and we've made money;

而且我们在赚钱
so, you can't really think of this as bailout and subsidy.

所以你不能将这单单看做一种紧急救助
I think it was a pretty strong argument.

我觉得这是个很坚实的论据
I would want to resist in the strongest terms the idea that

我坚决抵制的一种看法是
because government involvement will affect private sector behavior,

因为政府参与会影响私营企业的行为
there is to be some presumption that it is to be avoided.

就有一些大胆的推测说是这将会被避免
Yes?

什么问题
Why didn't people see these defaults coming?

为什么人们看不到违约的到来
The world is a very uncertain place

这个世界充满了不确定性
and default risks are very, very difficult to judge.

而违约风险非常难以判断
It's far from clear that, as a general matter,

很难说但总体而言
investors understate default risks.

投资者对违约风险是低估的