This may seem elegant in theory, but it is completely unworkable in practice. In any real crisis, the authorities’ real fear is that the fall in one asset price (the equity value of big banks) will cause other asset-price declines – leading to a broader contraction of credit.
这在理论上十分漂亮，但在实践中完全不可行。在任何真正的危机中，当局真正害怕的是一种资产价格（大银行的股票价值）的下跌触发其他资产价格下跌——导致全面信用萎缩。“损失吸收债务”的概念自相矛盾。