Through luck and skill, that crisis was contained — but rather than serving as a warning, the episode nurtured the false belief that the Fed had all the tools it needed to deal with financial shocks.

凭借运气和技巧，危机被控制住了。 可是这件事并未被当作是一种警告，反而造成了错误的想法，认为美联储拥有足够多的办法来应付金融冲击。

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But 1998 should have been the time to send a credible warning that bad loans to overleveraged institutions would mean losses, and that neither the Fed nor the Treasury would make these losses good.

1998年原本能给他们一次深刻的教训，那就是错误的对那些过度使用“杠杠”的机构贷款将面临损失，而且当时无论是美联储还是财政部都应该抽身事外，让损失显现出来。

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Warning: Should be fed only to young children who have the ability to chew solid foods. We also recommend that this product be served only while seated and supervised.

警告：只能给有能力咀嚼固体食物的孩子食用，而且我们建议在大人监督下并坐着进食。

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Despite rising voices of discontent in the Fed, with a vocal minority warning of the risks of QE and continued monetary easing, and in the face of an improving economic environment, the FOMC will once again assure market participants it has their back.

FORBES: Bernanke Put Here To Stay With QE Through Late-2014 And No Rate Hikes Until 2016: Goldman

But no, in the interest of full transparency, we had Bernanke warning about how the Fed expected still more negative pressure ahead from the housing collapse, worsening labor markets, a credit crunch that may have still more shoes to drop, and revealing that the Fed was also beginning to worry about the potential for rising inflation.

FORBES: Enough With The Fed's Transparency Already

Alan Greenspan, the Fed's chairman, gave a warning this week that interest rates would have to be raised faster than expected if inflationary pressures intensified.

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