Wallison writes: "The best analogy for a CDS is an ordinary commercial loan."

沃利森写道：“对信用违约交换最好的比拟就是一种普通的贷款。”

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Because it is secured, a bigger mortgage is a cheaper way of financing home improvements or holidays than an ordinary bank loan.

ECONOMIST: The economy

We've taken steps to unlock our frozen credit markets so that the ordinary American can get the loan that he or she needs to buy a home or a car, to go to college or start a new business.

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At least that is the way it works when an ordinary citizen judged to be a bad credit risk seeks a loan.

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