Last decade, investors learnt a nasty lesson about contagion. When the price of mortgage bonds and related derivatives plunged in the summer of 2007, it initially seemed to be an isolated problem. Ben Bernanke, then Federal Reserve governor, declared that losses on subprime mortgages would be limited to $25bn. But in the event the panic spread to infect the whole financial system. Losses were 100 times higher.
上一個10年，投資者吸取了有關危機蔓延的不愉快教訓。2007年夏季，當抵押貸款債券和相關衍生品價格剛開始跳水時，這似乎是一個孤立的問題。時任美聯準(Fed)主席班•柏南奇(Ben Bernanke)當時宣佈，次貸虧損將在250億美元以內。但後來恐慌蔓延到了整個金融體系。虧損金額是最初估計的100倍。
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