The waxing and waning of the dollar is strongly linked to the ups and downs of the credit cycle.

美元的涨跌已经与信贷周期的起伏紧密地联系在一起。

I greater than G. The American credit cycle is at a dangerous point.

I 大于 G。美国的信贷周期正处于危险点。

We just went through a credit cycle where you were afraid to lend against an asset supported by -- to a person supported by a house.

我们刚刚经历了一个信贷周期，你害怕贷款对资产支持 - 一个人支持的房子。

During the last major credit cycle in 2008, many private equity firms were able to hang on to their over-leveraged acquisitions by negotiating with lenders, which were mostly banks.

在 2008 年的最后一个主要信贷周期中，许多私募股权公司通过与贷款人（主要是银行）谈判，得以坚持其过度杠杆化的收购。

But it is also because, without those vast profits in trading and investment banking to distract shareholders, the turn in the credit cycle is revealing just how terrible Goldman is when it comes to consumer lending.

但还有一个原因是，如果没有交易和投资银行业务的巨额利润分散股东的注意力，信贷周期的转折恰恰暴露出高盛在消费贷款方面有多么糟糕。