At the Jackson Hole conference, Paul McCulley of PIMCO, the world’s largest bond fund, argued that in the past month or two we have been witnessing a run on what he calls the “shadow banking system,” which consists of all the levered investment conduits, vehicles and structures that have sprung up along with the housing boom. The shadow banking system, which is beyond the reach of bank regulators and deposit insurance, fed the boom in home prices by helping provide more credit to buyers.
在Jackson Hole会议上，世界上最大的债券基金太平洋投资管理公司的Paul McCulley说，在过去的一两个月我们已经看到了他所谓的“影子银行系统”的运作。影子银行系统由伴随这房地产的繁荣涌现出来的所有杠杆投资渠道、媒介和结构组成。它处于银行监管者以及储蓄保险的控制之外，通过帮助向购买者提供更多的信用来享受房价的暴涨所带来的利益。