Last decade, investors learnt a nasty lesson about contagion. When the price of mortgage bonds and related derivatives plunged in the summer of 2007, it initially seemed to be an isolated problem. Ben Bernanke, then Federal Reserve governor, declared that losses on subprime mortgages would be limited to $25bn. But in the event the panic spread to infect the whole financial system. Losses were 100 times higher.
上一个10年，投资者吸取了有关危机蔓延的不愉快教训。2007年夏季，当抵押贷款债券和相关衍生品价格刚开始跳水时，这似乎是一个孤立的问题。时任美联储(Fed)主席本•伯南克(Ben Bernanke)当时宣布，次贷亏损将在250亿美元以内。但后来恐慌蔓延到了整个金融体系。亏损金额是最初估计的100倍。
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