Why I'm wrong

In my narrative of the financial crisis, Gambling with Other People's Money, I argue that excessive leverage was favored by the executives as a way of inflating returns and generating high profits that justified large levels of compensation. The puzzle is why anyone would lend the money to finance those imprudent bets. My answer is that the US government has systematically rescued large creditors 100 cents on the dollar for the last three decades. This destroyed prudence and made our...