Quote by Eliot Spitzer

Don't reward bad behavior. It is one of the first rules of parenting. During the financial cataclysm of 2008, we said it differently. When we bailed out banks that had created their own misfortune, we called it a 'moral hazard,' because the bailout absolved the bank's bad acts and created an incentive for it to make the same bad loans again.

Don't reward bad behavior. It is one of the first rules of p

Summary

The quote emphasizes the idea of not rewarding or enabling negative actions or behavior. It draws a parallel between parenting and the financial crisis of 2008. In parenting, rewarding bad behavior can reinforce negative actions, while in the financial crisis, bailing out banks for their own misfortunes was seen as a moral hazard. This created a dangerous cycle where banks were encouraged to repeat their mistakes, as they were being absolved of their responsibility. Ultimately, the quote highlights the negative consequences of rewarding bad behavior and the importance of holding individuals and institutions accountable for their actions.

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By Eliot Spitzer

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