In the past, government bailouts have typically protected all contributors of capital of a rescued bank other than shareholders. Shareholders were often required to suffer losses or were even wiped out, but bondholders were generally saved by the government’s infusion of cash.
人们现在都想，当一个大到不允许崩坍的金融机构遇到问题的时候，政府便会介入疏通。但是政府要帮到什么程度呢？相比近期的救助潮而言，政府在今后的救助行动中应当只考虑保护受助企业的某些债权人。特别是，政府永远不应当照顾这些企业的持债人。