I can see why you would gloss it over as I agree, it's not something that happens more often than not. However, I do think there is a moral hazard to it in the

I can see why you would gloss it over as I agree, it's not something that happens more often than not. However, I do think there is a moral hazard to it in the first place, and I think you can start to see the results in the Chinese market today. >When you stop paying your credit card, or when WeWork ends up not being worth the price tag, the government doesn't step in to cover the bill. I would append "usually" to that. The government doesn't "usually" step in. They do sometimes. They've done it twice across major industries over the last 14 years that I can see at the federal level, and more often individually, the latter usually dependent on industry and business relationship with the government. The risk there is pretty massive each time, though, and I don't think people fully appreciate it. Even if it's more of a perception issue, it poses serious problems. For example, there are a number of people in this thread and millions nationwide that believe when a bank messes up the government will save the bank. That's an issue because it erodes confidence in the government while putting undue confidence in the stability of the banking industry. The more this happens, the worse the potential outcomes.