In spite of the signs of a bubble, the rapid growth of credit to the property sector suggests that the banking system is incapable of managing its risks.

尽管出现了泡沫的种种迹象，迅速扩大对房地产部门的信贷，表明银行系统不能管理它的风险。

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For example, following lengthy comment periods, in 2006, the federal banking supervisors issued formal guidance on underwriting and managing the risks of nontraditional mortgages, such as interest-only and negative amortization mortgages, as well as guidance warning banks against excessive concentrations in commercial real estate lending.

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Historically, banks have not been very good at managing either of these risks, which is why there have been so many banking crises in America, and elsewhere, over the years.

ECONOMIST: Buttonwood