It seems to be an increasing trend in our society. I'm writing a paper with a co-author, and I don't want to scoop my co-author, but we're doing a study of pension plans in Canada and particularly how the public sector pension plans—not the ones for the civil service solely, but I'm also thinking of Ontario teachers and those types of public sector pensions—increasingly are taking on high-risk investments. They can afford to do so because the rate of return is guaranteed by the taxpayer. The taxpayer accepts the risk. The members get the reward.
It's a classic case of moral hazard. When you separate the risk from the rewards, you're going to end up with some very poor and, frankly, occasionally dangerous decision-making. It's a trend that, regrettably, seems to be growing in our society.