Some of the innovations associated with the sub-prime crisis – notably option-ARM’s, when extended to borrowers who couldn’t handle them – seem to have little redeeming value. But others – those involved with the securitization of mortgages – were clearly important long-run innovations, because they can help spread risks better around the world.
与次贷危机相关的某些金融创新——特别是选择性可调利率贷款——当发放给不具备偿还能力的借款人时——似乎也就没有什么可以挽回的价值。但是涉及到抵押贷款证券化的其他金融创新产品——显而易见应该归属于重要的长期创新之列，因为这些产品有助于将风险更好地分散到世界各地。