“Greenspan put.” It told traders and bankers that if they gambled, the Fed would not limit their gains, but if their bets turned sour, the Fed would limit the consequences. All they had to ensure was that they bet on the same thing, for if they bet alone, they would not pose a systemic threat.
traders had to be /sure/ to gamble to the point of systemic risk, else they wouldn't pose existential threat and be eligible for bailout.
