Comment: That's a really good comment

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In reply to comment: What is the social function of JPM? (see in situ)

That's a really good comment

That's a really good comment worth speaking about. I don't agree with him neither regarding the responsibilities that JPM has in the public interest (apart from following the letter of the law, which obviously they don't). The commentator is coming at this from a different political conviction. He is talking about the implied social contract that banks have with the public because they have been given license to create currency and so they should act in the public interest. A lot of people buy into this thought (not me). You are correct in your assessment though in that it encourages government (I mean the taxpayer) to buy in to cover their gambling debts. That is folly and that is why socializing losses in the banking system ultimately fails as there is no incentive for them to be profitable on their own two feet. The U.S. is not immune to this socialist idea. This is the very thought that needs to be corrected and that people need to be educated on.