The biggest banks were badly run in the years leading up to the crisis of 2008 – exhibiting a toxic mixture of hubris, incompetence, and excessive leverage – and their governance problems today are worse than they were in 2005 or 2007. The 2008 crisis was followed by a long, hard recession; we should not expect a different scenario now.
在2008年危机之前，大银行经营不善——表现为狂妄、无能、过度负债的危险组合——二如今，它们的治理问题更要重于2005或2007年。2008年危机之后是长期的艰难衰退；如今，我们也不用指望会出现不同情景了。