Now, under the most generous possible calculation, the surviving megabanks have on average about 5% equity relative to total assets – that is, they are 95% financed with debt. Is this the major and profound change that will prove sufficient as we head through the credit cycle?
如今就算以最宽松的方法来计算，幸存下来的大银行也只有相对总资产约5％的净值——也就是说，他们还有95％的债务。这是否就是足以让我们安然度过信贷周期的重大深刻变革呢？不，这可不是。