Last but not least, even if the Fed had better understood the risks, it would not have been easy for it to avert the crisis on its own. The effectiveness of interest-rate policy is limited, and many of the deepest problems were on the regulatory side.
最后同样重要的是，即使美联储能在危机爆发之前更清楚地了解这些风险，它仅靠自身来避免风险也极为困难。利率政策的效力是有限的，很多最深层次的问题都出在监管方面。