James Drogan

This article by The Cunning Realist deals with the intersection of the present with the past with respect to those who make policy and enjoy privilege but often ignore responsibility and reality.

Here is a particulary provocative paragraph from the piece.

"All this is important because it creates an atmosphere of moral hazard. Reckless risk taking is encouraged, because the public sees the government give a wink and a nod that it will be there as a backstop should problems occur. Often it's far more than a wink and a nod. President Bush just announced that the government is going to throw hundreds of billions of dollars into rebuilding the Gulf coast states after the hurricane. If you knew the government would pay for your temporary relocation, rebuild your house, give you a job, and send you a nice check after a natural disaster, would you buy insurance? Would you live in a place less vulnerable to a natural disaster? Would you evaluate your overall risk profile rationally and take appropriate measures to protect yourself? And importantly, what incentive does government have to live up to its own responsibility to prepare for disasters if the printing press is always available as a salve when something happens?"

It's worth a read.