First, governments will bail out the largest banks rather than let them collapse and damage the economy. Second, and worse, being too big to fail helps large banks grow even larger, as creditors and trading partners prefer to work with banks that have an implicit government guarantee.
2008年金融危机凸显出当今金融体系的两大危险特征。首先，政府会出手援助大银行而不是让它们倒闭并伤害经济。其次也是更糟糕的是，太大而不能倒让大银行变得更加庞大，而债权人和交易对手方更愿意与拥有隐性政府担保的银行打交道。