Above all, they would insist more often that their counterparties be well capitalized. They accepted the risk implied by ultra-thin capitalizations when it was mainly US government money on the line; they would be more reluctant to do so if it was mostly their own money that they were wagering.
如果那些衍生品，repo和信用违约交换的投资者不受到优待的话，他们的行为就会截然不同。首先，他们会更频繁地要求对方保持资金充足。当美国政府出钱的时候，他们都倾向于承担极高的资本风险，但如果这都是他们自己的钱的话，他们肯定会变得更加谨慎。