> If the risk were real as we think, banks wouldn't be investing in new construction or providing 30-40 year mortgages on new property in Florida close to the o

> If the risk were real as we think, banks wouldn't be investing in new construction or providing 30-40 year mortgages on new property in Florida close to the ocean The problem is that it isn’t banks that provide the mortgages, but banking personnel that will be retired in 30-40 years and wants to get bonuses or promotions now. Pension funds may have a longer time horizon and might pressure CEOs into taking a longer-term view, but there, too, it’s not “pension funds”, but “pension fund personnel” and they also get judged on (relatively) short-term investment gains.