principles 011

We ran the business in a scrappy, seat-of-the-pants way.

我们共同奋斗着一个事业，就像同穿一条裤子那样。

it was a constant back-and-forth, which we both enjoyed, especially at a time when there was so much to figure out. We would debate about the markets and the forces behind them late into the night, plug data into the computer before we went to bed, and see what it spit out in the morning.

创业的感受，Ray每天一定非常充实，激昂。spit out 在这里是什么意思呢？是指电脑在早上会“吐出”什么样的信息？

As I saw it, the Fed was stuck between a rock and a hard place. They either had to a) print money to relieve debt problems and keep the economy going (which had already pushed inflation to 10 percent in 1981 and was causing people to dump bonds and buy inflation-hedged assets), or b) break the back of inflation by becoming bone-crushingly tight (which would break the back of debtors because debt was at the highest levels since the Great Depression).

大萧条时期，要么通货膨胀要么通货紧缩？