The origin of the problem is uncertainty about banks’ exposure to sub-prime mortgages, the risks of which have been carelessly assessed by rating agencies due to conflicts of interest. Northern Rock in the United Kingdom has been a victim of this modern banking strategy, as has Bear Stearns in the United States.
只是一种课本式的市场失灵。问题的源头是对各银行受次贷影响程度的不确定性。由于利益冲突使评级机构对次贷风险的评估甚为草率。英国的北石银行成为这种现代银行战略的受害者，美国的贝尔斯登也同命相连。其他的受害者会很快出现。