Hedge Fund CIO: "Bank Runs Are Wild Stampedes, Avalanches, Volcanoes, Bursting Dams"

By Eric Peters, CIO of One River Asset Management

"The overuse of the term moral hazard is distracting at best,” said the Chairman, no stranger to leading the nation though financial crises. “And at worst, it will lead to bad policy,” he said.

“Moral hazard is when you knowingly take a risk in the expectation that if it goes wrong, others will bear the consequences,” he explained.