“The only thing they really have in common is moral hazard. That’s a banking term, of course. Someone had to come up with it to describe the way the financial markets work, because the fact that banks are immoral is so obvious to us that simply calling them “immoral” wasn’t enough. We needed a way to describe the fact that it’s so unlikely that a bank would ever behave morally that it can only be considered a risk for them even to try.”
