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By giving them insurance in return, it creates -- and here, for the record, I'm thinking more along the lines of the practical implementation rather than the philosophical underpinnings -- potentially some kinds of moral hazard down the road.

But the point is that currently limited liability is insurance for free.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Sun Sep 21st, 2008 at 02:06:51 PM EST
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