As the great Cuban-Argentine-American economist Carlos Díaz-Alejandro pointed out long ago, financial markets are not disciplined by the threat of bankruptcy. When banks get into trouble, governments always save them or wish they had (think Lehman Brothers).
伟大的古巴-阿根廷-美国经济学家卡洛斯·迪亚兹-亚历杭德罗（Carlos Díaz-Alejandro）早就指出，金融市场的纪律不是来自破产威胁。当银行陷入麻烦时，政府总是会拯救它们或渴望拯救它们（想想雷曼兄弟公司）。监管需要提供市场所不能提供的纪律。