The Fed has never given loans to anyone other than a depository institution that is a bank until last month, except they did so in the Depression.

上个月，联邦政府已经开始限制贷款业务,除了银行以外的其他金融机构,休想再放出一分钱的贷款，也就是在萧条时政府才会这么做。

耶鲁公开课 - 金融市场课程节选

You can't stick your bad paper to the banker who knows everybody in the town; he'll figure it out and that's the -and so that's the problem that's solved by bankers.

你休想把垃圾债权随便卖给银行家,因为他对这个圈子了如指掌,他定会识破的,因此银行家们就解决了逆向选择问题

耶鲁公开课 - 金融市场课程节选