It seems to me that the response of the stock market to the creation of a Resolution Trust agency -- 450 rise yesterday, and a similar rise so far today -- is the very essence of 'moral hazard.'
"Sonny. You wrecked the house last weekend while we were gone. You broke all the furniture, threw up all over the carpets, tore down the curtains.
"But don't worry, we've hired some cleaners to fix it all up.
"Please don't do it again.
"And, oh by the way, your mother and I are going on vacation next week. We want you to be good, O.K?"
Coming 4/1/15 -- really.
1 day ago