Nothing educates you like an actual personal loss. If its always other people's money, people will figure out how to game it. And those okay with gaming it wi

Nothing educates you like an actual personal loss. If its always other people's money, people will figure out how to game it. And those okay with gaming it will soon crowd out the rest, as they can work for less because they get paid extra for gaming it. If the banks writing bum mortgages had to take the loss instead selling all the losers to Fannie and Freddie, many bum loans would have never been made.