They believe that the primary cause of the crisis was what economists call moral hazard: because risk-takers expected that the authorities would intervene to protect them when their bets went awry, they took even greater risks.
Ils estiment que la cause fondamentale de la crise réside dans le "risque subjectif" : la majoration des prises de risques due à la conviction que les autorités interviendront si la situation tourne mal.