Fourth, the financial system – despite the policy backstop – is severely damaged. Most of the shadow banking system has disappeared, and traditional commercial banks are saddled with trillions of dollars in expected losses on loans and securities while still being seriously undercapitalized.
第四，金融系统——尽管有政策的支持——也遭到了严重的破坏。大部分影子银行系统消失了，传统商业银行在资本仍然严重不足的情况下，却背负了预期会达到几万亿美元的贷款和证券方面的损失。因此，信贷紧缩不会很快就会得到缓解。