About cruise ships and banking regulations

Put it this way. If you go on a cruise would you want it to be insured against all risks or not? As I see it if it is completely insured, chances are that the captain could be a social relations captain, and if it is completely uninsured, the chances are much larger that the captain is a real marine captain. Your pick! 

When the regulators allowed the banks those ridiculous capital requirements of 1.6 percent or less, just to navigate those waters perceived as absolutely not-risky, precisely the waters where in fact all the major bank crisis have occurred, they basically provided the banks with a total insurance… causing social-relation and trading bankers to substitute for real bankers.