Most officials now concede the existence of systemic risk as a form of “pollution,” meaning that banks and other financial firms do not necessarily internalize the full costs of their structures and activities. And these costs can be huge – potentially large enough, despite recent reform attempts, to cause Great Depression II (or worse).
2010年，金融监管进入了一个新的、更加充满争议的阶段——至少在美国是如此。如今，大部分官员承认系统风险的存在是一种“污染”，意味着银行和其他金融企业不一定将结构和活动的成本完全内部化。而这些成本可能是巨大的，即使在目前的改革措施下，也有可能足以造成第二次大萧条（甚至更糟）。