Considering both “large-U” and “small-U” orbitals it is found that the high-Tccuprates are characterized by a striped structure, and three types of carriers: polaron-like “stripons” carrying charge, “quasielectrons” carrying charge and spin, and “svivons” carrying spin and lattice distortion. It is shown that this electronic structure leads to the anomalous physical properties of the cuprates, and specifically the systematic behavior of the resistivity, Hall constant, and thermoelectric power. High-Tcpairing results from transitions between pair states of quasielectrons and stripons through the exchange of svivons. A pseudogap phase occurs when pairing takes place above the temperature where stripons become coherent, and this temperature determines the Uemura limit. ©1999 American Institute of Physics.