Worse, much private debt is secured against assets; while the value of the debt is fixed, the value of the assets can fall.
更糟的是，许多私人债务以资产作为担保；债务价值是固定的，而资产价值则会下跌。
2
"Collateralized Debt Obligations" are securities based upon a portfolio of fixed income-producing assets, such as home mortgages.
担保债权凭证“是一种将有稳定收入流的固定资产组合，如住房抵押贷款打包而成的有价证券。”
3
The debt of a company is the amount of money it owes either to Banks, or to bond holders, or to note holders, or commercial paper holders; these are fixed incomes.