1/389 0.03-1.17 <font color=red>aaa</font> 这里是卷宇宙漫谈。09-07 20:47:37-09-07 20:47:38<font color=blue>This is the Cosmic Conversation.</font><br>2/389 1.53-2.97 <font color=red>n</font> 本期我们聊一百年前，09-07 20:47:37-09-07 20:47:41<font color=blue>This time, we're talking about a hundred years ago.</font><br>3/389 3.21-4.89 <font color=red>n</font> 美国是怎么被电话连起来的，09-07 20:47:38-09-07 20:47:41<font color=blue>How did the United States get connected by telephone?</font><br>4/389 5.13-6.57 <font color=red>aaa</font> 也顺带聊聊当时的地铁。09-07 20:47:39-09-07 20:47:41<font color=blue>Let's also talk about the subway at that time.</font><br>5/389 7.05-10.05 <font color=red>hp</font> 美国政府从一八九零年的谢尔曼反垄断法，09-07 20:47:40-09-07 20:47:45<font color=blue>The U.S. government has been using the Sherman Antitrust Act of 1890,</font><br>6/389 10.35-17.01 <font color=red>n</font> 到一九一一年把洛克菲勒的标准石油拆成三十四家公司在法律上磨了整整二十一年才搞定，09-07 20:47:42-09-07 20:47:52<font color=blue>It took a full twenty-one years of legal battles to finally break up Rockefeller's Standard Oil into thirty-four companies.</font><br>7/389 17.25-20.19 <font color=red>aaa</font> 但转头却亲手扶起了另一家垄断公司。09-07 20:47:43-09-07 20:47:45<font color=blue>However, he turned around and personally helped another monopoly company.</font><br>8/389 20.61-21.51 <font color=red>n</font> 这家公司的技术，09-07 20:47:43-09-07 20:47:45<font color=blue>The technology of this company,</font><br>9/389 21.75-22.59 <font color=red>de</font> 你今天也在用，09-07 20:47:46-09-07 20:48:10<font color=blue>Are you using it today?</font><br>10/389 22.89-24.87 <font color=red>de</font> 比如你打电话绕来绕去，09-07 20:47:46-09-07 20:48:23<font color=blue>For example, you call around and around,</font><br>11/389 25.05-26.13 <font color=red>aaa</font> 都绕不开他的子孙。09-07 20:47:47-09-07 20:47:48<font color=blue>They all revolve around his descendants.</font><br>12/389 26.55-29.49 <font color=red>n</font> 他的起点是一八七六年贝尔拿到的一张专利，09-07 20:47:47-09-07 20:48:17<font color=blue>His starting point was a patent obtained by Bell in 1876.</font><br>13/389 29.79-32.13 <font color=red>hp</font> 这可能是美国历史上最值钱的一张纸。09-07 20:47:48-09-07 20:47:53<font color=blue>This could be the most valuable piece of paper in American history.</font><br>14/389 32.549-34.35 <font color=red>aaa</font> 在上一期我们聊了公路和汽油，09-07 20:47:49-09-07 20:47:52<font color=blue>In the previous episode, we talked about highways and gasoline.</font><br>15/389 34.65-36.39 <font color=red>aaa</font> 他们让美国这个国家跑起来了，09-07 20:47:53-09-07 20:47:54<font color=blue>They made this country run.</font><br>16/389 36.57-38.49 <font color=red>n</font> 但跑起来其实不算完东西，09-07 20:47:54-09-07 20:48:03<font color=blue>But running is not the end,</font><br>17/389 38.61-40.47 <font color=red>hp</font> 要运到人要跑到消息，09-07 20:47:54-09-07 20:47:59<font color=blue>To deliver the message, one must run.</font><br>18/389 40.53-41.97 <font color=red>aaa</font> 要传到光有路不行，09-07 20:47:55-09-07 20:48:01<font color=blue>You can't just have a road, you need to be able to travel on it.</font><br>19/389 42.21-42.75 <font color=red>aaa</font> 还得有网，09-07 20:48:01-09-07 20:48:03<font color=blue>Still have internet,</font><br>20/389 43.05-44.01 <font color=red>hp</font> 而且是好几张网。09-07 20:48:04-09-07 20:48:07<font color=blue>And it's several websites.</font><br>21/389 44.31-48.75 <font color=red>aaa</font> 但本期我们只聊电话和地铁这两张网先说电话。09-07 20:48:04-09-07 20:48:07<font color=blue>However, this time we will only talk about two of the net cards: telephone and subway.</font><br>22/389 48.87-50.79 <font color=red>n</font> 这张网一八七六年三月七日，09-07 20:48:05-09-07 20:48:18<font color=blue>This net was made in March 1876.</font><br>23/389 51.15-55.05 <font color=red>hp</font> 亚历山大贝尔拿到了他的电话专利编号幺七四四六五。09-07 20:48:07-09-07 20:48:13<font color=blue>Alexander Bell received his telephone patent number 074465.</font><br>24/389 55.35-56.43 <font color=red>aaa</font> 这张纸值多少钱？09-07 20:48:08-09-07 20:48:10<font color=blue>How much is this paper worth?</font><br>25/389 56.79-57.27 <font color=red>bg</font> 这么说吧，09-07 20:48:09-09-07 20:48:43<font color=blue>That's what I mean.</font><br>26/389 57.51-61.42 <font color=red>aaa</font> 他衍生出的公司后来垄断了美国通通信市场将近一百年。09-07 20:48:11-09-07 20:48:13<font color=blue>The company he founded later monopolized the American telecommunications market for almost a century.</font><br>27/389 61.78-63.22 <font color=red>de</font> 今天你每打一次电话，09-07 20:48:11-09-07 20:48:33<font color=blue>Today, every time you make a call,</font><br>28/389 63.52-65.92 <font color=red>hp</font> 只要追溯产权都能追到这张纸上。09-07 20:48:14-09-07 20:48:19<font color=blue>As long as the property rights can be traced back, this paper will lead you to it.</font><br>29/389 66.28-69.46 <font color=red>aaa</font> 所以有人说它是美国历史上最值钱的一张纸，09-07 20:48:14-09-07 20:48:17<font color=blue>So, some people say it's the most valuable piece of paper in American history.</font><br>30/389 69.7-70.96 <font color=red>xss</font> 这话绝不夸张。09-07 20:48:15-09-07 20:48:41<font color=blue>This is not an exaggeration.</font><br>31/389 71.38-72.94 <font color=red>aaa</font> 贝尔这个人也挺有意思，09-07 20:48:18-09-07 20:48:19<font color=blue>Bell was a very interesting person.</font><br>32/389 73.24-74.56 <font color=red>n</font> 他是教聋哑人的老师，09-07 20:48:18-09-07 20:48:51<font color=blue>He is a teacher for the deaf and mute.</font><br>33/389 74.86-76.42 <font color=red>n</font> 他妈妈和妻子都是聋人，09-07 20:48:19-09-07 20:48:49<font color=blue>His mother and wife are both deaf.</font><br>34/389 76.72-78.46 <font color=red>aaa</font> 他研究怎么把声音变成电。09-07 20:48:20-09-07 20:48:22<font color=blue>He studies how to turn sound into electricity.</font><br>35/389 78.88-80.2 <font color=red>hp</font> 最初的动机不是发财，09-07 20:48:20-09-07 20:48:25<font color=blue>The initial motivation was not to make money,</font><br>36/389 80.56-83.2 <font color=red>aaa</font> 是想给聋人做一台看得见声音的机器。09-07 20:48:23-09-07 20:48:26<font color=blue>I want to build a machine that can make sound visible for the deaf.</font><br>37/389 83.69-84.77 <font color=red>de</font> 结果机器做出来后，09-07 20:48:25-09-07 20:49:06<font color=blue>The result is that the machine was made,</font><br>38/389 85.13-85.79 <font color=red>hp</font> 龙人没用上，09-07 20:48:26-09-07 20:48:28<font color=blue>Dragon not used,</font><br>39/389 86.15-87.95 <font color=red>aaa</font> 全世界的生意人就先疯了。09-07 20:48:27-09-07 20:48:28<font color=blue>Everyone in the world is going crazy.</font><br>40/389 88.31-90.59 <font color=red>hp</font> 其实这个发明的时间节点卡的非常好，09-07 20:48:29-09-07 20:48:33<font color=blue>Actually, the timing of this invention is very good.</font><br>41/389 90.95-91.55 <font color=red>aaa</font> 运气也不错。09-07 20:48:29-09-07 20:48:31<font color=blue>It's a good stroke of luck.</font><br>42/389 91.97-94.79 <font color=red>aaa</font> 一八七六年恰好是美国立国一百周年，09-07 20:48:32-09-07 20:48:35<font color=blue>In 1776, it was exactly one hundred years since the founding of the United States.</font><br>43/389 95.25-97.59 <font color=red>hp</font> 同时又赶上了费城世博会贝尔。09-07 20:48:34-09-07 20:48:40<font color=blue>At the same time, he caught up with Bell at the Philadelphia World's Fair.</font><br>44/389 97.71-100.11 <font color=red>de</font> 他在世博会上现场演示电话的功能。09-07 20:48:35-09-07 20:49:36<font color=blue>He demonstrated the functionality of a telephone at the World Expo.</font><br>45/389 100.41-102.57 <font color=red>n</font> 巴西皇帝佩德罗二世拿起听筒，09-07 20:53:37-09-07 20:53:40<font color=blue>Emperor Pedro II of Brazil picked up the telephone,</font><br>46/389 102.87-105.33 <font color=red>aaa</font> 听到里面传来声音当场就喊了出来。09-07 20:48:36-09-07 20:48:38<font color=blue>As soon as I heard a sound coming from inside, I shouted.</font><br>47/389 105.71-106.16 <font color=red>aaa</font> 我的天啊，09-07 20:48:39-09-07 20:48:41<font color=blue>Oh my god,</font><br>48/389 106.34-106.94 <font color=red>hp</font> 他会说话。09-07 20:48:41-09-07 20:48:45<font color=blue>He can speak.</font><br>49/389 107.36-107.719 <font color=red>xss</font> 是的，09-07 20:48:42-09-07 20:48:54<font color=blue>Yes,</font><br>50/389 108.06-108.84 <font color=red>aaa</font> 历史经常这样，09-07 20:48:42-09-07 20:48:45<font color=blue>History is often like this,</font><br>51/389 109.14-111.3 <font color=red>hp</font> 那些既令人震惊又值钱的发明，09-07 20:48:45-09-07 20:48:49<font color=blue>Inventions that are both shocking and valuable,</font><br>52/389 111.66-113.64 <font color=red>aaa</font> 常常来自一个不怎么想赚钱的人。09-07 20:48:46-09-07 20:48:49<font color=blue>Often comes from someone who doesn't really want to make money.</font><br>53/389 114.08-115.22 <font color=red>aaa</font> 随后的一八七七年，09-07 20:48:50-09-07 20:48:51<font color=blue>In 1877,</font><br>54/389 115.52-117.44 <font color=red>hp</font> 贝尔电话公司在波士顿成立。09-07 20:48:50-09-07 20:48:54<font color=blue>Bell Telephone Company was founded in Boston.</font><br>55/389 117.8-120.08 <font color=red>n</font> 最早这个公司的电话生意不是卖电话，09-07 20:48:51-09-07 20:49:44<font color=blue>The earliest business of this company was not selling phones,</font><br>56/389 120.38-123.74 <font color=red>aaa</font> 是租公司把电话机租给你收月租电话，09-07 20:48:52-09-07 20:48:54<font color=blue>It's a rental company that rents you phones for monthly fees.</font><br>57/389 123.86-125.48 <font color=red>n</font> 局里还得有人工接线员。09-07 20:48:52-09-07 20:49:47<font color=blue>The police station still needs to hire more telephone operators.</font><br>58/389 125.84-126.26 <font color=red>hp</font> 接线员。09-07 20:48:55-09-07 20:48:58<font color=blue>Cableman.</font><br>59/389 126.38-128.18 <font color=red>aaa</font> 一开始还是清一色的小伙子，09-07 20:48:56-09-07 20:48:58<font color=blue>At first, it was all young men.</font><br>60/389 128.54-130.16 <font color=red>xss</font> 后来发现女性更耐心，09-07 20:48:56-09-07 20:49:22<font color=blue>Later discovered that women are more patient.</font><br>61/389 130.46-132.26 <font color=red>hp</font> 更好管理才换成了电话。09-07 20:48:59-09-07 20:49:03<font color=blue>Better management led to the adoption of telephones.</font><br>62/389 132.44-133.24 <font color=red>aaa</font> 小姐好吧，09-07 20:48:59-09-07 20:49:01<font color=blue>Okay, Miss.</font><br>63/389 133.36-135.46 <font color=red>aaa</font> 说实话其实就是人工更便宜。09-07 20:49:02-09-07 20:49:04<font color=blue>Honestly, it's just cheaper to use humans.</font><br>64/389 135.92-136.58 <font color=red>hp</font> 一八八五年，09-07 20:49:04-09-07 20:49:07<font color=blue>In 1885,</font><br>65/389 136.88-139.4 <font color=red>aaa</font> 美国电话电报公司 at t n t 成立。09-07 20:49:04-09-07 20:49:06<font color=blue>AT&T was founded.</font><br>66/389 139.76-142.34 <font color=red>de</font> 一开始 at t n t 只是长途业务子公司，09-07 20:49:07-09-07 20:50:26<font color=blue>Initially, at t n t was just a long-distance business subsidiary.</font><br>67/389 142.64-143.9 <font color=red>aaa</font> 他专门只干一件事，09-07 20:49:07-09-07 20:49:10<font color=blue>He specializes in doing one thing.</font><br>68/389 144.33-145.44 <font color=red>hp</font> 就是把电话线拉长、09-07 20:49:08-09-07 20:49:12<font color=blue>Just pull the phone line longer,</font><br>69/389 145.86-148.44 <font color=red>aaa</font> 跨城市跨州等到贝尔的核心专利。09-07 20:49:10-09-07 20:49:14<font color=blue>Acquire core patents from across cities, states and even internationally.</font><br>70/389 148.62-149.46 <font color=red>hp</font> 在一八九三年，09-07 20:49:12-09-07 20:49:16<font color=blue>In 1893,</font><br>71/389 149.76-151.32 <font color=red>aaa</font> 一八九四年陆续到期后，09-07 20:49:15-09-07 20:49:18<font color=blue>After 1894, a series of debts were due.</font><br>72/389 151.68-154.62 <font color=red>hp</font> 各地独立电话公司就像雨后春笋一样冒出来。09-07 20:49:17-09-07 20:49:20<font color=blue>Independent telephone companies have sprung up like mushrooms after the rain.</font><br>73/389 154.86-157.44 <font color=red>aaa</font> 而贝尔公司的应对也简单的很降价，09-07 20:49:19-09-07 20:49:21<font color=blue>And Bell's response was simple: to lower the price.</font><br>74/389 157.86-158.82 <font color=red>bg</font> 提速抢装，09-07 20:49:21-09-07 20:49:56<font color=blue>Speed up and assemble,</font><br>75/389 159.18-160.98 <font color=red>hp</font> 用规模压死对手电话。09-07 20:49:22-09-07 20:49:25<font color=blue>Crush your opponent with size.</font><br>76/389 161.1-163.26 <font color=red>aaa</font> 这种生意的最大秘密就是网络效应。09-07 20:49:22-09-07 20:49:25<font color=blue>The biggest secret of this business is network effects.</font><br>77/389 163.64-166.52 <font color=red>xss</font> 其实这个词我们这几十期节目提到过很多次，09-07 20:49:23-09-07 20:50:16<font color=blue>Actually, we have mentioned this word many times in the past few dozen episodes.</font><br>78/389 166.82-168.38 <font color=red>aaa</font> 那具体什么才算网络效应？09-07 20:49:25-09-07 20:49:28<font color=blue>What exactly constitutes a network effect?</font><br>79/389 168.62-169.94 <font color=red>hp</font> 就拿本期的电话来说，09-07 20:49:26-09-07 20:49:30<font color=blue>Taking the phone as an example,</font><br>80/389 170.36-171.74 <font color=red>aaa</font> 就是电话的价值，09-07 20:49:28-09-07 20:49:30<font color=blue>The value of the phone,</font><br>81/389 172.1-174.08 <font color=red>hp</font> 等于用电话的人数的平方。09-07 20:49:30-09-07 20:49:35<font color=blue>Equal to the square of the number of people using the phone.</font><br>82/389 174.5-175.88 <font color=red>aaa</font> 第一台电话肯定是摆设，09-07 20:49:31-09-07 20:49:33<font color=blue>The first phone was definitely a display model.</font><br>83/389 176.18-177.02 <font color=red>aaa</font> 你有一台电话，09-07 20:49:35-09-07 20:49:36<font color=blue>You have a phone,</font><br>84/389 177.38-178.52 <font color=red>hp</font> 全世界其他人都没有，09-07 20:49:36-09-07 20:49:39<font color=blue>No one else in the world,</font><br>85/389 178.82-179.36 <font color=red>de</font> 你打给谁，09-07 20:49:37-09-07 20:50:07<font color=blue>Who are you calling?</font><br>86/389 179.66-180.44 <font color=red>aaa</font> 你可以打给谁？09-07 20:49:37-09-07 20:49:39<font color=blue>Who can you call?</font><br>87/389 180.89-182.99 <font color=red>aaa</font> 第一百台电话就可以变成玩具了。09-07 20:49:40-09-07 20:49:42<font color=blue>The first telephone can be turned into a toy.</font><br>88/389 183.29-184.79 <font color=red>hp</font> 一百个熟人之间互相打，09-07 20:49:40-09-07 20:49:44<font color=blue>A hundred people fighting among themselves.</font><br>89/389 185.25-187.229 <font color=red>aaa</font> 等到第一万台电话才可能是工具。09-07 20:49:43-09-07 20:49:46<font color=blue>It may take until the first 10,000 phones before it becomes a useful tool.</font><br>90/389 187.59-188.61 <font color=red>n</font> 而到第十万台，09-07 20:49:45-09-07 20:49:56<font color=blue>And when it reaches the tenth thousandth,</font><br>91/389 188.91-189.93 <font color=red>hp</font> 它就不是工具了，09-07 20:49:45-09-07 20:49:49<font color=blue>It's not a tool.</font><br>92/389 190.17-191.67 <font color=red>de</font> 它或许是基建的一部分，09-07 20:54:47-09-07 20:55:27<font color=blue>It might be part of the infrastructure.</font><br>93/389 191.91-193.05 <font color=red>aaa</font> 又或许是必需品，09-07 20:49:47-09-07 20:49:49<font color=blue>Maybe it's a necessity,</font><br>94/389 193.35-194.01 <font color=red>n</font> 而必需品。09-07 20:49:48-09-07 20:49:56<font color=blue>And essential.</font><br>95/389 194.31-195.15 <font color=red>aaa</font> 还有另一层意思。09-07 20:49:50-09-07 20:49:52<font color=blue>There is another layer of meaning.</font><br>96/389 195.52-197.82 <font color=red>hp</font> 那就是你没得选贝尔的专利，09-07 20:49:51-09-07 20:49:55<font color=blue>That's the only way you can get Bell's patent.</font><br>97/389 197.94-199.86 <font color=red>aaa</font> 到期前后市场确实乱过一阵，09-07 20:49:53-09-07 20:49:55<font color=blue>There was a period of market turmoil before and after the expiration date.</font><br>98/389 200.22-201.72 <font color=red>aaa</font> 冒出一堆独立的电话公司，09-07 20:49:56-09-07 20:49:57<font color=blue>A bunch of independent phone companies have emerged.</font><br>99/389 202.08-202.74 <font color=red>hp</font> 各拉各的线，09-07 20:49:56-09-07 20:49:59<font color=blue>Each with their own lines,</font><br>100/389 203.04-204.61 <font color=red>n</font> 各布各的网互相不联通，09-07 20:49:57-09-07 20:50:02<font color=blue>The networks of different countries are not connected to each other.</font><br>101/389 205.09-206.59 <font color=red>n</font> 有些用户家里装两部电话，09-07 20:49:57-09-07 20:50:02<font color=blue>Some users have two phones at home,</font><br>102/389 206.95-207.97 <font color=red>bg</font> 一部打 a 公司的网，09-07 20:49:58-09-07 20:50:45<font color=blue>A network for a company called "a"</font><br>103/389 208.27-209.29 <font color=red>aaa</font> 一部打 b 公司的网，09-07 20:49:59-09-07 20:50:02<font color=blue>A website of a company called B,</font><br>104/389 209.53-211.27 <font color=red>hp</font> 这比今天跨应用聊天都难。09-07 20:50:00-09-07 20:50:03<font color=blue>This is harder than cross-application chat today.</font><br>105/389 211.62-213.24 <font color=red>aaa</font> 今天好歹手上只有一个终端。09-07 20:50:02-09-07 20:50:04<font color=blue>Today, I only have one terminal.</font><br>106/389 213.54-214.14 <font color=red>n</font> 而那时候，09-07 20:50:03-09-07 20:50:07<font color=blue>At that time,</font><br>107/389 214.44-215.7 <font color=red>n</font> 电话是定在墙上的，09-07 20:50:04-09-07 20:50:07<font color=blue>The phone is fixed on the wall.</font><br>108/389 216.04-217.12 <font color=red>hp</font> 两头都要交月租，09-07 20:50:04-09-07 20:50:07<font color=blue>Both sides pay the monthly rent.</font><br>109/389 217.42-218.98 <font color=red>de</font> 但后来市场自己收敛了，09-07 20:50:07-09-07 20:51:00<font color=blue>But later, the market itself has become restrained.</font><br>110/389 219.22-220.06 <font color=red>n</font> 不是政府管的，09-07 20:50:08-09-07 20:50:09<font color=blue>Not government-controlled,</font><br>111/389 220.4-221.57 <font color=red>aaa</font> 是用户用脚投票的，09-07 20:50:09-09-07 20:50:10<font color=blue>It is a system where users vote with their feet,</font><br>112/389 221.87-222.71 <font color=red>n</font> 谁租金便宜，09-07 20:50:09-09-07 20:50:13<font color=blue>Who has the cheapest rent?</font><br>113/389 222.95-223.67 <font color=red>hp</font> 谁的网络大，09-07 20:50:10-09-07 20:50:13<font color=blue>Who has the largest network?</font><br>114/389 223.97-225.95 <font color=red>n</font> 谁的电话就有用那些价格贵，09-07 20:50:11-09-07 20:50:14<font color=blue>Who has a phone that can be used for those expensive things?</font><br>115/389 226.31-227.93 <font color=red>aaa</font> 网络少的自然就死了。09-07 20:50:11-09-07 20:50:13<font color=blue>If there are fewer networks, then they will naturally die.</font><br>116/389 228.17-229.73 <font color=red>n</font> 这是网络效应生意的宿命，09-07 20:50:13-09-07 20:50:18<font color=blue>This is the destiny of businesses with network effects,</font><br>117/389 230.12-230.78 <font color=red>hp</font> 只能活一家，09-07 20:50:14-09-07 20:50:16<font color=blue>Only one can live,</font><br>118/389 231.85-232.87 <font color=red>aaa</font> 一家就一家吧。09-07 20:50:15-09-07 20:50:15<font color=blue>Just one.</font><br>119/389 233.11-233.71 <font color=red>n</font> 但问题是，09-07 20:50:15-09-07 20:50:18<font color=blue>But the problem is,</font><br>120/389 233.95-234.91 <font color=red>aaa</font> 谁来当这一家？09-07 20:50:16-09-07 20:50:17<font color=blue>Who is in charge of this?</font><br>121/389 235.39-236.29 <font color=red>xss</font> 一九零七年五月，09-07 20:50:17-09-07 20:50:45<font color=blue>May 1907,</font><br>122/389 236.59-238.03 <font color=red>hp</font> 一个在电话行业退休了，09-07 20:50:18-09-07 20:50:20<font color=blue>A retired telecommunications worker,</font><br>123/389 238.15-240.01 <font color=red>aaa</font> 整整二十年的老头被摩根，09-07 20:50:18-09-07 20:50:20<font color=blue>A full twenty years old, he was Morgan.</font><br>124/389 240.19-241.93 <font color=red>n</font> 这个七十岁还在上班的老头。09-07 20:50:19-09-07 20:50:25<font color=blue>This seventy-year-old man is still working.</font><br>125/389 242.11-243.25 <font color=red>n</font> 三顾茅庐请了回来。09-07 20:50:20-09-07 20:50:30<font color=blue>I went to his house three times, but he didn't come.</font><br>126/389 243.71-245.689 <font color=red>aaa</font> 西奥多维尔一八四五年出生，09-07 20:50:21-09-07 20:50:23<font color=blue>Theodore was born in 1845.</font><br>127/389 246.05-247.85 <font color=red>hp</font> 他一八七八年加入贝尔公司，09-07 20:50:21-09-07 20:50:26<font color=blue>He joined Bell Telephone Company in the late 1870s.</font><br>128/389 248.21-249.23 <font color=red>aaa</font> 从总经理干起，09-07 20:50:24-09-07 20:50:25<font color=blue>Starting from the position of General Manager,</font><br>129/389 249.7-252.16 <font color=red>n</font> 一八八五年成为 a t n t 第一任总裁。09-07 20:50:26-09-07 20:50:32<font color=blue>In 1885, he became the first president of AT&T.</font><br>130/389 252.52-253.54 <font color=red>aaa</font> 然后一八八七年，09-07 20:50:26-09-07 20:50:28<font color=blue>Then, in 1887,</font><br>131/389 253.6-254.68 <font color=red>de</font> 他四十二岁退休了，09-07 20:50:27-09-07 20:51:01<font color=blue>He retired at the age of 42.</font><br>132/389 255.1-255.82 <font color=red>hp</font> 四十二岁退休，09-07 20:50:28-09-07 20:50:31<font color=blue>Forty-two years old, retired.</font><br>133/389 256.18-256.66 <font color=red>aaa</font> 离开电话，09-07 20:50:29-09-07 20:50:30<font color=blue>Hang up the phone,</font><br>134/389 256.78-257.859 <font color=red>n</font> 行业整整二十年，09-07 20:50:31-09-07 20:50:35<font color=blue>Twenty years in the industry,</font><br>135/389 258.35-261.41 <font color=red>aaa</font> 为啥退休说法有很多健康厌倦，09-07 20:50:32-09-07 20:50:33<font color=blue>Why there are so many reasons for retirement,</font><br>136/389 261.77-262.85 <font color=red>hp</font> 想去佛蒙特养牛。09-07 20:50:32-09-07 20:50:36<font color=blue>I want to go to Vermont and raise cattle.</font><br>137/389 263.21-263.45 <font color=red>n</font> 总之，09-07 20:50:33-09-07 20:50:35<font color=blue>In conclusion,</font><br>138/389 263.57-266.27 <font color=red>aaa</font> 这个人在最能打的年纪主动退出了，09-07 20:50:35-09-07 20:50:37<font color=blue>This person retired at the peak of their career,</font><br>139/389 266.45-267.11 <font color=red>n</font> 不想玩了，09-07 20:50:36-09-07 20:50:38<font color=blue>I don't want to play anymore.</font><br>140/389 267.53-268.61 <font color=red>n</font> 为什么偏偏是摩根？09-07 20:50:37-09-07 20:50:38<font color=blue>Why Morgan?</font><br>141/389 268.79-269.27 <font color=red>hp</font> 请他回来？09-07 20:50:37-09-07 20:50:39<font color=blue>Bring him back?</font><br>142/389 269.71-272.05 <font color=red>aaa</font> 我们注意一下这个时间维尔回来的时候，09-07 20:50:38-09-07 20:50:40<font color=blue>Let's keep an eye on the time when he comes back.</font><br>143/389 272.29-274.15 <font color=red>n</font> 距离一九零七年那场大恐慌，09-07 20:50:39-09-07 20:50:43<font color=blue>Since the Great Panic of 1907,</font><br>144/389 274.33-275.35 <font color=red>n</font> 还有整整五个月。09-07 20:50:39-09-07 20:50:43<font color=blue>There are still five months.</font><br>145/389 275.65-277.03 <font color=red>hp</font> 所以摩根不是因为恐慌，09-07 20:50:40-09-07 20:50:43<font color=blue>Therefore, Morgan was not because of panic.</font><br>146/389 277.21-277.869 <font color=red>aaa</font> 请他回来的。09-07 20:50:41-09-07 20:50:43<font color=blue>Please bring him back.</font><br>147/389 278.21-279.59 <font color=red>n</font> 摩根他是主动出手的。09-07 20:50:43-09-07 20:50:45<font color=blue>Morgan is proactive.</font><br>148/389 279.95-280.73 <font color=red>n</font> 一九零七年初，09-07 20:50:44-09-07 20:50:47<font color=blue>In the early 1900s,</font><br>149/389 281.09-283.43 <font color=red>aaa</font> 摩根财团大举买入 a t n t 的股份，09-07 20:50:45-09-07 20:50:47<font color=blue>Morgan Group made a large-scale purchase of shares in AT&T.</font><br>150/389 283.67-284.87 <font color=red>hp</font> 把管理层整个换掉。09-07 20:50:45-09-07 20:50:48<font color=blue>Replace the entire management team.</font><br>151/389 285.23-286.85 <font color=red>n</font> 这一首我们现代人太熟了，09-07 20:50:46-09-07 20:50:48<font color=blue>This song is one that we modern people are very familiar with.</font><br>152/389 287.15-290.21 <font color=red>bg</font> 而且我在聊摩根化第一期的时候也聊到过，09-07 20:50:47-09-07 20:51:48<font color=blue>And I also mentioned in my discussion of Morgan's first episode,</font><br>153/389 290.69-292.07 <font color=red>xss</font> 买下公司换人，09-07 20:50:47-09-07 20:51:16<font color=blue>Acquire the company and replace personnel.</font><br>154/389 292.43-293.74 <font color=red>n</font> 然后重造摩根。09-07 20:50:48-09-07 20:50:49<font color=blue>Then rebuild Morgan.</font><br>155/389 293.86-295.599 <font color=red>aaa</font> 那时候对铁路是这样整合的，09-07 20:50:49-09-07 20:50:51<font color=blue>At that time, the railway was integrated in this way.</font><br>156/389 295.84-295.9 <font color=red>hp</font> 对，09-07 20:50:49-09-07 20:50:51<font color=blue>Okay,</font><br>157/389 296.14-297.52 <font color=red>n</font> 钢铁也是这样整合的。09-07 20:50:50-09-07 20:50:52<font color=blue>Steel is also integrated in this way.</font><br>158/389 297.82-298.96 <font color=red>n</font> 现在轮到电话了，09-07 20:50:51-09-07 20:50:55<font color=blue>Now it's my turn to answer the phone.</font><br>159/389 299.35-301.75 <font color=red>aaa</font> 维尔就是他给 a t n t 找的新掌门。09-07 20:50:51-09-07 20:50:55<font color=blue>He is the new CEO that AT&T hired.</font><br>160/389 302.17-304.75 <font color=red>hp</font> 后来的事证明这部棋走的太对了。09-07 20:50:52-09-07 20:50:55<font color=blue>Later events proved that this move was correct.</font><br>161/389 305.05-305.65 <font color=red>n</font> 五个月后，09-07 20:50:53-09-07 20:50:55<font color=blue>Five months later,</font><br>162/389 306.01-307.03 <font color=red>aaa</font> 一九零七年十月，09-07 20:50:55-09-07 20:50:57<font color=blue>October 1907,</font><br>163/389 307.39-309.55 <font color=red>n</font> 大恐慌爆发银行一家家关门，09-07 20:50:56-09-07 20:51:00<font color=blue>Panic erupted, and one bank after another closed down.</font><br>164/389 309.91-311.41 <font color=red>n</font> 全美国金融乱成一片，09-07 20:50:57-09-07 20:51:00<font color=blue>The financial system in the United States is in chaos,</font><br>165/389 311.71-314.89 <font color=red>hp</font> 而电话系统在维尔手里稳稳当当一天没断。09-07 20:50:57-09-07 20:51:02<font color=blue>And the telephone system in Viller was running smoothly all day long.</font><br>166/389 315.31-317.05 <font color=red>aaa</font> 我猜摩根大概都在暗自庆幸，09-07 20:50:58-09-07 20:51:00<font color=blue>I guess Morgan is probably secretly rejoicing,</font><br>167/389 317.47-318.37 <font color=red>n</font> 幸好救事之前，09-07 20:51:01-09-07 20:51:03<font color=blue>Fortunately, before the incident happened,</font><br>168/389 318.61-319.99 <font color=red>n</font> 先把电话这块修好了，09-07 20:51:01-09-07 20:51:03<font color=blue>First, fix the phone.</font><br>169/389 320.17-321.37 <font color=red>de</font> 并抓在了自己手里。09-07 20:51:02-09-07 20:51:40<font color=blue>And it was grabbed and held in his hand.</font><br>170/389 321.79-323.32 <font color=red>aaa</font> 维尔上台先定调子，09-07 20:51:03-09-07 20:51:04<font color=blue>When he took office, he set the tone.</font><br>171/389 323.69-324.59 <font color=red>hp</font> 调子是一个系统，09-07 20:56:04-09-07 20:56:07<font color=blue>A tune is a system,</font><br>172/389 324.89-325.37 <font color=red>hp</font> 一个策略，09-07 20:51:04-09-07 20:51:06<font color=blue>A strategy,</font><br>173/389 325.73-326.27 <font color=red>de</font> 普遍服务。09-07 20:51:05-09-07 20:51:23<font color=blue>Universal service.</font><br>174/389 326.63-329.03 <font color=red>n</font> 全国的电信必须是一家公司说了算，09-07 20:51:05-09-07 20:51:13<font color=blue>All telecommunications companies must be controlled by a single company.</font><br>175/389 329.48-331.489 <font color=red>aaa</font> 而且这家公司要覆盖所有人。09-07 20:51:07-09-07 20:51:09<font color=blue>And this company needs to cover everyone.</font><br>176/389 331.79-332.33 <font color=red>hp</font> 大家注意，09-07 20:51:07-09-07 20:51:10<font color=blue>Everyone, please pay attention.</font><br>177/389 332.57-335.69 <font color=red>aaa</font> 他说的是服务所有人不是赚所有人的钱，09-07 20:51:09-09-07 20:51:13<font color=blue>He said that he is serving everyone, not making money for all.</font><br>178/389 336.11-337.79 <font color=red>n</font> 维尔把垄断包装成责任，09-07 20:51:10-09-07 20:51:13<font color=blue>Ville packaged monopoly as responsibility.</font><br>179/389 338.24-338.81 <font color=red>hp</font> 什么是高手？09-07 20:51:11-09-07 20:51:13<font color=blue>What is a master?</font><br>180/389 339.11-339.83 <font color=red>aaa</font> 这就是高手。09-07 20:51:13-09-07 20:51:14<font color=blue>This is a master.</font><br>181/389 340.31-340.64 <font color=red>n</font> 这之后，09-07 20:51:14-09-07 20:51:14<font color=blue>After that,</font><br>182/389 341.0-341.36 <font color=red>n</font> 波士顿、09-07 20:51:14-09-07 20:51:15<font color=blue>Boston,</font><br>183/389 341.78-342.02 <font color=red>hp</font> 纽约、09-07 20:51:15-09-07 20:51:17<font color=blue>New York,</font><br>184/389 342.44-344.9 <font color=red>aaa</font> 芝加哥一张网一张网的收购合并。09-07 20:51:16-09-07 20:51:18<font color=blue>Chicago's Acquisition and Merger of Cable Companies.</font><br>185/389 345.2-348.14 <font color=red>n</font> 他把这些散乱的电话公司通通收进 at t n t.09-07 20:51:16-09-07 20:51:19<font color=blue>He consolidated all these scattered telephone companies into at t n t.</font><br>186/389 348.56-348.92 <font color=red>n</font> 当然了，09-07 20:51:17-09-07 20:51:18<font color=blue>Of course,</font><br>187/389 349.22-350.6 <font color=red>xss</font> 因为洛克菲勒朱浴在前，09-07 20:51:18-09-07 20:51:46<font color=blue>Because Rockefeller Zhu,</font><br>188/389 350.9-352.7 <font color=red>hp</font> 他还做了个操作也必须做，09-07 20:51:18-09-07 20:51:22<font color=blue>He also had to do something else.</font><br>189/389 353.12-354.98 <font color=red>aaa</font> 那就是向美国政府递头名状。09-07 20:51:19-09-07 20:51:22<font color=blue>That's submitting the first draft to the US government.</font><br>190/389 355.46-358.52 <font color=red>n</font> 一九一三年 at t n t 和司法部达成庭外和解。09-07 20:51:20-09-07 20:51:27<font color=blue>In 1913, the Tennessee Central and Western Railway Company reached a settlement with the Department of Justice.</font><br>191/389 358.89-360.27 <font color=red>n</font> 史称金斯伯里承诺，09-07 20:51:20-09-07 20:51:22<font color=blue>Historical commitment of Kinsbury,</font><br>192/389 360.63-368.55 <font color=red>aaa</font> 其中 a t n t 承诺停止收购竞争对手开放长途网络给独立公司长途与地方业务分开记账换来的是政府答应不拆。09-07 20:51:23-09-07 20:51:30<font color=blue>In exchange for the government's agreement not to break up Open Long Distance, a t n t promised to stop acquiring competitors. This allows independent companies to operate long-distance and local businesses separately, which is beneficial for accounting purposes.</font><br>193/389 368.67-372.71 <font color=red>hp</font> 它这一跪真的贵的妙跪出了未来七十年的合法垄断。09-07 20:51:23-09-07 20:51:29<font color=blue>This kneeling really cost a lot, and it has created a future of 70 years of legal monopoly.</font><br>194/389 373.07-373.67 <font color=red>n</font> 顺便说一句，09-07 20:51:24-09-07 20:51:27<font color=blue>By the way,</font><br>195/389 374.16-375.12 <font color=red>de</font> 普遍服务这四个字，09-07 20:51:25-09-07 20:51:54<font color=blue>The four words "universal service"</font><br>196/389 375.3-377.28 <font color=red>n</font> 后来成了美国电信法的核心原则。09-07 20:51:27-09-07 20:51:30<font color=blue>Later became a core principle of US telecommunications law.</font><br>197/389 377.75-380.45 <font color=red>n</font> 一九三四年的通信法把它写进了立法宗旨。09-07 20:51:28-09-07 20:51:32<font color=blue>The 1934 Communications Act was written into the legislative purpose.</font><br>198/389 380.93-385.07 <font color=red>hp</font> 一九九六年的电信法正式利明还专门建了个普遍服务基金。09-07 20:51:30-09-07 20:51:37<font color=blue>In 1996, the Telecommunications Act was formally enacted and a Universal Service Fund (USF) was specifically established.</font><br>199/389 385.43-386.03 <font color=red>aaa</font> 一直到今天，09-07 20:51:31-09-07 20:51:31<font color=blue>Until today,</font><br>200/389 386.45-392.03 <font color=red>n</font> 美国电信监管的底子还是一九九六年那一套洛克菲勒的标准石油被政府拆了，09-07 20:51:31-09-07 20:51:38<font color=blue>The foundation of US telecommunications regulation is still the same as in 1996. Rockefeller's Standard Oil was broken up by the government,</font><br>201/389 392.36-394.88 <font color=red>aaa</font> 而 at t n t 却被政府默许成垄断了，09-07 20:51:32-09-07 20:51:35<font color=blue>However, at t n t was tacitly allowed by the government to become a monopoly.</font><br>202/389 395.24-397.28 <font color=red>n</font> 一个拆一个管差别在哪？09-07 20:51:33-09-07 20:51:37<font color=blue>What's the difference between a single-pipe and a double-pipe?</font><br>203/389 397.8-398.76 <font color=red>aaa</font> 差别在生意性质，09-07 20:51:36-09-07 20:51:37<font color=blue>The difference lies in the nature of business,</font><br>204/389 399.12-399.9 <font color=red>hp</font> 石油是商品，09-07 20:51:38-09-07 20:51:40<font color=blue>Oil is a commodity.</font><br>205/389 400.2-401.04 <font color=red>aaa</font> 谁练都一样，09-07 20:51:39-09-07 20:51:40<font color=blue>Everyone can learn,</font><br>206/389 401.5-403.72 <font color=red>n</font> 电话是网络拆成两半就全废了。09-07 20:51:39-09-07 20:51:43<font color=blue>Without the internet, a phone is useless.</font><br>207/389 404.16-408.78 <font color=red>n</font> 美国政府花了二十一年拆洛克菲勒转头亲手给 a t n t 发垄断牌照，09-07 20:51:40-09-07 20:51:46<font color=blue>The US government spent 21 years dismantling AT&T and then handed them a monopoly license,</font><br>208/389 409.08-410.52 <font color=red>aaa</font> 不是美国政府区别对待，09-07 20:51:41-09-07 20:51:42<font color=blue>It's not the US government that is discriminating,</font><br>209/389 410.76-413.1 <font color=red>de</font> 是他的业务类型和生意的性质不一样。09-07 20:51:41-09-07 20:52:46<font color=blue>It's because of the difference in his business type and the nature of his business.</font><br>210/389 413.4-416.34 <font color=red>hp</font> 再加上前面说的 a t n t 他懂事贵得好。09-07 20:51:42-09-07 20:51:47<font color=blue>In addition to the above, I mentioned that ATN is a good and reliable company.</font><br>211/389 416.64-419.43 <font color=red>aaa</font> 所以这个生意他一家干了电话，09-07 20:51:43-09-07 20:51:46<font color=blue>So, he ran this business alone with a phone.</font><br>212/389 419.61-420.57 <font color=red>n</font> 这边被管住了，09-07 20:51:44-09-07 20:51:46<font color=blue>It's been secured here.</font><br>213/389 420.81-421.65 <font color=red>xss</font> 我们再聊地铁。09-07 20:51:46-09-07 20:52:14<font color=blue>Let's talk about the subway.</font><br>214/389 422.1-423.48 <font color=red>aaa</font> 一九零四年十月二十七日，09-07 20:51:47-09-07 20:51:49<font color=blue>October 27, 1904</font><br>215/389 423.89-425.12 <font color=red>n</font> 纽约第一条地铁开通，09-07 20:51:48-09-07 20:51:50<font color=blue>The first subway line in New York City opened.</font><br>216/389 425.42-427.64 <font color=red>n</font> 从曼哈顿南端的市政厅一路向北，09-07 20:51:48-09-07 20:51:51<font color=blue>From City Hall at the southern end of Manhattan,</font><br>217/389 427.99-429.19 <font color=red>hp</font> 全场九英里多一点，09-07 20:56:50-09-07 20:56:53<font color=blue>The entire course is about nine miles long,</font><br>218/389 429.49-430.27 <font color=red>hp</font> 票价五美分，09-07 20:51:50-09-07 20:51:52<font color=blue>Five cents per ticket.</font><br>219/389 430.63-431.83 <font color=red>bg</font> 这个五美分很有意思。09-07 20:51:50-09-07 20:52:24<font color=blue>This five-cent coin is interesting.</font><br>220/389 432.13-433.93 <font color=red>aaa</font> 他从一九零四年开通那天起，09-07 20:51:51-09-07 20:51:53<font color=blue>Since it was opened in 1904,</font><br>221/389 434.29-436.33 <font color=red>n</font> 一直坚持到一九四八年七月一日，09-07 20:51:52-09-07 20:51:55<font color=blue>Continued until July 1, 1948.</font><br>222/389 436.63-438.01 <font color=red>n</font> 整整四十四年没涨过，09-07 20:51:52-09-07 20:51:56<font color=blue>It has been a full forty-four years since the last increase.</font><br>223/389 438.31-439.21 <font color=red>hp</font> 为啥定五美分？09-07 20:51:53-09-07 20:51:55<font color=blue>Why five cents?</font><br>224/389 439.63-442.21 <font color=red>aaa</font> 因为当时纽约电车的票价就是五美分，09-07 20:51:54-09-07 20:51:56<font color=blue>Because the price of a ticket on New York's subway was only five cents,</font><br>225/389 442.57-444.79 <font color=red>de</font> 地铁要和电车抢乘客就得一个价，09-07 20:51:56-09-07 20:52:46<font color=blue>If the subway and streetcar compete for passengers, they must charge the same price.</font><br>226/389 445.15-446.17 <font color=red>hp</font> 不然你想要定多高，09-07 20:51:57-09-07 20:52:00<font color=blue>Then how high do you want it?</font><br>227/389 446.53-448.45 <font color=red>n</font> 毕竟市场还是要充分竞争才好，09-07 20:51:57-09-07 20:52:00<font color=blue>After all, a truly competitive market is the best.</font><br>228/389 448.81-451.33 <font color=red>n</font> 而且五美分算是当时最亲民的定价。09-07 20:51:58-09-07 20:52:01<font color=blue>Moreover, five cents was considered the most affordable price at that time.</font><br>229/389 451.8-453.96 <font color=red>aaa</font> 当时的报纸五美分电车五美分，09-07 20:51:59-09-07 20:52:01<font color=blue>The newspapers cost five cents, and the trolley fare was also five cents.</font><br>230/389 454.26-455.16 <font color=red>n</font> 地铁也五美分，09-07 20:52:02-09-07 20:52:05<font color=blue>Subway fare is five cents.</font><br>231/389 455.52-456.72 <font color=red>n</font> 票价还写进了合同，09-07 20:52:02-09-07 20:52:05<font color=blue>The ticket price is written into the contract.</font><br>232/389 457.08-458.94 <font color=red>aaa</font> 很多政客竞选时还拿不涨价，09-07 20:52:03-09-07 20:52:05<font color=blue>Many politicians are still struggling to raise prices.</font><br>233/389 459.06-461.1 <font color=red>n</font> 当承诺谁先涨谁挨骂？09-07 20:52:05-09-07 20:52:08<font color=blue>Who gets the blame if both parties make a promise?</font><br>234/389 461.46-462.36 <font color=red>n</font> 在这四十四年里，09-07 20:52:06-09-07 20:52:08<font color=blue>In these forty years,</font><br>235/389 462.66-463.38 <font color=red>aaa</font> 什么都涨了，09-07 20:52:07-09-07 20:52:08<font color=blue>Everything is rising,</font><br>236/389 463.8-465.0 <font color=red>hp</font> 房租涨了面包，09-07 20:52:09-09-07 20:52:12<font color=blue>Rent increased, bread is expensive.</font><br>237/389 465.18-466.98 <font color=red>aaa</font> 涨了地铁员工的工资涨了，09-07 20:52:10-09-07 20:52:11<font color=blue>The subway employees' wages have increased,</font><br>238/389 467.28-468.24 <font color=red>n</font> 就剩票价没涨。09-07 20:52:10-09-07 20:52:12<font color=blue>The ticket price hasn't increased.</font><br>239/389 468.54-468.96 <font color=red>n</font> 但后来，09-07 20:52:11-09-07 20:52:12<font color=blue>But later,</font><br>240/389 469.08-471.66 <font color=red>aaa</font> 一九四八年七月一日票价涨到十美分，09-07 20:52:12-09-07 20:52:15<font color=blue>July 1, 1948, the ticket price increased to ten cents.</font><br>241/389 472.08-473.22 <font color=red>hp</font> 从此一发不可收拾。09-07 20:52:13-09-07 20:52:16<font color=blue>From then on, it was unstoppable.</font><br>242/389 473.66-473.99 <font color=red>n</font> 到今天，09-07 20:52:13-09-07 20:52:14<font color=blue>To today,</font><br>243/389 474.11-475.91 <font color=red>n</font> 纽约地铁票价已经三美元，09-07 20:52:14-09-07 20:52:16<font color=blue>The price of a New York subway ticket is three dollars.</font><br>244/389 476.21-479.69 <font color=red>xss</font> 五美芬的时代成了纽约老年人回忆里的黄金年代，09-07 20:52:14-09-07 20:53:08<font color=blue>The era of Five Guys became a golden age in the memories of New Yorkers,</font><br>245/389 480.24-481.02 <font color=red>n</font> 地铁开通那天，09-07 20:52:15-09-07 20:52:17<font color=blue>On the day when the subway opened,</font><br>246/389 481.57-483.37 <font color=red>aaa</font> 纽约有十五万人挤进去体验。09-07 20:52:16-09-07 20:52:17<font color=blue>Fifteen thousand people squeezed into New York.</font><br>247/389 483.77-486.74 <font color=red>hp</font> 当时纽约人口将近四百万是绝对的大城市，09-07 20:52:16-09-07 20:52:22<font color=blue>At that time, New York's population was close to four million, which made it a truly large city.</font><br>248/389 487.27-488.59 <font color=red>n</font> 要不然也不会修地铁。09-07 20:52:17-09-07 20:52:20<font color=blue>Otherwise, the subway wouldn't be under construction.</font><br>249/389 488.89-491.77 <font color=red>n</font> 这是当时世界上技术最新的地铁工程论、09-07 20:52:18-09-07 20:52:21<font color=blue>This was the most technologically advanced subway project in the world at that time.</font><br>250/389 491.95-492.61 <font color=red>aaa</font> 设计论、09-07 20:52:18-09-07 20:52:20<font color=blue>Design theory,</font><br>251/389 492.79-493.03 <font color=red>aaa</font> 速度、09-07 20:52:21-09-07 20:52:21<font color=blue>Speed,</font><br>252/389 493.33-493.39 <font color=red>n</font> 论、09-07 20:52:22-09-07 20:52:22<font color=blue>Discussion,</font><br>253/389 493.57-495.85 <font color=red>n</font> 舒适度都排在所有地铁的最前面。09-07 20:52:22-09-07 20:52:25<font color=blue>Comfort is ranked at the top among all subway lines.</font><br>254/389 496.4-496.58 <font color=red>aaa</font> 没错，09-07 20:52:23-09-07 20:52:23<font color=blue>Correct,</font><br>255/389 496.88-497.72 <font color=red>n</font> 这个比较里面，09-07 20:52:24-09-07 20:52:25<font color=blue>In this comparison,</font><br>256/389 497.9-498.56 <font color=red>hp</font> 包括了伦敦，09-07 20:52:24-09-07 20:52:26<font color=blue>Includes London,</font><br>257/389 498.92-500.36 <font color=red>aaa</font> 毕竟又不是比谁更早，09-07 20:52:25-09-07 20:52:27<font color=blue>After all, it's not about who arrived first.</font><br>258/389 500.66-502.46 <font color=red>bg</font> 但这里还是有个反常识的地方，09-07 20:52:26-09-07 20:53:07<font color=blue>But there is still something counterintuitive here,</font><br>259/389 502.7-505.34 <font color=red>n</font> 就是地铁这生意根本没法靠车票赚钱，09-07 20:52:26-09-07 20:52:30<font color=blue>The business of the subway is simply not profitable from ticket sales.</font><br>260/389 505.76-506.6 <font color=red>n</font> 票价五美分，09-07 20:52:27-09-07 20:52:29<font color=blue>Five cents per ticket.</font><br>261/389 506.9-509.18 <font color=red>hp</font> 一天运几十万人看着流水很大，09-07 20:52:28-09-07 20:52:34<font color=blue>Seeing tens of thousands of people being transported every day, the amount is considerable.</font><br>262/389 509.42-510.92 <font color=red>aaa</font> 但修地铁的造价更吓人。09-07 20:52:28-09-07 20:52:30<font color=blue>But the cost of building a subway is even more shocking.</font><br>263/389 511.36-512.26 <font color=red>n</font> 一九零零年代初，09-07 20:52:31-09-07 20:52:34<font color=blue>In the early 1900s,</font><br>264/389 512.62-515.14 <font color=red>n</font> 纽约地铁每英里造价超过一百万美元，09-07 20:52:31-09-07 20:52:34<font color=blue>The cost of building a mile of New York subway is over one million dollars.</font><br>265/389 515.44-517.9 <font color=red>aaa</font> 相当于今天的四五千万车票收入，09-07 20:52:32-09-07 20:52:34<font color=blue>Equivalent to the ticket revenue of 40-50 million today,</font><br>266/389 518.08-518.98 <font color=red>hp</font> 连利息都捂不住，09-07 20:52:34-09-07 20:52:39<font color=blue>The interest is too high to bear.</font><br>267/389 519.22-520.06 <font color=red>n</font> 那钱从哪赚？09-07 20:57:38-09-07 20:57:40<font color=blue>Where did the money come from?</font><br>268/389 520.42-522.16 <font color=red>n</font> 当然是从轨道两边的地价赚。09-07 20:52:36-09-07 20:52:42<font color=blue>Of course, the profit comes from land prices on both sides of the track.</font><br>269/389 522.52-523.72 <font color=red>aaa</font> 其实早在一九零二年，09-07 20:52:36-09-07 20:52:39<font color=blue>Actually, as early as 1902,</font><br>270/389 524.08-526.3 <font color=red>n</font> 小贝尔蒙特就创立了 i r t 公司，09-07 20:52:37-09-07 20:52:42<font color=blue>Mr. Bellmont founded the company i r t,</font><br>271/389 526.6-528.52 <font color=red>hp</font> 就是运营第一条地铁的那家公司。09-07 20:52:39-09-07 20:52:43<font color=blue>It's the company that operates the first subway line.</font><br>272/389 529.08-530.01 <font color=red>aaa</font> 而小贝尔蒙特是谁？09-07 20:52:40-09-07 20:52:42<font color=blue>Who is Little Bellmont?</font><br>273/389 530.42-530.84 <font color=red>n</font> 这么说吧，09-07 20:52:42-09-07 20:52:44<font color=blue>Here's what I mean,</font><br>274/389 531.08-534.08 <font color=red>n</font> 他爸爸老贝尔蒙特是罗斯柴尔德银行家族。09-07 20:52:43-09-07 20:52:49<font color=blue>His father, the old Baron de Montaigne, was a member of the Rothschild family.</font><br>275/389 534.32-535.28 <font color=red>aaa</font> 在美国的代理人，09-07 20:52:44-09-07 20:52:45<font color=blue>In the United States,</font><br>276/389 535.58-539.18 <font color=red>hp</font> 就是那个传说中控制全欧洲金融的罗斯柴尔德。09-07 20:52:44-09-07 20:52:49<font color=blue>It's the Rothschild, that legendary family who controls all of Europe's finances.</font><br>277/389 539.54-542.78 <font color=red>n</font> 虽然也有记录说他贝尔蒙特这个代理人是自立的，09-07 20:52:45-09-07 20:52:49<font color=blue>Although there are records saying that his agent, Bellmont, was independent.</font><br>278/389 543.16-546.37 <font color=red>aaa</font> 但贝尔蒙特家族确实算是纽约顶级的金融世家。09-07 20:52:46-09-07 20:52:49<font color=blue>However, the Belmont family is indeed one of New York's top financial dynasties.</font><br>279/389 546.85-550.15 <font color=red>de</font> 要不然这位小贝尔蒙特的妻子的娘嫁也不会姓摩根。09-07 20:52:46-09-07 20:54:08<font color=blue>Or else, Mrs. Bell-Monte wouldn't have the Morgan surname if her mother-in-law had married him.</font><br>280/389 550.51-550.81 <font color=red>de</font> 是的，09-07 20:52:47-09-07 20:53:05<font color=blue>Yes,</font><br>281/389 551.05-551.59 <font color=red>n</font> 你没听错，09-07 20:52:50-09-07 20:52:52<font color=blue>You didn't hear wrong,</font><br>282/389 551.95-553.27 <font color=red>n</font> 他和摩根是殷亲。09-07 20:52:50-09-07 20:52:52<font color=blue>He and Morgan are related.</font><br>283/389 553.82-554.48 <font color=red>aaa</font> 那刚才说了，09-07 20:52:51-09-07 20:52:52<font color=blue>That was just said,</font><br>284/389 554.78-556.46 <font color=red>hp</font> 地铁根本没法靠卖票赚钱，09-07 20:52:52-09-07 20:52:56<font color=blue>Subways can't make money just by selling tickets.</font><br>285/389 556.76-558.86 <font color=red>n</font> 又说钱从轨道两边的地价赚出来，09-07 20:52:52-09-07 20:52:56<font color=blue>They said the money came from land prices on both sides of the railway.</font><br>286/389 559.1-560.0 <font color=red>aaa</font> 那具体怎么赚？09-07 20:52:53-09-07 20:52:56<font color=blue>How to make money specifically?</font><br>287/389 560.3-563.3 <font color=red>n</font> 这个就和前面节目聊到的费舍尔修公路一样，09-07 20:52:54-09-07 20:53:00<font color=blue>This is similar to the Fishers' Road that we talked about in the previous episode,</font><br>288/389 563.78-564.35 <font color=red>aaa</font> 地铁修到哪，09-07 20:52:56-09-07 20:52:58<font color=blue>How far the subway has been built.</font><br>289/389 564.79-565.63 <font color=red>hp</font> 地价就涨到哪。09-07 20:52:57-09-07 20:53:00<font color=blue>How high can land prices go?</font><br>290/389 565.96-567.52 <font color=red>n</font> 他们沿线囤的地就是利润。09-07 20:52:57-09-07 20:53:00<font color=blue>Their hoarding along the route is all about profit.</font><br>291/389 568.05-569.37 <font color=red>aaa</font> 一九一三年三月十九日，09-07 20:52:58-09-07 20:53:00<font color=blue>March 19, 1913</font><br>292/389 569.73-571.77 <font color=red>n</font> 纽约市和两家公司签下双合同，09-07 20:53:00-09-07 20:53:02<font color=blue>New York City and two companies have signed a dual contract.</font><br>293/389 572.01-574.65 <font color=red>hp</font> 并且一口气批准扩建三百多英里的新线，09-07 20:53:01-09-07 20:53:07<font color=blue>And also approved the construction of a new line totaling over 300 miles, all in one go.</font><br>294/389 574.95-578.13 <font color=red>aaa</font> 这也是没有先例的最大的一次公司合作搞基建。09-07 20:53:02-09-07 20:53:05<font color=blue>This is also the largest-scale corporate cooperation in infrastructure construction without precedent.</font><br>295/389 578.37-582.45 <font color=red>n</font> 这两家公司一家是贝尔蒙特的 i r t 跨区快速交通公司，09-07 20:53:03-09-07 20:53:07<font color=blue>These two companies are one is the i r t cross-district rapid transit company of Belmonte,</font><br>296/389 582.87-584.67 <font color=red>n</font> 管的是曼哈顿的地铁和高架线，09-07 20:53:03-09-07 20:53:06<font color=blue>Operates the subway and elevated train system in Manhattan.</font><br>297/389 585.12-591.08 <font color=red>aaa</font> 另一家是 b r t 布鲁克林快速交通公司管的是布鲁克林那边的电车和快速交通线。09-07 20:53:06-09-07 20:53:09<font color=blue>Another one is the Brooklyn Rapid Transit Company, which manages the subway and rapid transit lines in Brooklyn.</font><br>298/389 591.55-593.92 <font color=red>de</font> 这两家都是私营公司各管各的地盘。09-07 20:53:06-09-07 20:53:39<font color=blue>These two companies operate in different spheres.</font><br>299/389 594.28-595.42 <font color=red>n</font> 但签合同的逻辑是，09-07 20:53:07-09-07 20:53:09<font color=blue>But the logic of signing a contract is,</font><br>300/389 595.54-597.22 <font color=red>bg</font> 同一套都是政府出政策，09-07 20:53:08-09-07 20:53:49<font color=blue>The same set of policies are issued by the government.</font><br>301/389 597.64-598.18 <font color=red>hp</font> 私人出钱。09-07 20:53:08-09-07 20:53:10<font color=blue>Private funding.</font><br>302/389 598.7-599.87 <font color=red>n</font> 至于地价上涨的收益，09-07 20:53:09-09-07 20:53:11<font color=blue>Regarding the profits from land price increases,</font><br>303/389 600.17-601.79 <font color=red>n</font> 这个完全可以后面再商量吗？09-07 20:53:10-09-07 20:53:11<font color=blue>Can this be discussed later?</font><br>304/389 602.28-603.15 <font color=red>xss</font> 我们还是举个例吧，09-07 20:53:10-09-07 20:53:37<font color=blue>Let's give an example,</font><br>305/389 603.39-604.35 <font color=red>aaa</font> 地铁不是公交车，09-07 20:53:11-09-07 20:53:12<font color=blue>Subway is not a bus.</font><br>306/389 604.77-606.45 <font color=red>hp</font> 地铁是城市的地皮放大器，09-07 20:53:12-09-07 20:53:15<font color=blue>Subways are the city's land expanders.</font><br>307/389 606.93-608.97 <font color=red>n</font> 修地铁的钱能从地价里赚回来。09-07 20:53:12-09-07 20:53:16<font color=blue>The money spent on subway construction can be recouped from land value.</font><br>308/389 609.27-610.53 <font color=red>n</font> 所以修地铁的冲动，09-07 20:53:13-09-07 20:53:15<font color=blue>Therefore, the impulse to repair the subway.</font><br>309/389 610.71-613.47 <font color=red>aaa</font> 或者说动机永远比修公交线路强得多。09-07 20:53:14-09-07 20:53:16<font color=blue>Or, the motivation is always more important than improving bus routes.</font><br>310/389 613.89-615.51 <font color=red>hp</font> 因为公交车只能收车票，09-07 20:53:16-09-07 20:53:20<font color=blue>Because the bus only accepts tickets,</font><br>311/389 615.99-618.69 <font color=red>n</font> 这个和前面节目提到的费舍尔还有点不一样。09-07 20:53:17-09-07 20:53:20<font color=blue>This is different from the Fischer mentioned in the previous episode.</font><br>312/389 618.99-621.27 <font color=red>n</font> 费舍尔在佛罗里达玩的那套是纯头机，09-07 20:53:17-09-07 20:53:20<font color=blue>Fisher's approach in Florida was purely for show.</font><br>313/389 621.63-623.37 <font color=red>aaa</font> 很多接盘侠连地都没见过。09-07 20:53:18-09-07 20:53:20<font color=blue>Many buyers have never seen the ground.</font><br>314/389 623.67-625.83 <font color=red>hp</font> 而贝尔蒙特玩的是基建加地产，09-07 20:53:20-09-07 20:53:26<font color=blue>Meanwhile, Bellmont is playing infrastructure plus real estate.</font><br>315/389 626.14-628.09 <font color=red>aaa</font> 他地铁是真的修真的运人，09-07 20:53:21-09-07 20:53:22<font color=blue>He is a real subway worker.</font><br>316/389 628.39-630.61 <font color=red>n</font> 地价上涨是真实需求推上来的。09-07 20:53:22-09-07 20:53:26<font color=blue>The increase in land prices is a reflection of real demand.</font><br>317/389 630.85-632.65 <font color=red>n</font> 他们一个赌的是下一个买家，09-07 20:53:22-09-07 20:53:26<font color=blue>They bet on the next buyer.</font><br>318/389 633.07-635.05 <font color=red>aaa</font> 另一个赚的是城市本身的增长，09-07 20:53:23-09-07 20:53:26<font color=blue>Another one that benefits from the growth of the city itself,</font><br>319/389 635.52-637.32 <font color=red>aaa</font> 同样是修路卖地一个崩了。09-07 20:58:25-09-07 20:58:28<font color=blue>Same as the road construction and land sale, it's a failure.</font><br>320/389 637.499-639.54 <font color=red>hp</font> 而另一个活了差别就在这儿，09-07 20:53:26-09-07 20:53:30<font color=blue>The difference between the two living ones is right here.</font><br>321/389 639.79-642.33 <font color=red>n</font> 就在有没有真实的东西托底电话，09-07 20:53:27-09-07 20:53:30<font color=blue>There is no real foundation for the phone.</font><br>322/389 642.51-644.25 <font color=red>n</font> 这张网管住了全国的消息，09-07 20:53:28-09-07 20:53:31<font color=blue>The news that this network administrator is in charge of the entire country has spread.</font><br>323/389 644.69-646.73 <font color=red>aaa</font> 地铁这张网管住了城市的流动，09-07 20:53:28-09-07 20:53:30<font color=blue>The subway, a network that connects the city's flow.</font><br>324/389 647.09-649.67 <font color=red>n</font> 相信大家也注意到了这两张网络背后，09-07 20:53:31-09-07 20:53:33<font color=blue>I believe everyone has noticed the two pictures behind them,</font><br>325/389 649.79-651.17 <font color=red>hp</font> 是同一个金主电话，09-07 20:53:31-09-07 20:53:34<font color=blue>The same phone number,</font><br>326/389 651.29-651.89 <font color=red>aaa</font> 这边是摩根，09-07 20:53:32-09-07 20:53:33<font color=blue>This is Morgan.</font><br>327/389 652.19-654.35 <font color=red>n</font> 是他一九零七年把威尔请回来的。09-07 20:53:33-09-07 20:53:37<font color=blue>It was in 1907 that he brought Will back.</font><br>328/389 654.71-655.94 <font color=red>n</font> 而地铁这边也是摩根。09-07 20:53:33-09-07 20:53:37<font color=blue>And on the subway side, it's Morgan.</font><br>329/389 656.36-659.66 <font color=red>aaa</font> 一九零二年创立 irt 的贝尔蒙特是摩根家的殷亲。09-07 20:53:34-09-07 20:53:37<font color=blue>The Belmont, founded in 1902, is a branch of the Morgan family.</font><br>330/389 660.14-661.61 <font color=red>hp</font> 至于之前专门做的摩根化，09-07 20:53:35-09-07 20:53:37<font color=blue>Regarding the previous Morganization,</font><br>331/389 661.73-662.09 <font color=red>n</font> 那几期，09-07 20:53:38-09-07 20:53:39<font color=blue>Those few episodes,</font><br>332/389 662.39-665.39 <font color=red>aaa</font> 更是把整合铁路旧市建立美联储，09-07 20:53:39-09-07 20:53:41<font color=blue>Also, integrate the old railway system into the Federal Reserve.</font><br>333/389 665.63-667.43 <font color=red>hp</font> 包括摩根被调查都聊了。09-07 20:53:39-09-07 20:53:42<font color=blue>Morgan also talked about the investigation.</font><br>334/389 667.79-672.71 <font color=red>xss</font> 普乔委员会想调查的金钱托拉斯查来查去查出来的就是这个结果。09-07 20:53:40-09-07 20:54:47<font color=blue>The Pugh Committee investigated the money trust, and after a thorough investigation, they came to this conclusion.</font><br>335/389 673.01-674.09 <font color=red>de</font> 他不是一个人控制，09-07 20:53:41-09-07 20:54:08<font color=blue>He is not controlled by one person.</font><br>336/389 674.21-675.35 <font color=red>n</font> 一切是一张网，09-07 20:53:41-09-07 20:53:43<font color=blue>Everything is a net.</font><br>337/389 675.59-677.93 <font color=red>n</font> 他们把国家的血管都连在自己手里了。09-07 20:53:42-09-07 20:53:44<font color=blue>They have monopolized the country's arteries.</font><br>338/389 678.23-679.73 <font color=red>aaa</font> 也正是这两张网的组装，09-07 20:53:43-09-07 20:53:44<font color=blue>It was also the assembly of these two nets,</font><br>339/389 679.97-682.91 <font color=red>hp</font> 才让一九二零年代的美国经济真正运转起来，09-07 20:53:43-09-07 20:53:49<font color=blue>This is what allowed the American economy to truly take off in the 1920s.</font><br>340/389 683.38-686.38 <font color=red>n</font> 全国性的广告靠什么触达靠广播加电话线，09-07 20:53:44-09-07 20:53:47<font color=blue>How do nationwide advertisements reach people through radio and telephone lines?</font><br>341/389 686.88-687.84 <font color=red>n</font> 全国性的连锁店，09-07 20:53:45-09-07 20:53:47<font color=blue>National chain stores,</font><br>342/389 688.08-688.74 <font color=red>aaa</font> 靠什么订货，09-07 20:53:45-09-07 20:53:47<font color=blue>How to place an order,</font><br>343/389 689.04-689.46 <font color=red>n</font> 靠电话，09-07 20:53:48-09-07 20:53:48<font color=blue>By phone,</font><br>344/389 690.06-691.32 <font color=red>aaa</font> 城里的人靠什么上班，09-07 20:53:48-09-07 20:53:50<font color=blue>How do city dwellers get to work?</font><br>345/389 691.62-693.07 <font color=red>n</font> 靠地铁消费主义，09-07 20:53:49-09-07 20:53:50<font color=blue>Subway consumerism,</font><br>346/389 693.19-695.17 <font color=red>n</font> 这辆车前轮是公路和汽油，09-07 20:53:50-09-07 20:53:52<font color=blue>The car's front wheel is a combination of road and gasoline.</font><br>347/389 695.53-698.28 <font color=red>hp</font> 后轮是电话和地铁只有四个轮子齐了，09-07 20:53:50-09-07 20:53:55<font color=blue>The rear wheels are only four, and the phone and subway have only four.</font><br>348/389 698.64-699.72 <font color=red>bg</font> 消费主义才跑得动。09-07 20:53:51-09-07 20:54:33<font color=blue>Consumerism is the only thing that can move forward.</font><br>349/389 700.08-700.98 <font color=red>aaa</font> 其实再扯原点，09-07 20:53:52-09-07 20:53:54<font color=blue>Actually, going back to the point,</font><br>350/389 701.22-704.64 <font color=red>n</font> 比如 a t n t 这笔垄断利润还养出了一个副产品。09-07 20:53:52-09-07 20:53:56<font color=blue>For example, the monopoly profits of a company like AT&T have produced a byproduct.</font><br>351/389 704.99-705.65 <font color=red>n</font> 贝尔实验室。09-07 20:53:53-09-07 20:53:54<font color=blue>Bell Labs.</font><br>352/389 706.01-708.59 <font color=red>aaa</font> 这个实验室一九二五年就成立了之后，09-07 20:53:55-09-07 20:53:57<font color=blue>After this laboratory was established in 1925,</font><br>353/389 708.95-710.95 <font color=red>n</font> 一九四七年的晶体馆激光、09-07 20:53:56-09-07 20:53:57<font color=blue>1947 Crystal Hall, laser</font><br>354/389 711.31-711.97 <font color=red>hp</font> 太阳能电池、09-07 20:53:56-09-07 20:53:58<font color=blue>Solar cells</font><br>355/389 712.39-712.93 <font color=red>n</font> 通信卫星、09-07 20:53:57-09-07 20:53:58<font color=blue>Communication satellites,</font><br>356/389 713.35-715.21 <font color=red>aaa</font> 人类二十世纪一小半的基础发明，09-07 20:53:58-09-07 20:54:01<font color=blue>A fundamental invention of humanity in the first half of the 20th century,</font><br>357/389 715.39-717.31 <font color=red>n</font> 都从这个实验室里出来垄断。09-07 20:53:58-09-07 20:54:03<font color=blue>All of them came out from this lab and monopolized the market.</font><br>358/389 717.43-719.71 <font color=red>n</font> 这种商业形态确实是压榨了消费者，09-07 20:53:59-09-07 20:54:03<font color=blue>This business model is indeed exploitative of consumers.</font><br>359/389 720.09-722.099 <font color=red>hp</font> 但垄断也养得起不赚钱的研究。09-07 20:54:00-09-07 20:54:03<font color=blue>However, monopolies can also support unprofitable research.</font><br>360/389 722.46-723.48 <font color=red>aaa</font> 至于后来的仙童，09-07 20:54:02-09-07 20:54:03<font color=blue>Regarding the later immortals,</font><br>361/389 723.84-725.4 <font color=red>n</font> 后来的硅谷就扯得更远了，09-07 20:54:04-09-07 20:54:08<font color=blue>Later, the Silicon Valley became even more extensive.</font><br>362/389 725.64-727.71 <font color=red>n</font> 这些以后再聊聊回。09-07 20:54:05-09-07 20:54:08<font color=blue>Let's talk about this later.</font><br>363/389 727.83-732.51 <font color=red>hp</font> 本期我们为什么要在聊一九二九年的大崩盘之前连着做两个特别片，09-07 20:54:05-09-07 20:54:14<font color=blue>In this issue, we're going to talk about why we decided to make two special films right before the 1929 crash.</font><br>364/389 732.99-734.55 <font color=red>aaa</font> 其实是因为繁荣需要地基，09-07 20:54:06-09-07 20:54:08<font color=blue>Actually, it's because prosperity needs a foundation.</font><br>365/389 734.85-736.23 <font color=red>de</font> 而地基至少有两层。09-07 20:54:08-09-07 20:54:46<font color=blue>The foundation has at least two layers.</font><br>366/389 736.71-738.33 <font color=red>n</font> 上一期我们聊美国跑起来了，09-07 20:54:09-09-07 20:54:14<font color=blue>Last time, we talked about how the US is running fast.</font><br>367/389 738.67-740.14 <font color=red>n</font> 这一期我们聊美国连起来了。09-07 20:54:10-09-07 20:54:14<font color=blue>This time, we're going to talk about the United States.</font><br>368/389 740.38-740.8 <font color=red>aaa</font> 到这儿，09-07 20:54:10-09-07 20:54:11<font color=blue>Here,</font><br>369/389 741.1-741.82 <font color=red>de</font> 一九二零年代，09-07 20:54:11-09-07 20:54:46<font color=blue>In the 1920s,</font><br>370/389 741.94-743.56 <font color=red>aaa</font> 繁荣的物理基础才算铺完，09-07 20:54:12-09-07 20:54:14<font color=blue>The solid foundation of physics has been laid.</font><br>371/389 743.98-745.66 <font color=red>n</font> 回到我们在咆哮的二十年代，09-07 20:54:14-09-07 20:54:16<font color=blue>Back to the Roaring Twenties,</font><br>372/389 745.9-747.22 <font color=red>hp</font> 最初那一期留下的问题，09-07 20:54:15-09-07 20:54:18<font color=blue>The initial problem left behind,</font><br>373/389 747.67-750.79 <font color=red>n</font> 美国人是从什么时候开始不存钱的分期付款、09-07 20:54:16-09-07 20:54:19<font color=blue>When did Americans start not saving money and using installment payments?</font><br>374/389 751.15-753.73 <font color=red>aaa</font> 广播广告连锁店佛罗里达的泡沫，09-07 20:54:16-09-07 20:54:18<font color=blue>Radio advertisement for a chain store in Florida,</font><br>375/389 754.03-755.53 <font color=red>n</font> 这些我们已经聊了一路，09-07 20:54:17-09-07 20:54:19<font color=blue>We've talked about these all along,</font><br>376/389 755.77-758.29 <font color=red>hp</font> 但所有这些都建立在这两层地基上，09-07 20:59:19-09-07 20:59:23<font color=blue>But all of this is built on these two foundations,</font><br>377/389 758.59-759.61 <font color=red>hp</font> 国家能跑得起来，09-07 20:54:18-09-07 20:54:21<font color=blue>The country can run.</font><br>378/389 759.97-760.93 <font color=red>aaa</font> 消息能连得起来，09-07 20:54:19-09-07 20:54:20<font color=blue>The message can be conveyed.</font><br>379/389 761.35-762.49 <font color=red>n</font> 需求册的花钱冲动，09-07 20:54:20-09-07 20:54:23<font color=blue>The motivation for spending money on the needs list,</font><br>380/389 762.73-764.17 <font color=red>n</font> 遇上供给侧的物理基础，09-07 20:54:20-09-07 20:54:23<font color=blue>Encountering the physical foundation of supply side,</font><br>381/389 764.59-765.73 <font color=red>aaa</font> 繁荣才会真的开动。09-07 20:54:21-09-07 20:54:23<font color=blue>Prosperity is what truly brings things to life.</font><br>382/389 766.03-768.07 <font color=red>hp</font> 所以接下来就是繁荣本身了，09-07 20:54:22-09-07 20:54:25<font color=blue>So, the next step is prosperity itself.</font><br>383/389 768.43-770.23 <font color=red>n</font> 要不下一期总的聊聊克里兹时代，09-07 20:54:24-09-07 20:54:28<font color=blue>How about we discuss the era of Kriez in the next episode?</font><br>384/389 770.53-772.45 <font color=red>aaa</font> 特别是那句美国的生意就是生意。09-07 20:54:25-09-07 20:54:28<font color=blue>Especially that sentence, "In America, business is business."</font><br>385/389 772.87-775.57 <font color=red>n</font> 难道说泡沫的隐信其实早就在繁荣里买。09-07 20:54:25-09-07 20:54:28<font color=blue>Did the rumor about the bubble actually start when it was booming?</font><br>386/389 775.69-775.87 <font color=red>hp</font> 好了。09-07 20:54:26-09-07 20:54:28<font color=blue>Okay.</font><br>387/389 776.42-776.6 <font color=red>aaa</font> 好的，09-07 20:54:28-09-07 20:54:29<font color=blue>Okay,</font><br>388/389 776.66-777.74 <font color=red>n</font> 这里是娟宇宙漫谈，09-07 20:54:29-09-07 20:54:33<font color=blue>This is a conversation about the universe, hosted by Juan.</font><br>389/389 777.98-778.58 <font color=red>hp</font> 我们下期见。09-07 20:54:30-09-07 20:54:33<font color=blue>See you next time.</font><br>