But the policy failures fueling this stock-market fiasco go back further, to the massive government-fueled surge in credit since the global financial crisis. Without that, brokerages would not have had all of that liquidity to lend for margin trading.
但导致股市溃败的这一政策失灵的后果并不仅限于此，而是导致了全球金融危机以来政府助推的信用飙升。若非如此，经纪商拿不出足够的流动性为保证金交易提供全部贷款。