And yet the argument that this tax preference for debt played a role in the financial crisis – and that it remains an ongoing risk to financial stability – was quickly rejected. After all, the tax preference for debt has existed for a long time, and nothing heightened it before the crisis hit.
但认为这一偏袒债务的课税偏好在金融危机中也扮演了角色——且依然是金融稳定的风险来源——的观点立刻遭到了否认。毕竟，偏袒债务的课税偏好存在已经很长时间，但在危机爆发前一直无人强调。相反，真要细究起来，课税偏好随着时间的推移还有了一定程度的减弱。且危机显然与美国高风险按揭支持证券问题爆发有关；当市场突然意识到这些证券无法获得全额偿付时，许多具系统重要性的金融企业就被视为比以前孱弱得多。随之而来的是灾难性的经济后果。