The subject hasn't decended upon us full blown as a result of the sub prime mess. This book, available on Amazon and through other sources, was published in 2004.
The foreward was written by Paul Volker, and the authors, Gary Stern and Ron Feldman, served at the time as officers of the Federal Reserve Bank.
The authors warned in 2004 that "too little has been done to reduce creditors' expectations of ... protection. To a large degree, the question is one of moral hazard, wherein anticipation of a safety net reduces a creditor or bank's incentive to act prudently."
That's exactly what happened.
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