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。
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。
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。
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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