Quote of the Day: 16 March 2023 #QotD

“[T]his is the primary issue with bank bailouts. If the government sets a precedent that all bank failures will be ameliorated by using taxpayer money, banks will engage in risky behavior which they otherwise would not.” -Peter Jacobsen
[This is just a specific case of a moral hazard. It's not a new phenomenon, but too few are willing to heed the warnings of past experience.]