Banks fail. When they do, those who stand to lose scream for a state rescue. If the threatened costs are big enough, they will succeed. This is how, crisis by crisis, we have created a banking sector that is in theory private, but in practice a ward of the state. The latter in turn attempts to curb the desire of shareholders and management to exploit the safety nets they enjoy. The result is a system that is essential to the functioning of the market economy but does not operate in accordance with its rules. This is a mess.
银行是会倒闭的。当它们倒闭时,那些将会损失惨重的人就吵着要国家救援。如果银行倒闭势必造成的代价足够大,他们就会得逞。这就是我们如何在一场又一场危机中,创造出一个理论上属于私营、但实际上受国家保护的银行业。而国家反过来又试图遏制银行股东和管理层想要利用他们所享有的这张安全网的欲望。其结果是,一个对市场manbetx20客户端下载 运行至关重要的体系,却没有按照市场manbetx20客户端下载 的规则运行。这真是一团糟。