The result is that the economy gets too much overnight repo, and the rest of us pay a price for it, because favoring such short-term debt means that more financial firms like Bear, Lehman, and MF Global fail. True, failed firms’ creditors, owners, and managers bear the brunt of the losses initially.
结果，经济中出现了太多的隔夜回购协议，而我们其他人都为此付出了代价，因为偏好这种短期债务意味着更多的像贝尔斯登、雷曼和曼氏金融的公司倒闭了。诚然，倒闭公司的债权人、所有人和管理人首当其冲。但当具有系统重要性的公司持有了过量回购协议债务时，我们所有人都要付出代价，首先是作为纳税人（当政府出手援助这些公司时），然后又经受了由此导致的经济破坏和低迷的打击。