他们的特殊利益来塑造这项立法。
And for those of you in the financial sector I'm sure that some of these lobbyists work for you and they're doing what they are being paid to do. But I'm here today specifically -- when I speak to the titans of industry here -- because I want to urge you to join us, instead of fighting us in this effort. I'm here because I believe that these reforms are, in the end, not only in the best interest of our country, but in the best interest of the financial sector. And I'm here to explain what reform will look like, and why it matters. 对在座的金融界朋友，我确信其中一些游说者就是为你们工作的，他们正在做收了钱该做的事。但我今天特地来到这里——当我向在座业界巨头讲话时——是因为我想敦促你们加入我们，而不是在这件事上与我们对抗。我之所以来到这里，是因为我相信这些改革归根结底不仅符合我国的最大利益，也符合金融界的最大利益。我来这里是要说明改革将呈现怎样的面貌，以及它为何重要。
Now, first, the bill being considered in the Senate would create what we did not have before, and that is a way to protect the financial system and the broader economy and American taxpayers in the event that a large financial firm begins to fail. If there's a Lehmans or an AIG, how can we respond in a way that doesn't force taxpayers to pick up the tab or, alternatively, could bring down the whole system. 首先，参议院正在审议的法案将创设一种我们过去所没有的机制——一旦某家大型金融公司开始崩溃，能够保护金融体系、更广泛的经济以及美国纳税人。如果出现雷曼或AIG那样的情况，我们如何应对才能既不迫使纳税人买单，又不至于拖垮整个体系。
In an ordinary local bank when it approaches insolvency, we've got a process, an orderly process through the FDIC, that ensures that depositors are protected, maintains confidence in the banking system, and it works. Customers and taxpayers are protected and owners and management lose their equity. But we don't have that kind of process designed to contain the failure of a Lehman Brothers or any of the largest and most interconnected financial firms in our country. 对一家普通的本地银行，当它濒临资不抵债时，我们有一套通过联邦存款保险公司（FDIC）进行的有序程序，能确保存款人得到保护、维护对银行体系的信心，而且行之有效。客户和纳税人受到保护，所有者和管理层则损失其股权。但我们却没有一套程序，专门用来遏制雷曼兄弟或我国任何最大、相互关联最紧密的金融公司倒闭所带来的冲击。
That's why, when this crisis began, crucial decisions about what would happen to some of the world's biggest companies -- companies employing tens of thousands of people and holding hundreds of billions of dollars in assets -- had to take place in hurried discussions in the middle of the night. And that's why, to save the entire economy from an even worse catastrophe, we had to deploy taxpayer dollars. 正因如此，当这场危机爆发时，关于世界上一些最大公司——这些公司雇佣数万人、持有数千亿美元资产——命运的关键决策，只能在深夜匆忙的讨论中作出。也正因如此，为了拯救整个经济免于更糟糕的灾难，我们不得不动用纳税人的钱。
Now, much of that money has now been paid back and my administration has proposed a fee to be paid by large financial firms to recover all the money, every dime, because the American people should never have been put in that position in the first place. 如今，其中大部分资金已经偿还，我的政府已提议向大型金融公司征收一项费用，以收回全部资金——每一分钱——因为美国人民本来就不该被置于那种境地。
But this is why we need a system to shut these firms down with the least amount of collateral damage to innocent people and innocent businesses. And from the start, I've insisted that the financial industry, not taxpayers, shoulder the costs in the event that a large financial company should falter. The goal is to make certain that taxpayers are never again on the hook because a firm is deemed "too big to fail." 也正因如此，我们需要一套机制，让这些公司在倒闭时对无辜民众和无辜企业造成的附带损害降到最低。而且从一开始我就坚持，一旦大型金融公司陷入困境，应当由金融行业而非纳税人来承担代价。我们的目标是要确保纳税人再也不会因为某家公司被认定为"大而不倒"而被迫背锅。
Now, there's a legitimate debate taking place about how best to ensure taxpayers are held harmless in this process. And that's a legitimate debate, and I encourage that debate. But what's not legitimate is to suggest that somehow the legislation being proposed is going to encourage future taxpayer bailouts, as some have claimed. That makes for a good sound bite, but it's not factually accurate. It is not true. In fact, the system as it stands -- the system as it stands is what led to a series of massive, costly taxpayer bailouts. 目前围绕如何在这一过程中最妥善地保护纳税人免受损失，正展开一场正当的辩论。这是一场正当的辩论，我对此表示鼓励。但并不正当的是，有人声称正在提议的立法会鼓励未来的纳税人救助。这种说法听着像句顺口的口号，但并不符合事实。这不是真的。事实上，现行的这套体系——正是现行体系——导致了一系列规模庞大、代价高昂的纳税人救助。
And it's only with reform that we can avoid a similar outcome in the future. In other words, a vote for reform is a vote to put a stop to taxpayer-funded bailouts. That's the truth. End of story. And nobody should be fooled in this debate. 唯有通过改革，我们才能在未来避免类似的结果。换言之，投票支持改革，就是投票叫停由纳税人埋单的救助。这才是事实。事情就是这样。在这场辩论中，谁也不应被蒙蔽。
By the way, these changes have the added benefit of creating incentives within the industry to ensure that no one company can ever threaten to bring down the whole economy. 顺便说一句，这些变化还有一个额外的好处，就是在行业内部形成激励，确保任何一家公司都不会威胁到拖垮整个经济。
To that end, the bill would also enact what's known as the Volcker Rule -- and there's a tall guy sitting in the front row here, Paul Volcker -- who we named it after. And it does something very simple: It places some limits on the size of banks and the kinds of risks that banking institutions can take. This will not only safeguard our system against crises, this will also make our system stronger and more competitive by instilling confidence here at home and across the globe. Markets depend on that confidence. 为此，法案还将制定所谓的"沃尔克规则"——前排就座的那位高个子，保罗·沃尔克，正是规则以其姓氏命名的对象。这项规则做的事很简单：对银行的规模以及银行机构所能承担的风险类型施加某些限制。这不仅能使我们的体系免遭危机，还能通过在国内和全球注入信心，使我们的体系更强、更具竞争力。市场正是依赖于这种信心。
Part of what led to the turmoil of the past two years was that in the absence of clear rules and sound practices, people didn't trust that our system was one in which it was safe to invest or lend. As we've seen, that harms all of us. 过去两年动荡的部分成因，正是在于缺少清晰的规则与稳健的做法，人们不相信我们的体系是适合安全投资或放贷的。正如我们所见，这损害了我们所有人。
So by enacting these reforms, we'll help ensure that our financial system -- and our economy -- continues to be the envy of the world. That's the first thing, making sure that we can wind down one firm if it gets into trouble without bringing the whole system down or forcing taxpayers to fund a bailout. 因此，通过实施这些改革，我们将有助于确保我们的金融体系——以及我们的经济——继续为世人所羡。这是第一点，确保我们能够在某家公司陷入困境时将其有序关停，而不会拖垮整个体系，也不会迫使纳税人为救助买单。
Number two, reform would bring new transparency to many financial markets. As you know, part of what led to this crisis was firms like AIG and others who were making huge and risky bets, using derivatives and other complicated financial instruments, in ways that defied accountability, or even common sense. In fact, many practices were so opaque, so confusing, so complex that the people inside the firms didn't understand them, much less those who were charged with overseeing them. They weren't fully aware of the massive bets that were being placed. 第二，改革将为许多金融市场带来新的透明度。如大家所知，引发这场危机的部分原因是AIG等公司利用衍生品和其他复杂的金融工具，进行巨额而冒险的押注，其方式不仅无法问责，甚至有悖常识。事实上，许多做法如此不透明、如此令人困惑、如此复杂，连公司内部的人都搞不懂，更不用说负责监管它们的人了。他们并未充分意识到正在进行的巨额押注。
That's what led Warren Buffett to describe derivatives that were bought and sold with little oversight as "financial weapons of mass destruction." That's what he called them. And that's why reform will rein in excess and help ensure that these kinds of transactions take place in the light of day. 正因如此，沃伦·巴菲特才把那些几乎不受监管地买卖的衍生品称为"大规模金融杀伤性武器"。他是这么称呼它们的。也正因如此，改革将约束过度行为，确保这类交易在阳光下进行。
Now, there's been a great deal of concern about these changes. So I want to reiterate: There is a legitimate role for these financial instruments in our economy. They can help allay risk and spur investment. And there are a lot of companies that use these instruments to that legitimate end -- they are managing exposure to fluctuating prices or currencies, fluctuating markets. For example, a business might hedge against rising oil prices by buying a financial product to secure stable fuel costs, so an airlines might have an interest in locking in a decent price. 这些变化引发了大量担忧。所以我想重申：这些金融工具在我国经济中有其正当作用。它们能够帮助分散风险、推动投资。许多公司正是为这一正当目的使用这些工具——它们借此管理对波动价格、货币或波动市场的敞口。例如，一家企业可能通过购买某种金融产品来对冲油价上涨的风险，以锁定稳定的燃料成本，因此航空公司可能希望锁定一个合适的价格。
That's how markets are supposed to work. The problem is these markets operated in the shadows of our economy, invisible to regulators, invisible to the public. So reckless practices were rampant. Risks accrued until they threatened our entire financial system. 市场本该这样运作。问题在于，这些市场在过去运作于经济的阴影之中，监管者看不见，公众也看不见。于是鲁莽的做法大行其道。风险不断累积，直到威胁到我们整个金融体系。
And that's why these reforms are designed to respect legitimate activities but prevent reckless risk taking. That's why we want to ensure that financial products like standardized derivatives are traded out in the open, in the full view of businesses, investors, and those charged with oversight. 正因如此，这些改革旨在尊重正当活动，同时防范鲁莽的冒险行为。正因如此，我们要确保像标准化衍生品这样的金融产品在公开市场上交易，让企业、投资者和负责监管的人都看得清清楚楚。
And I was encouraged to see a Republican senator join with Democrats this week in moving forward on this issue. That's a good sign. That's a good sign. For without action, we'll continue to see what amounts to highly-leveraged, loosely-monitored gambling in our financial system, putting taxpayers and the economy in jeopardy. And the only people who ought to fear the kind of oversight and transparency that we're proposing are those whose conduct will fail this scrutiny. 本周看到一位共和党参议员与民主党人携手推动这一问题，我感到备受鼓舞。这是一个好兆头。这是一个好兆头。因为如果不采取行动，我们将继续看到相当于高度杠杆化、监管松散的赌博在我国金融体系中横行，把纳税人和经济置于险境。而唯一应当畏惧我们所提议的这种监管和透明度的人，就是那些行径经不起审查的人。
Third, this plan would enact the strongest consumer financial protections ever. And that's absolutely necessary because this financial crisis wasn't just the result of decisions made in the executive suites on Wall Street; it was also the result of decisions made around kitchen tables across America, by folks who took on mortgages and credit cards and auto loans. And while it's true that many Americans took on financial obligations that they knew or should have known they could not have afforded, millions of others were, frankly, duped. 第三，这项计划将制定有史以来最严格的消费者金融保护。这绝对必要，因为这场金融危机不仅仅是华尔街高管办公室里的决策所致；它同样源于全美千千万万餐桌旁的决策——那些承担了抵押贷款、信用卡和汽车贷款的人们。尽管确实有许多美国人承担了他们明知或本应明知自己无法承受的财务义务，但坦率地说，还有数百万人是被蒙骗了。
They were misled by deceptive terms and conditions, buried deep in the fine print. 他们被藏在晦涩附属条款深处的欺骗性条款所误导。
And while a few companies made out like bandits by exploiting their customers, our entire economy was made more vulnerable. Millions of people have now lost their homes. Tens of millions more have lost value in their homes. Just about every sector of our economy has felt the pain, whether you're paving driveways in Arizona, or selling houses in Ohio, or you're doing home repairs in California, or you're using your home equity to start a small business in Florida. 少数公司靠剥削客户赚得盆满钵满，整个经济却因此变得更加脆弱。如今数百万人失去了家园。还有数千万人房屋价值缩水。我国几乎每个行业都感受到了痛苦，无论你是在亚利桑那州铺车道、在俄亥俄州卖房子、在加州做房屋修缮，还是在佛罗里达州用房屋净值创业。
That's why we need to give consumers more protection and more power in our financial system. This is not about stifling competition, stifling innovation; it's just the opposite. With a dedicated agency setting ground rules and looking out for ordinary people in our financial system, we will empower consumers with clear and concise information when they're making financial decisions. So instead of competing to offer confusing products, companies will compete the old-fashioned way, by offering better products. 正因如此，我们必须在金融体系中给予消费者更多保护和更多话语权。这并不是要扼杀竞争、扼杀创新；恰恰相反。在一家专门机构制定基本规则、为金融体系中的普通人把关之下，我们将在消费者作财务决策时为他们提供清晰简洁的信息。如此一来，企业不再以提供让人困惑的产品来竞争，而是以老派的方式竞争——提供更好的产品。
And that will mean more choices for consumers, more opportunities for businesses, and more stability in our financial system. And unless your business model depends on bilking people, there is little to fear from these new rules. 这将意味着消费者有更多选择、企业有更多机会、金融体系更加稳定。除非你的商业模式靠的就是坑骗消费者，否则几乎无需畏惧这些新规则。
Number four, the last key component of reform. These Wall Street reforms will give shareholders new power in the financial system. They will get what we call a say on pay, a voice with respect to the salaries and bonuses awarded to top executives. And the SEC will have the authority to give shareholders more say in corporate elections, so that investors and pension holders have a stronger role in determining who manages the company in which they've placed their savings. 第四，也是改革的最后一个关键部分。这些华尔街改革将赋予股东在金融体系中新的权力。他们将获得所谓的"薪酬发言权"，对授予高管的薪酬和奖金拥有发言权。证券交易委员会也将有权让股东在公司选举中拥有更多话语权，使投资者和养老金持有人在决定由谁管理他们投入储蓄的公司方面拥有更强有力的角色。
Now, Americans don't begrudge anybody for success when that success is earned. But when we read in the past, and sometimes in the present, about enormous executive bonuses at firms -- even as they're relying on assistance from taxpayers or they're taking huge risks that threaten the system as a whole or their company is doing badly -- it offends our fundamental values. 美国人并不嫉妒他人的成功，只要那成功是凭本事挣来的。但当我们读到——过去如此，有时现在亦然——某些公司发放巨额高管奖金，而它们或仍在依赖纳税人的援助，或在冒足以威胁整个体系的巨大风险，或自身经营不善时，这就有悖于我们的根本价值观。
Not only that, some of the salaries and bonuses that we've seen creates perverse incentives to take reckless risks that contributed to the crisis. It's what helped lead to a relentless focus on a company's next quarter, to the detriment of its next year or its next decade. And it led to a situation in which folks with the most to lose -- stock and pension holders -- had the least to say in the process. And that has to change. 不仅如此，我们所见到的一些薪酬和奖金制造了扭曲的激励，促使人铤而走险，进而助长了这场危机。正是这种激励机制导致对公司下一季度的执念，却损害了它的下一年、下一个十年。它还造成了一种局面：损失最多的人——股票和养老金持有人——在这一过程中却几乎没有发言权。这一切必须改变。
Let me close by saying this. I have laid out a set of Wall Street reforms. These are reforms that would put an end to taxpayer bailouts; that would bring complex financial dealings out of the shadows; that would protect consumers; and that would give shareholders more power in the financial system. But let's face it, we also need reform in Washington. And the debate -- the debate over these changes is a perfect example. 最后我想说几句。我已经提出了一套华尔街改革方案。这些改革将终结纳税人的救助；将让复杂的金融交易走出阴影；将保护消费者；将让股东在金融体系中有更多权力。但坦率地说，我们也需要在华盛顿推行改革。而围绕这些变革的辩论——就是一个绝佳的例证。
I mean, we have seen battalions of financial industry lobbyists descending on Capitol Hill, firms spending millions to influence the outcome of this debate. We've seen misleading arguments and attacks that are designed not to improve the bill but to weaken or to kill it. We've seen a bipartisan process buckle under the weight of these withering forces, even as we've produced a proposal that by all accounts is a commonsense, reasonable, non-ideological approach to target the root problems that led to the turmoil in our financial sector and ultimately in our entire economy. 我的意思是，我们看到成营的金融业游说者涌入国会山，公司花数百万来影响这场辩论的走向。我们看到了具有误导性的论调和攻击，其目的并非改进法案，而是要削弱或扼杀它。我们看到本属两党合作的进程在这些重压之下举步维艰，尽管我们拿出了一份各方公认合乎常理、理性、不带意识形态色彩、直指金融部门乃至整个经济动荡根源的方案。
So we've seen business as usual in Washington, but I believe we can and must put this kind of cynical politics aside. We've got to put an end to it. That's why I'm here today. That's why I'm here today. 我们看到的就是华盛顿一如既往的做派，但我相信我们能够、也必须把这种愤世嫉俗的政治放到一边。我们必须终结这一切。这正是我今天来到这里的原因。这正是我今天来到这里的原因。
And to those of you who are in the financial sector, let me say this, we will not always see eye to eye. We will not always agree. But that doesn't mean that we've got to choose between two extremes. We do not have to choose between markets that are unfettered by even modest protections against crisis, or markets that are stymied by onerous rules that suppress enterprise and innovation. That is a false choice. And we need no more proof than the crisis that we've just been through. 对在座的金融界朋友，我想说：我们不会总是意见一致。我们不会总是达成共识。但这并不意味着我们必须在两个极端之间作出选择。我们不必在两种市场之间二选一——一种连抵御危机的最起码保护都没有，另一种则被压抑企业与创新的繁苛规则所束缚。那是一个虚假的二选一。我们刚刚经历的这场危机就是再好不过的明证。
You see, there has always been a tension between the desire to allow markets to function without interference and the absolute necessity of rules to prevent markets from falling out of kilter. But managing that tension, one that we've debated since the founding of this nation, is what has allowed our country to keep up with a changing world. For in taking up this debate, in figuring out how to apply well-worn principles with each new age, we ensure that we don't tip too far one way or the other -- that our democracy remains as dynamic and our economy remains as dynamic as it has in the past. 大家可以看到，让市场不受干预地运转的愿望，与制定规则以防止市场失衡的绝对必要性之间，始终存在一种张力。但驾驭这种张力——这种自我国立国以来便持续争论的张力——正是我国得以跟上变化中的世界的原因。因为通过展开这场辩论，通过探寻如何将历经考验的原则运用于每一个新时代，我们确保自己不会过度倒向任何一方——我们的民主依然像过去那样充满活力，我们的经济也依然像过去那样充满活力。
So, yes, this debate can be contentious. It can be heated. But in the end it serves only to make our country stronger. It has allowed us to adapt and to thrive. 所以，没错，这场辩论可能充满争议。可能激烈交锋。但归根结底，它只会使我国更加强大。它让我们得以适应和繁荣。
And I read a report recently that I think fairly illustrates this point. It's from Time Magazine. I'm going to quote: "Through the great banking houses of Manhattan last week ran wild-eyed alarm. Big bankers stared at one another in anger and astonishment. A bill just passed… would rivet upon their institutions what they considered a monstrous system… such a system, they felt, would not only rob them of their pride of profession but would reduce all U.S. banking to its lowest level." That appeared in Time Magazine in June of 1933. 我最近读到一篇报道，觉得相当能说明这一点。它出自《时代》杂志。我引用一段："上周，惊恐不安的警报声穿过曼哈顿各大银行。大银行家们怒目而视，面面相觑。一项刚刚通过的法案……将把他们所视为怪物般的体制强加于他们的机构……他们觉得，这样的体制不仅会剥夺他们对职业的骄傲，还会使全美银行业沦落到最低水平。"这段话刊登于1933年6月的《时代》杂志。
The system that caused so much consternation, so much concern was the Federal Deposit Insurance Corporation, also known as the FDIC, an institution that has successfully secured the deposits of generations of Americans. 那个引起如此惊恐、如此忧虑的体制，正是联邦存款保险公司，也就是FDIC——一个成功守护了几代美国人存款的机构。
In the end, our system only works -- our markets are only free -- when there are basic safeguards that prevent abuse, that check excesses, that ensure that it is more profitable to play by the rules than to game the system. And that is what the reforms we've been proposing are designed to achieve -- no more, no less. And because that is how we will ensure that our economy works for consumers, that it works for investors, and that it works for financial institutions -- in other words, that it works for all of us -- that's why we're working so hard to get this stuff passed. 归根结底，我们的体系只有——我们的市场只有——在具备防止滥用、约束过度行为、确保守规矩比钻空子更有利可图的基本保障时，才能正常运转，才能称得上自由。而这正是我们一直以来所提议的改革力求实现的目标——不多也不少。正因如此，我们才如此努力推动这些法案获得通过——因为只有这样，我们才能确保我国经济为消费者服务、为投资者服务、为金融机构服务——换言之，为我们所有人服务。
This is the central lesson not only of this crisis but of our history. It's what I said when I spoke here two years ago. Because ultimately, there is no dividing line between Main Street and Wall Street. We will rise or we will fall together as one nation. And that is why I urge all of you to join me. I urge all of you to join me, to join those who are seeking to pass these commonsense reforms. And for those of you in the financial industry, I urge you to join me not only because it is in the interest of your industry, but also because it's in the interest of your country. 这不仅是这场危机的核心教训，也是我国历史的核心教训。这正是我两年前在这里演讲时所说过的。因为归根结底，主街和华尔街之间并没有分界线。我们作为一个国家，将同荣同损。正因如此，我才敦促诸位与我并肩。我敦促诸位与我并肩，与那些力求通过这些合乎常理的改革的人并肩。对在座的金融界朋友，我敦促你们与我并肩，不仅因为这关乎你们行业的利益，更因为这关乎你们国家的利益。
Thank you so much. God bless you, and God bless the United States of America. Thank you. 非常感谢。愿上帝保佑你们，愿上帝保佑美利坚合众国。谢谢。