I am finding it very difficult to assess in a macroeconomic way the impact of this moral hazard. I love the data, I love people with experience who can interpret the data in a meaningful way and I love the idea that places like this board can be pretty far ahead of the curve.

But I also know the sun rises every day and the smartest people in the world make giant blunders all the time. Unforseen events can turn any prediction about the future on it’s head in a heartbeat. Surely there must be some mitigating upside that we are not seeing to all of these shenanigans.