Are we becoming a nation of wussies?
[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2008/US/12/22/bailout.accountability/art.citi.gi.jpg]
Susan Lee
Forbes.com
One of the quite reasonable fears about government bailouts is that they encourage moral hazard. Why not engage in risky behavior if there are no consequences? Yet, as the government spends hundreds of billions to bail out some awesomely stupid activities, all signs point the other way.
Reckless behavior has almost disappeared from the financial landscape, sure. But so has a lot of reasonable behavior. And this may create a massive problem. What if, as conditions worsen, reasonable risk-taking totally disappears? What if we're transformed from a nation of risk-takers into a nation of wussies?
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