As the recession deepens, however, bank balance sheets will be hammered further by a wave of defaults in commercial real estate, credit cards, private equity, and hedge funds. As governments try to avoid outright nationalization of banks, they will find themselves being forced to carry out second and third recapitalizations.
世界上大多数大银行实质上已经破产了，它们依靠持续的政府救助和贷款来继续运转下去。许多银行已经承认了它们在住宅抵押上的巨额亏损。但是，在衰退加深的时候，银行资产负债表会遭到商业地产、信用卡、私募股权和对冲基金违约潮的进一步冲击。当政府在努力避免对银行进行彻底的国有化的时候，它们会发现自己被迫对银行进行第二次和第三次资本结构调整。