"A sound banker, alas, is not one who foresees danger and avoids it, but one who, when he is ruined, is ruined in a conventional way along with his fellows, so that no one can really blame him."
To the list we can also add stock analysts, fund managers, investors, home buyers, and most of the others who participated in the market orgy. This is the "mother of all moral hazards"!!
(HT: Martin Wolf)
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