Government props make the system more stable. But every leg of support requires fiddling to stop bankers exploiting the taxpayer. Take deposit insurance, which was established in America under the Glass-Steagall Act after the Depression. Although President Franklin Roosevelt signed it into law and is often credited as its inventor, he in fact tried to have it stripped from the bill, warning it would “l(fā)ead to laxity in bank management and carelessness on the part of both banker and depositor”. Roosevelt may have lost the argument; it is nevertheless true that the more generous the deposit insurance, the less vigilant the depositor and the more it falls to regulators to ensure banks are not taking excessive risks.（下個(gè)視頻有詳解）

政府支持使得這一系統(tǒng)更加穩(wěn)定。但是每項(xiàng)支持需要調(diào)整，防止銀行家盤剝納稅人。以美國(guó)大蕭條之后根據(jù)《Glass-Steagall 法案》創(chuàng)立的存儲(chǔ)保險(xiǎn)為例，盡管富蘭克林羅斯?？偨y(tǒng)將其簽署立法并視為其發(fā)明者，但事實(shí)上他曾嘗試要將其廢除，并警告這可能導(dǎo)致銀行管理松懈和銀行家，儲(chǔ)戶的疏忽。羅斯?？赡茌?shù)暨@場(chǎng)爭(zhēng)論，然而存款保險(xiǎn)越寬松，儲(chǔ)戶就越大意，監(jiān)管機(jī)構(gòu)就越要確保銀行不會(huì)過度承擔(dān)風(fēng)險(xiǎn)。

vigilant：n警惕的??laxity：松弛 放縱

Another leg of support comes from central banks, which are meant to stop self-fulfilling panics by acting as a lender of last resort. In a crisis, central bankers follow a dictum attributed to Walter Bagehot, a former editor of The Economist, to lend freely, secured by good collateral and at a penalty rate of interest. This means deciding what good collateral is, and how much of a “haircut” (discount) to impose when valuing it.Precisely which assets the Fed or other central banks agree to lend against in a crisis will affect what assets banks choose to hold in normal times.（下個(gè)視頻有詳解）

另一個(gè)支持來(lái)自央行，打算通過充當(dāng)最終貸款人的方式避免自我實(shí)現(xiàn)的恐慌。在危機(jī)中，央行行長(zhǎng)遵循《經(jīng)濟(jì)學(xué)人》前編輯Walter Bagehot的名言，在以高價(jià)值的抵押品和懲罰利率為擔(dān)保的前提下自由放貸。這意味著決定了什么是好的抵押品，評(píng)估的時(shí)候要打多少“理發(fā)”（折扣）。在危機(jī)中，美聯(lián)儲(chǔ)或其他央行到底以哪種資產(chǎn)作為貸款將影響銀行在正常時(shí)期選擇持有的資產(chǎn)。

self-fulfilling：自我實(shí)現(xiàn) ?collateral：n 抵押品? ?against?：作為...借款? ?dictum:格言