The optimists argue that the Fed through the magic of fractional reserve banking can counter the forces of private sector credit contractions.

乐观主义者表示美联储通过部分储备金的“魔力”扭转了私企信用紧缩的问题。

youdao

More importantly, it is a giant in the over-the-counter derivatives market, and number one by a long way in credit-default swaps.

更重要的是，摩根大通是柜台交易衍生品市场的巨头，在信用违约掉期业务上长期处于霸主地位。

youdao

His fictitious portfolio did not just comprise over-the-counter transactions with big Banks, where agreed credit limits meant he could avoid margin calls.

他虚构的组合不止包括与大银行的场外交易——认可的信用额度从而使他能够避免追加保证金的通知。

youdao

The Fed has already slashed short-term interest rates by 1.25 percentage points in the past two months, in part to counter the credit turmoil.

ECONOMIST: Credit crunch

So although a rate cut remains on the table, the Fed will continue for the moment to rely on the growing use of its balance-sheet to counter the credit crunch.

ECONOMIST: The Federal Reserve

In the current crisis, where there is no real market, the rule has forced massive write-downs, which have precipitated solvency and counter-party credit concerns that have caused further write-downs.

FORBES: Subprime Debacle Lessons