“Bernanke Is Fighting the Last War”（WSJ Online）
This is not due to a lack of money available to lend, Ms. Schwartz says, but to a lack of faith in the ability of borrowers to repay their debts. "The Fed," she argues, "has gone about as if the problem is a shortage of liquidity. That is not the basic problem. The basic problem for the markets is that [uncertainty] that the balance sheets of financial firms are credible."
アンナ・シュワルツ曰く、問題（クレジット・クランチ）の本質は、公正価値のわからない資産にある。資本注入は、（金融システムではなく、）個別の銀行を守ること。また、当局のアド・ホックな対応を批判。その上で──
Today's crisis isn't a replay of the problem in the 1930s, but our central bankers have responded by using the tools they should have used then. They are fighting the last war. The result, she argues, has been failure. "I don't see that they've achieved what they should have been trying to achieve. So my verdict on this present Fed leadership is that they have not really done their job."
現在の危機は1930年代のものとは異なる、というのは、どこまで真に受けるべきだろう。「流動性は十分、問題の本質は銀行の不良債権」──かつて、この国でも聞かれたフレーズである。
（追記）
・・・と書いたところ、韓リフ先生が詳しい解説をエントリーされてましたので、そちらをご参照ください。
