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Moral Hazard
Robert Reich, who one would think is too important to maintain a blog but does anyway, has an excellent column on moral hazard up.
When it comes to risky behavior in the market, America has a double standard. We’re told that economic risk-taking as the key to entrepreneurial success, but when big entrepreneurs take big risks that fail it’s amazing how often they get bailed out.
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But if you’re an ordinary person who has fallen on hard times, just try declaring bankruptcy to wipe the slate clean. A new law governing personal bankruptcy makes that route harder than ever.
That bankruptcy bill remains an obscenity, and further proof that although the Republican party is a wholly corrupt entity, far too many Democrats are corrupt individually.