I've always wondered myself, why do we have to hear this every night, what the stock market is doing?
我自己也一直納悶，為什麼我們每晚都要聽這些，股市在做什麼？
00:13
Seventy record closing highs so far for the day, blasting through a ceiling, a record setting IPO, investors who have been riding the wave.
今日已有七十項創紀錄的收盤新高，衝破天花板，創紀錄的首次公開募股，搭上這波浪潮的投資人。
00:20
When the stock market is booming, we're made to believe the economy is booming.
當股市蓬勃發展時，我們被告知經濟也在蓬勃發展。
00:24
And in America, the stock market has been mostly booming for almost 40 years.
在美國，股市近四十多年來大多呈現蓬勃發展的態勢。
00:30
But the stock market goes, so goes the wealth and the health of the American economy.
股市的漲跌，就代表著美國經濟的財富和健康狀況。
00:34
What the market is telling us is that we are on the road to prosperity.
股市告訴我們，我們正走在通往繁榮的道路上。
00:38
In the skyrocketing stock market and that benefits everyone.
在飆升的股市中，這讓每個人都受益。
00:41
The stock market has gained almost three trillion dollars in value since the election.
自從選舉以來，股市市值已增加了近三兆美元。
00:46
But if you add up all the goods and services bought and sold in the United States, the actual economy, that number isn't growing as quickly as it used to.
但如果你加總美國境內買賣的所有商品和服務，也就是實際的經濟，這個數字並沒有像過去那樣快速增長。
00:56
Wages have hardly budged in decades.
數十年來，薪資幾乎沒有變動。
00:58
And the average American family's net worth still hasn't recovered from the great recession.
而美國普通家庭的淨資產仍未從大衰退中恢復。
01:04
So what exactly is the stock market measuring?
那麼，股市究竟在衡量什麼？
01:08
The Brahmin of America's prosperity has been stock exchange.
美國繁榮的指標一直是證券交易所。
01:12
Look at the Dow apparently up by 100 years.
看看道瓊指數，似乎上漲了 100 年。
01:14
The Nasdaq finally hit 5,000.
納斯達克終於達到 5,000 點。
01:16
And investors are salivating.
投資人垂涎欲滴。
01:17
This is this of a new kind of worry truck.
這是一種新型的擔憂卡車。
01:21
We are all watching this global economic expansion.
我們都在關注這場全球經濟擴張。
01:25
We are now in historic territory.
我們現在正處於歷史性的領域。
01:26
A stock by that.
股票買入。
01:27
It's a fundamentally psychopathic philosophy.
這是一種本質上反社會人格的哲學。
01:39
To understand what the stock markets are measuring, it helps to imagine a very simple business.
要理解股市在衡量什麼，想像一個非常簡單的企業會很有幫助。
01:45
Like a lemonade stand.
就像一個檸檬水攤。
01:46
Jill is killing it.
吉兒做得非常成功。
01:48
But I'm thinking bigger.
但我考慮得更長遠。
01:50
I tried to get alone, but thanks to it was too risky.
我試圖單獨行動，但幸好這風險太高了。
01:54
A rich investors were buying.
富有的投資者正在買進。
01:56
Jill has another option.
吉兒還有另一個選擇。
01:58
She can go public.
她可以公開上市。
02:00
Giving anyone who wants to, the chance to invest in her business.
讓任何想投資她事業的人都有機會。
02:04
Through something called an initial public offering, or IPO.
透過一種叫做首次公開募股，或稱 IPO 的方式。
02:07
Investors pay a certain amount, say a dollar, to own a small part, or share of Jill's business.
投資者支付一定的金額，比如說一美元，來擁有吉兒事業的一小部分，或稱股份。
02:13
Jill sells a bunch of shares.
吉兒賣出許多股份。
02:15
And I grow my lemonade empire.
然後我就可以擴展我的檸檬水帝國。
02:17
Right.
對。
02:18
Jill can put that money towards opening new lemonade stands.
吉兒可以把那些錢用來開設新的檸檬水攤。
02:22
Which means more profits.
這意味著更多的利潤。
02:24
Jill can put some of those profits towards developing new products.
吉兒可以把一部分利潤用於開發新產品。
02:27
She can also give some of that money back to her investors.
她也可以把一部分錢還給她的投資者。
02:31
These are called dividends.
這被稱為股息。
02:32
She doesn't have to do this.
她不必這麼做。
02:34
But it does help get people excited about her company.
但這確實能讓人們對她的公司感到興奮。
02:37
And more likely to buy her stock.
而且更有可能購買她的股票。
02:39
Like Sam.
就像山姆一樣。
02:40
He was sick on IPO Day.
他在新股上市日那天生病了。
02:41
But he thinks, Jill is the smartest girl in the whole world.
但他認為，吉兒是全世界最聰明的女孩。
02:46
And I know this lemonade stand thing is going to be huge.
而且我知道這個檸檬水攤生意會非常成功。
02:50
So he offers to buy some shares from one of the original investors for twice what she paid for them.
所以他主動提出要以兩倍的價格，從其中一位原始投資者手中買下一些股份。
02:56
He's thinking, Jill keeps this up.
他在想，如果吉兒繼續這樣下去。
02:58
I can sell these shares for even more later on.
我以後可以把這些股份賣得更高價。
03:01
That's the stock market.
這就是股票市場。
03:03
It's people buying and selling tiny pieces of companies based on how much they think this piece will be worth in the future.
這是人們基於對公司未來價值的預期，買賣公司微小股份的行為。
03:08
Except in real life, it's happening thousands of times a second all over the world.
只是在現實生活中，這每秒都在世界各地發生成千上萬次。
03:15
There are stock markets everywhere.
到處都有股票市場。
03:16
But the New York Stock Exchange is the big Kahuna.
但紐約證券交易所是那個重量級的。
03:19
It's been around since 1792 when 24 stock brokers put on their finest short pants and top hats and got together under a button with tree on Wall Street in New York City.
Today it's where shares in big traditional companies like IBM and GE are traded.
如今，IBM和GE等大型傳統公司的股票在這裡進行交易。
03:34
The Nasdaq is the cooler younger brother.
納斯達克是比較酷的弟弟。
03:36
It was born in 1971 and doesn't have a physical location.
它誕生於1971年，沒有實體地點。
03:40
All the trading happens electronically.
所有的交易都是電子化進行的。
03:42
That's where you find tech companies like Apple and Facebook.
在那裡你可以找到像蘋果和臉書這樣的科技公司。
03:46
So in America, if you want to know how the stock market is doing, you want to know how both these exchanges are doing.
所以在美國，如果你想知道股市表現如何，你就想知道這兩個交易所的表現如何。
03:52
That's where indexes come in.
這就是指數的作用。
03:55
They take a whole bunch of share prices and transform them into one clean number.
它們匯集了大量的股價，並將其轉化為一個簡潔的數字。
03:59
The S&P 500 tracks 500 of the largest companies on both exchanges, while the Dow is a lot more exclusive.
標準普爾 500 指數追蹤這兩個交易所中 500 家最大的公司，而道瓊斯指數則要嚴格得多。
04:06
It only follows the 30 companies it considers the most important.
它只追蹤它認為最重要的 30 家公司。
04:10
In 2015, it booted out AT&T and replaced it with Apple.
2015 年，它剔除了 AT&T，並用蘋果取而代之。
04:15
The Dow and the S&P are big American indexes, but other countries have their own indexes to measure their stock markets.
道瓊斯指數和標準普爾指數是美國主要的指數，但其他國家也有自己的指數來衡量其股市。
04:21
The German stock index decks reach another record high.
德國股市指數創下又一紀錄新高。
04:24
For the first time in the UK index closed the Shanghai index drop down.
英國指數首次收盤時，上海指數下跌。
04:28
Today, many of the world's biggest companies are publicly traded.
如今，世界上許多大公司都公開上市交易。
04:32
But that wasn't always the case.
但情況並非總是如此。
04:34
One guy, and it was almost always a guy, used to call all the shots.
過去，一個人，而且幾乎總是男性，可以掌控一切。
04:39
Big corporations of the 1900s, most of them at that time, had a single shareholder like Andrew Carnegie.
20 世紀初的大公司，當時大多數公司都有像安德魯·卡內基這樣的單一股東。
04:48
Vanderbilt.
范德比爾特。
04:52
Rockefeller.
洛克菲勒。
04:55
They really exercised very tight control over these businesses.
他們對這些企業實施了非常嚴格的控制。
04:59
This all began to change in the beginning of the 20th century.
這一切在 20 世紀初開始改變。
05:04
We start to see the rise of companies like General Motors and General Electric and RCA.
我們開始看到像通用汽車、通用電氣和 RCA 這樣的公司崛起。
05:10
Companies discovered, what Jill discovered, that if you allow the public to buy shares, you can grow a lot faster.
公司發現了，就像吉爾發現的那樣，如果你允許公眾購買股票，你就可以發展得更快。
05:18
Shareholders want to make money, so if the CEO makes a really bad decision, they'll start selling their shares, which will drive the price down.
股東們想賺錢，所以如果執行長做出非常糟糕的決定，他們就會開始賣出股票，這會壓低股價。
05:26
The opposite is also true.
反之亦然。
05:28
The possibility of a future payout encourages people to invest in risky new ideas.
未來獲得回報的可能性鼓勵人們投資於有風險的新想法。
05:33
That's the whole idea of the stock market as a force for good.
這就是股票市場作為一股向善力量的整個理念。
05:36
It drives companies to make good decisions, so they have more money to give back to shareholders, and more money to grow and create jobs, and that's good for everybody.
By the middle of the 20th century, the American public corporation was proving itself one of the most effective and powerful and beneficial organizations in the world.
到二十世紀中葉，美國上市公司已證明自己是世界上最有效、最有權力、最有利的組織之一。
05:58
There's a sense of growing prosperity, and the telephone company is a grateful participant.
社會日益繁榮，電話公司是其中一個感恩的參與者。
06:04
In the decades after World War II, the stock market helped create the heyday of shared American prosperity.
在第二次世界大戰後的幾十年裡，股市幫助創造了美國共享繁榮的黃金時代。
06:09
Can you era begin?
你能開始這個時代嗎？
06:10
Make the system more democratic.
讓這個系統更加民主化。
06:12
Increase the flow of capital for the financing of business.
增加用於企業融資的資本流動。
06:15
The corporation really was supposed to be a vehicle for providing investment opportunities not just to the very, very wealthy, but to average Americans.
公司本應是提供投資機會的工具，不僅是為非常非常富裕的人，也為普通的美國人。
06:25
It's generating superior returns for investors.
它為投資者創造了卓越的回報。
06:29
Don't you think we ought to invest, honey?
你不認為我們應該投資嗎，親愛的？
06:31
Millions of secure, well-paid jobs.
數百萬個安全、薪資優渥的工作。
06:34
It's producing innovative products that are bought around the globe.
它生產的創新產品銷往全球。
06:38
Executives and directors viewed themselves as stewards or trustees of great public institutions that were supposed to serve, not just shareholders, but also bondholders, suppliers, employees, the community.
Buick has provided a stopping ground for the cowboy and driver's center, and Buick's general manager, Ivan Wiles, drops in.
別克為牛仔和司機們提供了一個歇腳的地方，別克的總經理伊萬·威爾斯也來了。
07:02
The DuPont Company, modern chemistry and modern industry, join hands in serving our modern America.
杜邦公司，現代化學和現代工業，攜手服務於現代美國。
07:10
These public corporations helped build the American middle class, and for people who knew how to play it right, trading their stocks could build a fortune, like this guy.
Warren Buffett, the biggest Wall Street titan of them all.
華倫·巴菲特，所有華爾街巨頭中最大的一位。
07:29
America's most famous investor.
美國最著名的投資者。
07:30
Mr. Warren Buffett is worth 84 billion.
華倫·巴菲特身價840億美元。
07:33
Buffett is famous for a particular investment style.
巴菲特以一種特定的投資風格聞名。
07:36
Value investing, careful analysis of companies, looking at their balance sheet, looking at their business.
價值投資，仔細分析公司，查看他們的資產負債表，查看他們的業務。
07:43
But if you don't have time to do that, here's a tip from the man himself.
但如果你沒有時間這樣做，這裡有一個他本人提供的秘訣。
07:47
Buy an SAP 500 low cost index fund.
購買標準普爾500低成本指數基金。
07:52
An index fund puts a little bit of your money in all companies in the index.
指數基金將你的一小部分資金投入指數中的所有公司。
07:56
Basically, you're hitching your wagon to the stock market.
基本上，你是在搭乘股市的便車。
07:59
The other option is to give your money to professional investors, who, for a fee, try to beat the stock market.
另一種選擇是將你的錢交給專業投資者，他們會收取費用，試圖跑贏股市。
08:06
Buffett once bet a hedge fund a million dollars that over ten years an index fund would make more money.
巴菲特曾與一家對沖基金打賭一百萬美元，賭在十年內指數基金會賺更多錢。
08:12
And he won.
他贏了。
08:13
Picking stocks is a hard game, but there's one popular strategy.
選股是一個艱難的遊戲，但有一種流行的策略。
08:18
This guy, John Maynard Keynes, you can remember him by his epic mustache.
這個人，約翰·梅納德·凱因斯，你可以記住他那史詩般的鬍子。
08:22
He came up with it.
他想出了這個策略。
08:24
Keynes was one of the most influential economists of the 20th century.
凱因斯是20世紀最具影響力的經濟學家之一。
08:28
And he noticed that newspapers would do this thing.
他注意到報紙會做這件事。
08:31
They would have a full page of the newspaper dedicated to photos of pretty faces.
他們會有一整頁的報紙專門刊登美女照片。
08:37
And you were supposed to pick the six prettiest faces and mark them down in rank order and mail them in to the newspaper.
而你應該選出六張最美的臉，依排名順序標記，然後寄給報社。
08:46
The newspaper would rank all the faces based on how many votes they got.
報社將根據收到的票數來為所有臉孔排名。
08:50
And the winner was the person whose choices matched the crowds.
而贏家是那些選擇與大眾品味相符的人。
08:53
Let's think about that contest.
讓我們來想想那個比賽。
08:55
Do I really just pick what seemed to me the prettiest faces?
我真的只是挑選我自己認為最美的臉嗎？
08:58
No, I should pick what other people think are the prettiest faces.
不，我應該挑選別人認為最美的臉。
09:03
That's kind of what happens in the stock market.
這有點像是股市的運作方式。
09:05
It's not the real value of companies that drive their stock prices.
驅動股價的並非公司真實的價值。
09:10
It's the most popular story people believe about those companies.
而是人們對這些公司最普遍的看法。
09:14
Sometimes the stories are backed up by facts.
有時這些看法是有事實根據的。
09:17
Chipotle stock has plunged more than a third.
Chipotle的股價已下跌超過三分之一。
09:20
This comes after several outbreaks, including E. coli, salmonella, and norovirus were linked to the chain.
這發生在包括大腸桿菌、沙門氏菌和諾羅病毒在內的幾次疫情與該連鎖店有關之後。
09:26
An emission scandal rocking Volkswagen is sending its stock into a free fall.
席捲福斯汽車的排放醜聞正讓其股價自由落體。
09:30
But sometimes those stories are all hype.
但有時這些看法純粹是炒作。
09:33
Internet companies are the hottest and most profitable investments in a generation.
網際網路公司是這一代最熱門、最賺錢的投資。
09:38
They've driven the value into the stratosphere, Lycos, Excite, Yahoo.
他們將價值推向了平流層，例如 Lycos、Excite、Yahoo。
09:43
Those Internet stocks continue their meteoric rise.
這些網路股持續飆升。
09:46
The narrative in the 1990s was Internet companies are going to dominate.
1990年代的敘事是網際網路公司將會稱霸。
09:50
These companies shouldn't be trying to make profits.
這些公司不應該試圖獲利。
09:53
That's a good story, which is partly right.
這是一個不錯的故事，部分正確。
09:55
We do have companies like Amazon, Google.
我們確實有亞馬遜、谷歌這樣的公司。
09:58
The problem is that nobody had any way to calibrate this story.
問題是沒有人有辦法校準這個故事。
10:02
How high should the market be?
市場應該有多高？
10:03
Is it a boom without end?
這是一個沒有盡頭的繁榮嗎？
10:05
Has the economy changed for good?
經濟是否已永久改變？
10:07
You know something's wrong when everyone's talking about something like this.
當每個人都在談論類似的事情時，你就知道有些事情不對勁了。
10:11
It's a bubble.
這是一個泡沫。
10:12
It's like a snowballing effect.
這就像滾雪球效應。
10:14
It keeps getting higher and higher.
它會越來越高。
10:16
It can't go on forever.
這不可能永遠持續下去。
10:17
The .com honeymoon is coming to a close in many parts of the world.
在世界許多地方，.com 的蜜月期即將結束。
10:21
.coms have become .bombs.
com 變成了 .bombs（炸彈）。
10:23
300,000 tech jobs are now gone.
30 萬個科技職位現已消失。
10:26
It's described as nothing short of breathtaking.
這被形容為令人嘆為觀止。
10:28
A points drop never before seen on the US market.
美國市場前所未見的點數下跌。
10:31
Bit left traders and investors shell-shopped.
這讓交易員和投資者措手不及。
10:34
When stock market bubbles burst, it doesn't just hurt investors.
當股市泡沫破裂時，不僅傷害投資者。
10:37
It wreaks havoc on the whole economy.
它會對整個經濟造成嚴重破壞。
10:40
Millions of people can lose their jobs.
數百萬人可能會失業。
10:42
Companies go under and pensions get pummeled.
公司倒閉，退休金受重創。
10:45
But even when the stock market is up and investors are making money, that can hurt the economy too.
但即使股市上漲，投資者賺錢，這也可能損害經濟。
10:49
We are heading toward the most acute shortages of energy since World War II.
我們正走向自二戰以來最嚴重的能源短缺。
10:55
Motorists who began lining up before dawn in hopes of getting enough gasoline to take them through the day.
為了獲得足夠的汽油應付一天，車主們在天還沒亮就開始排隊。
11:00
Are you mad about the way prices have risen and thoroughly discouraged and disgusted with the whole thing?
你是否對物價上漲感到憤怒，對整件事感到徹底沮喪和厭惡？
11:05
There was a general sense of concern that something had gone wrong in the American economy.
人們普遍擔心美國經濟出了問題。
11:10
And eventually, the finger got pointed at the way our large public corporations were operating and being run.
最終，人們開始指責我們大型上市公司營運和管理的方式。
11:17
Meet the chief finger pointer, Milton Friedman.
認識一下這位主要的批評者，米爾頓·傅利曼。
11:20
An economist so famous he was invited onto popular talk shows to help explain his philosophy.
他是一位極負盛名的經濟學家，受邀參加熱門談話節目，闡述他的哲學。
11:26
Did you ever have a moment of doubt about capitalism and whether greed's a good idea to run on?
你是否曾對資本主義產生過懷疑，或者懷疑貪婪是否是個好驅動力？
11:32
Tell me, is there some society you know that doesn't run on greed?
告訴我，你知道有哪個社會不是靠貪婪運作的嗎？
11:35
Remember the wheel? Friedman was not a fan.
還記得那個輪子嗎？傅利曼並不贊同。
11:38
He thought it should have exactly one spoke, shareholders.
他認為它應該只有一個輻條，那就是股東。
11:41
In 1970, he published a blockbuster op-ed.
1970年，他發表了一篇轟動一時的評論文章。
11:45
A famous editorial that ran in the New York Times.
一篇刊登在《紐約時報》上的著名社論。
11:49
In which he said that because corporations were owned by their shareholders, the only obligation of business was to make profits.
在文中，他表示由於公司由股東擁有，企業唯一的義務就是賺取利潤。
11:58
Gordon Gekko's character in the movie Wall Street epitomizes Friedman's philosophy.
電影《華爾街》中的戈登·蓋柯一角，正是傅利曼哲學的縮影。
12:03
You own the company. That's right. You, the stock holder.
你擁有這家公司。沒錯。你，股東。
12:07
And you are all being royally screwed over by these bureaucrats.
而你們都被這些官僚們狠狠地坑了。
12:10
Greed, for lack of a better word, is good.
貪婪，如果沒有更好的詞來形容，就是好的。
12:15
And corporations took his advice.
公司們也聽從了他的建議。
12:18
They start tying the top executives' pay to share price performance.
他們開始將高階主管的薪酬與股價表現掛鉤。
12:24
Well, if 80% of the CEOs' pay is based on what the share price is going to do next year, he or she is going to do their best to make sure that share price goes up.
嗯，如果 80% 的 CEO 薪酬是根據明年的股價走勢來決定，那麼他或她就會盡最大努力確保股價上漲。
12:35
Even if the consequences might be harmful to employees, to customers, to society, to the environment, or even to the corporation itself in the long term.
即使這可能對員工、客戶、社會、環境，甚至對公司本身長期而言有害。
12:46
CEOs put more money towards things that would increase the stock prices in the short term, like cutting costs, or buying back a bunch of their own shares to decrease the supply and artificially bump up the price.
CEO 們會將更多資金投入到短期內能推升股價的事項，例如削減成本，或回購自家股票以減少供應量，人為地推高股價。
12:57
Between 2007 and 2016, that's how companies in the S&P 500 spent more than half their earnings.
在 2007 年到 2016 年間，標準普爾 500 指數成分股公司就是這樣花費了超過一半的盈利。
13:06
Another 39% went to their shareholders as dividends, which didn't leave much left to raise wages or expand or develop new products.
另外 39% 以股息形式發放給股東，這樣就沒剩下多少錢來提高工資、擴張或開發新產品。
13:14
Things that are good for the economy in the long term.
這些都是對經濟長期有利的事情。
13:17
If you have a long term view that, you know, 100 years from now, I still want to be a company.
如果你有一個長遠的願景，你知道，一百年後我仍然希望公司能夠存在。
13:23
They may be making something different, but I still want to be here.
他們可能在生產不同的東西，但我仍然希望公司在這裡。
13:25
So the choices that you make in terms of investments in people and in capital are different than if you want to, you know, make an investment and generate a return within 24 months.
因此，你在人力和資本投資方面的選擇，將不同於你想在 24 個月內進行投資並產生回報。
13:36
In 2012, the Wasa paper company was making investments to switch its factories from making printing and writing paper to making tissue paper.
2012 年，Wasa 紙業公司正在進行投資，將其工廠從生產印刷和書寫用紙轉向生產衛生用紙。
13:45
But then a hedge fund bought up a bunch of shares and pushed the company to cut costs instead.
但隨後一家避險基金收購了大量股份，並推動公司削減成本。
13:49
Their argument would be, we don't need to do that.
他們的論點是，我們不需要這麼做。
13:52
What I'd rather see you do is increase the dividend as management. We disagreed with that.
作為管理層，我更希望你們提高股息。我們不同意這一點。
13:56
We offered concessions, you know, we'd take a cut and pay just to lead the doors open.
我們提出讓步，你知道，我們願意減薪以維持公司運營。
14:01
Wasa paper says it plans to close the Brokaw mill by March 31st.
Wasa 紙業表示計劃於 3 月 31 日關閉 Brokaw 工廠。
14:05
Leaving about 450 people without work.
導致約 450 人失業。
14:08
The news is devastating not just to the workers who will lose their jobs, but to the community of Brokaw where the paper company got its start.
這個消息不僅對將失業的工人是毀滅性的，對 Wasa 紙業發跡的 Brokaw 社區也是如此。
14:14
December 7th, they'll never forget that, you know, it's when Pearl Harbor was, but that's the day I was bearing my father.
12 月 7 日，他們永遠不會忘記，你知道，那天是珍珠港事件，但那天也是我埋葬我父親的日子。
14:22
And it's the day I lost my job.
這是指我失業的那一天。
14:24
Then the next day I came to work and it was just a madhouse, you know, people just crying and, you know, why?
然後隔天我來上班，那裡簡直是一團混亂，你知道，人們都在哭，你知道，為什麼？
14:32
You know, and it was a shock.
你知道，這真是個衝擊。
14:35
My concern is we've evolved to this much shorter term view on shareholder rights versus a longer term view on stakeholder responsibilities.
我的擔憂是，我們已經演變成對股東權益採取短期觀點，而非對利害關係人責任採取長期觀點。
14:48
This is a trend that's been going on for a while and has gotten even more powerful and important.
這是一個已經持續一段時間，並且變得更加強大和重要的趨勢。
14:55
It's seriously threatening the ability of our corporations to pursue the kinds of projects that lead to long-term corporate sustainability and economic growth.
這嚴重威脅到我們企業追求那些能帶來長期企業永續發展和經濟成長的專案的能力。
15:06
Laying off workers, closing factories, keeping wages low, these are things that are bad for the economy overall, but can be great for a company's short-term profits.
裁員、關閉工廠、壓低工資，這些對整體經濟不利，但對公司的短期利潤卻大有裨益。
15:16
And that's what the stock market cares about.
而這正是股市所關心的。
15:19
The stock market got off to an impressive start.
股市開盤表現令人印象深刻。
15:21
The stock market set another record today for the record books in Wall Street.
股市今天在華爾街創下另一項歷史紀錄。
15:24
The US economy charges ahead and so do the bulls on Wall Street.
美國經濟勢如破竹，華爾街的多頭也同樣氣勢如虹。
15:28
This was a big day on Wall Street.
今天是華爾街重要的一天。
15:29
The S&P 500 has raced out to a new all-time high.
標普500指數飆升至歷史新高。
15:32
And as the stock market has grown, so have CEO paychecks.
隨著股市的成長，執行長的薪酬也隨之增加。
15:37
In 1973, the average CEO made about 22 times more than the average worker.
1973年，執行長的平均薪資約為一般員工的22倍。
15:43
By 2016, it was 271 times more.
到了2016年，這個數字變成了271倍。
15:48
And as the stock market has grown bigger, fewer Americans have benefited.
隨著股市規模擴大，受惠的美國人卻越來越少。
15:53
The share of Americans invested in the stock market is at its lowest point in 20 years, as the middle class dropped out.
投資股市的美國人比例達到20年來的最低點，因為中產階級紛紛退出。
15:59
So it's no surprise that as stock prices have gone up in the United States, so has inequality.
因此，美國股價上漲的同時，不平等現象也隨之加劇，這不足為奇。
16:06
But it doesn't have to be this way.
但情況不一定非得如此。
16:09
Stock markets give people a chance to decide which companies deserve to succeed, which ideas are worth a gamble.
股市讓人有機會決定哪些公司值得成功，哪些想法值得冒險。
16:16
There's something about giving people games to play.
給人們玩遊戲似乎有某種魔力。
16:19
You look at successful countries, and they all have stock markets.
你看看成功的國家，它們都有股市。
16:23
And countries that tried to shut them down are coming around and instituting them now.
而那些試圖關閉股市的國家，現在也紛紛效仿並實施了。
16:28
Stockholders can influence how companies behave, whose interests they take into account.
股東可以影響公司的行為，以及公司會考慮誰的利益。
16:33
Most of us are thinking about our long-term futures.
我們大多數人都在考慮我們的長遠未來。
16:37
We care about our neighbors and our children and our grandchildren.
我們關心我們的鄰居、我們的孩子和我們的孫子孫女。
16:42
We have values and morals, and want our companies to make money by doing things that are good for the world, and not by harming people and destroying it.
