First, banks, households and governments are paring their debts.

第一，银行，居民，和政府都在逐步清还债务。

There could be some paring back of short selling, but really we don't really know where this is headed.

卖空交易可能会有所减少，我们真的不知道这将走向何方。

I mean, it's a very controversial issue. Other people would say U.S. companies have lots of ways of paring down their tax bill and most of them do.

这是一个备受争议的问题。也有人认为，美国有很多方法可以减少税收，而且大多数都会这样做。