But the next player in line is too often the US government, as guarantor of too-big-to-fail financial institutions, and it is poorly positioned to regulate these markets on a day-to-day basis. It is not financially nimble; it is often captured by the regulated; and when economic times are good, no official wants to spoil the party.
没错，市场上总是有人要首先遭殃的。衍生品和再购协议参与者的破产豁免权令其他金融参与者承担了更多的风险。通常我们可以预期这些“其他”参与者更乐于推行更多的市场纪律。问题是这个参与者往往就是美国政府——首先是那些“大而不能倒”金融机构的担保人，其次又无法每天去规管这些市场。此外政府在金融上很难灵活应变；经常被受监管者牵着鼻子走；当光景好的时候，又没有官员愿意去惹怒那些金融机构，给自己找麻烦。