inhibited a great deal of necessary adjustment.

阻碍了于大量的必要的调整
That said, while I think the probability is low,

也就是说说尽管我认为可能行很小
one can't rule out the kind of situation that developed in Japan.

但不能排除在日本发生这种情况
I think we do--I think these issues of levels of capital

我认为在困境中的金融机构
in troubled financial institution are very important issues.

它们的资本层次问题是很重要的
One way of responding to an externality is with a subsidy.

一种方式就是用补助金来回应外在因素
The idea of subsidizing institutions to raise capital

资助这些机构而筹措资金的想法
seems quite untenable in the context of

在机构的股东紧抓住他们股票的情况下
the institution's shareholders holding onto their shares.

看起来是不可行的
So in a way, we operate a system

所以从某种程度上我们运行一个系统
where the government can't infuse capital into an institution

在这个系统中除非形势非常严峻
until the situation is very far gone,

政府无法对机构注入资本