To some extent, the subprime crisis is a failure of Basel II, which is not even fully born yet.

从某种程度上讲,次贷危机就是新巴塞尔协议的一次失败,该协议甚至还没有正式生效

耶鲁公开课 - 金融市场课程节选

It didn't work, even with Reagan, even with a deal, it just didn't.

毫无成效，里根也是力不从心，协议也不顶用，还是以失败告终。

斯坦福公开课 - 经济学课程节选