经济学人：Free exchang| Lassoed

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 “lead 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.（下个视频有详解）

政府支持使得这一系统更加稳定。但是每项支持需要调整，防止银行家盘剥纳税人。以美国大萧条之后根据《Glass-Steagall 法案》创立的存储保险为例，尽管富兰克林罗斯福总统将其签署立法并视为其发明者，但事实上他曾尝试要将其废除，并警告这可能导致银行管理松懈和银行家，储户的疏忽。罗斯福可能输掉这场争论，然而存款保险越宽松，储户就越大意，监管机构就越要确保银行不会过度承担风险。

vigilant：n警惕的  laxity：松弛 放纵

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.（下个视频有详解）

另一个支持来自央行，打算通过充当最终贷款人的方式避免自我实现的恐慌。在危机中，央行行长遵循《经济学人》前编辑Walter Bagehot的名言，在以高价值的抵押品和惩罚利率为担保的前提下自由放贷。这意味着决定了什么是好的抵押品，评估的时候要打多少“理发”（折扣）。在危机中，美联储或其他央行到底以哪种资产作为贷款将影响银行在正常时期选择持有的资产。

self-fulfilling：自我实现  collateral：n 抵押品   against ：作为...借款   dictum:格言