Moral Hazard is used a lot by the cheer leaders of the "let them drown" and "Shadenfreude" brigades.
But, another point of view is:
http://blogs.ft.com/martin-wolf-exchange/2012/06/07/the-german-response/#axzz1xDh8bgOi
But, another point of view is:
We have fire brigades, despite moral hazard, because it is bad for the neighbourhood for a house to burn down.
Nobody enjoys the experience of watching his house – or in this case, his economy – burn down
http://blogs.ft.com/martin-wolf-exchange/2012/06/07/the-german-response/#axzz1xDh8bgOi