Since these are going to be rich people, the rest of us are going to cover their losses through our taxes. We already technically do, individuals make decision

Since these are going to be rich people, the rest of us are going to cover their losses through our taxes. We already technically do, individuals make decisions that we know - today - that are wrong decisions, but we subsidize those decisions. E.g. Suburbs that are going bankrupt, but legally can't go bankrupt. Heavy development in flood plains, etc.