This is an overt version of the “Greenspan put”—the idea, named after Mr Bernanke’s predecessor, that a central bank stands as an insurer of the equity market.

伯克南的理论明显是一种“格林斯潘对策”的论调，这个对策以伯南克的前任格林斯潘先生的名字命名，意在阐述中央银行应作为股票市场的保险人而存在。

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The Greenspan put has in effect been replaced by the Bernanke pushover.

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While helping all asset categories to rally, the Greenspan put had an undesired consequence: it caused a synchronous one-direction move across asset categories, undermining the effectiveness of asset diversification in lowering market risks.

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Former Federal Reserve Chairman Alan Greenspan, who put the risks of a recession at about 30% at the beginning of the year, has said more recently that the steep housing slump and financial market turmoil in August have pushed that chance up, although the risk still remained below 50%.

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