And many are monopolies that have little incentive to prepare for black swans. They will just be bailed out or allowed to raise rates to clean up a catastrophe

And many are monopolies that have little incentive to prepare for black swans. They will just be bailed out or allowed to raise rates to clean up a catastrophe. Tokyo Electric Power Company in Japan was allowed to borrow billions after their colossal failure at Fukushima. A failure that could have been avoided with better planning. But with no competition, what incentive was there?