The time to worry about moral hazard is between financial crises, when policy makers have an opportunity to change the incentives of the financial system.
There is some good news to report: both the general public and individual legislators understand and are responsive to the moral imperative of stopping humanitarian crises.
Indeed, an expectation by financial market participants that financial crises will never occur would create its own form of moral hazard and encourage behavior that would make financial crises more, rather than less, likely.