to require levels of capital or limits on leverage that

试图以体制保护的名义对资本水平
go beyond what appears to be prudential for individual institutions

和对这些机构来说不够审慎的杠杆加以限制
in the name of protection of the system?

以此方法来要求他们
I'm probably one big financial mess away from being in favor of that.

我很可能因陷入金融困境而反对这个观点
Not quite there because I think you've got to be very careful

并不是因为我认为你们已经十分谨慎了
Once you're talking about a punitive capital requirement

你们一度提到了惩罚性资本要求
that's not related to your institution's prudential needs,

但是那和你的机构的审慎需求没有关系
the incentive to avoid it is very strong.

你有很强的动机要去避免它
So, if you don't do it for every institution,

所以如果你不对每一个机构都这样做
the action is going to migrate away

这个措施就会无效
and if you do do it for every institution,

如果你对每一个机构都这样做
you're getting to a pretty dirigiste place,

我们将变成中央计划经济的模式