And essentially the same happened with US subprime mortgage lending and with the Spanish banking system in the 2000’s. In both cases, banks took excessive risks in the expectation – eventually vindicated – that governments would bail them out.
换句话说，私人利润来自从社会角度看纯属浪费的行为。美国次贷危机和本世纪初西班牙银行系统危机也是这样。在这两次危机中，银行承担了过度的风险，因为它们料定——最终事实也正是如此——政府会出手挽救它们。