But, while instantaneous mark-to-market accounting can overstate the expected losses during a panic, the current values are often an accounting and political fiction. Further action on Fannie Mae and Freddie Mac (America’s huge quasi-government mortgage agencies) and on some weak banks in America, as well as on some of Europe’s weaker, more thinly capitalized banks (the recent stress tests were a tepid first step), will be necessary.
银行利润连连，它们以极低的利率借入（通常是向中央银行），然后以较高的利率贷出。但是，尽管实时按市值计价的会计准则可能高估恐慌时期的与其损失，但当前值通常只是会计和政治把戏。必须对房利美和房地美（美国准政府抵押贷款巨擘）以及一些美国疲软银行（也包括一些欧洲银行，它们比美国银行更疲软、资本充足率更低，最近的压力测试就是不温不火的第一步）采取后续行动。