Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
The one thing that IS entirely predictable is that periods of "irrational exuberance" will occur if the major players know that the benefits are all private, and the risks will be borne by the public.

When the wealthy are opposing health insurance or pension benefits for peasants, they call this "moral hazard" -- i.e. a potential for recklessness borne of knowing that your losses are insured.

The difference between theory and practise in practise ...

by DeAnander (de_at_daclarke_dot_org) on Tue Mar 18th, 2008 at 12:30:03 AM EST
[ Parent ]

Others have rated this comment as follows:


Occasional Series