"On the hook" means that while taxpayers are shouldering the risk, they are also the ones enjoying the reward. I for one would not like the entire country to d

"On the hook" means that while taxpayers are shouldering the risk, they are also the ones enjoying the reward. I for one would not like the entire country to descend into violence and madness. I'm willing to pile on debt to avoid anarchy. The government is the lender of last resort because they can print new money to dilute old money. That's a high risk high reward lending scenario.