Heavy Lifting - thoughts and web finds by an economist
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Wednesday, February 18, 2009
Yes, Virginia, moral hazard exists and is plaguing the financial industry (along with many others). Worse is coming down the pike as we "have to do something" to keep people in their houses - which turns out to be the rest of us not planning to go into default on our mortgages get to pay for theirs as well.
An excellent representation of the moral hazard problem is available here.
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