Considering both "large-U" and "small-U" obitals it is found that the high-T_c curprates 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 specificanlly the systematic behavior of the resistivity, hall constant, and thermoelectric power. High-T_c pairing 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.
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