“There is not . . . a rationale for public funds protecting and supporting essentially proprietary and speculative activities.” Last weekend, these words by former Federal Reserve chairman Paul Volcker – the basis of the so-called Volcker Rule – enjoyed the support of no less than five ex-Treasury secretaries. All agree that taxpayers should not provide a backstop for speculation. But it is a tricky distinction: almost everything a bank does is a punt.
“公共基金沒有……理由保護和支持本質(zhì)上屬于自營交易和投機行為的活動。”上周末，美聯(lián)儲(Fed)前主席保羅?沃爾克(Paul Volcker)——所謂的“沃克爾規(guī)則”(Volcker Rule)的發(fā)起者——的這番言論，得到了至少5位前財長的支持。大家一致認為，納稅人不應(yīng)成為投機活動的后盾。但區(qū)分投機活動并非易事：銀行做的幾乎每一件事都算得上賭博。
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