the big bull market

The Big Bull Market 大牛市（看涨的股市） The Big Bull Market was dead. Billions of dollars' worth of profits and paper profits -- had disappeared. The grocer, the window-cleaner, and the seamstress had lost their capital. In every town there were families which had suddenly dropped from showy affluence into debt. Investors who had dreamed of retiring to live on their fortunes now found themselves back once more at the very beginning of the long road to riches. Day by day the newspaper printed the grim reports of suicides. 价格看好的股市已经过去了。几百亿的利润和账面收益丧失了。杂货商、玻璃清洁工和女裁缝都失去了资本。在许多城镇，众多的家庭由富有一下子跌入了贫困。那些梦想着退休后能够享受荣华富贵的投资者们，现在发现他们又回到致富的起点，距离他们的那个梦想依然很遥远。每天，报纸外都刊登着关于自杀的新闻。 Coolidge-Hoover Prosperity was not yet dead, but it was dying. Under the impact of the shock of panic, a multitude of ills which hitherto had passed unnoticed or had been offset by stock-market optimism began to beset the body economic, as poisons seep through the human system when a vital organ has ceased to function normally. 柯立芝和胡佛时期的繁荣局面仍然没有结束，但正在逐渐消失。在吓破了胆的情况下，由于股市的乐观情况所平衡的、或没有被发现的许多疾病，正像毒素在一个重要器官不在能起作用时，慢慢渗入人体一样，从四面八方袭击经济体。 Although the liquidation of nearly three billion dollars of brokers' loans contracted credit, and the Reserve Banks lowered the rediscount rate, and the way in which the larger banks and corporations of the country had survived the emergency without a single failure of large proportions offered real encouragement, nevertheless the poisons were there: overproduction of capital; overambitious expansion of business concerns; overproduction of commodities under the stimulus of installment buying and buying with stock-market profits; the maintenance of an artificial price level for many commodities; the depressed condition of European trade. 尽管清算了经纪人三十亿美元借贷[原作：“三角债””，今以美丽小居建议修改增加了信用、国家储备银行拿出钱补贴降低了贴现率、大银行和大企业没有蒙受什么损失就渡过难关也使人振奋，但毒素仍然存在：投资过热、盲目上马、分期付款购物和凭股市收益购物造成商品生产过剩[原作：“抢购股票造成的商品过剩”，今以美丽小居建议修改]、人为调节价格以及对欧贸易不景气。 No matter how many soothsayers of high finance proclaimed that all was well, no matter how earnestly the President set to work to repair the damage with soft words and White House conference, a major depression was inevitably under way. 尽管许多金融算命先生说一切都会好起来，尽管总统热心地尽力说好话、开白宫会议，弥补破损，一场经济危机却是不可避免的。 Not was that all. Prosperity is more than an economic condition; it is a state of mind. The Big Bull Market had been more than the climax of a business cycle; it had been the climax of a cycle in American mass thinking and mass emotion. There was hardly a man or woman in the country whose attitude toward life had not been affected by it in some degree and was not now affected by the sudden and brutal shattering of hope. 还不仅如此。繁荣不仅体现在经济上，也体现在精神上。股市大扬（坚挺上扬）不仅是经济周期的高峰，也是美国群众思想和情绪周期的高潮。在美国，几乎没有那个人的生活态度，没有在不同程度上受到它的影响，而现在希望却完全破灭了。 With the Big Bull Market gone and prosperity going, Americans were soon to find themselves living in an altered world which called for new adjustments, new ideas, new habits of thought, and a new order of values. The psychological climate was changing; the ever-shifting currents of American life were turning into new channels. 大牛市不复存在，繁荣正在离去，美国人不久就会发现他们正生活在一个需要新的调整、新的思想、新的思维方式和新的价值观的改变了的世界。心理气候在改变，不断变化的美国生活正在转向新的方向。 The Post-war Decade had come to its close. An era had ended. 一战后的第一个十年过去了。一个时代已经结束。