Bankers want to be so highly leveraged for a simple reason: implicit government guarantees mean that they get the upside when things go well, while the downside is someone else’s problem. Contrary to bankers’ claims, this is not a good arrangement for society.
银行家希望杠杆率如此之高，原因很简单：隐性政府担保意味着他们可以在好光景时获利，而坏光景是其他人的问题。与银行家的言论相反，这绝不是好的社会安排。