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Pedestrains on Main Street fear accident, illness and morality, and worry about provision for old age. Relationship breakdown is costly financially as well as personally. These risks are not dealt with through securities markets: they are mostly handled outside the financial system altogether. Such risks are dealt with -- to the extent that they are dealt with at all - by social institutions: by friends and family, and by government and its agencies. 
有意思，从来没有想过main street的risk是通过social institutionl来handle的, because they are subject to asymmetric information, moral hazard, and averse selection.