美国国库和联邦储蓄保险公司是美联储的同谋，他们不仅提供了3500亿美金的解除不良资产资金，并且为美国银行全部债务的四分之三提供了实质性的担保。
The Fed’s willing accomplice was the United States Treasury and the FDIC, extending not only $350 billion of TARP money but literally guaranteeing three quarters of the liabilities of U.S. banks.
垃圾债券的信贷息差，作为未来拖欠债务率的指标，从2007年初高于国库券的260基点涨到了2008年末的1200基点(如图)。
Credit spreads on junk bonds, which are an indication of future default rates, rose from 260 basis points over Treasury notes in early 2007 to 1,200 basis points in late 2008 (see chart).
因国库券的债务人是国家，其还款保证是国家财政收入，所以它几乎不存在信用违约风险，是金融市场风险最小的信用工具。
Due to the Treasury of the debtor is country, its repayment guarantee is the national fiscal revenue, so it is almost no credit default risk, financial market risk minimum credit instruments.
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