The problem was that the Fed’s macro-prudential instruments were undeveloped. No sooner did the Federal Reserve System’s member banks limit their provision of credit to purchasers of securities than non-member banks, insurance companies, and trust companies ramped up their lending, allowing the stock market to race ahead.
在两种观点中，哈里森的观点更加成熟。问题在于美联储的宏观审慎工具尚不完善。美联储成员银行一限制它们对证券买家的信用供给，非成员银行、保险公司和信托公司就会开足马力填补空白，让股市继续节节攀升。