Now, as a practical matter, JP Morgan does, I believe, run a lot of local banks, so a bailout for it might make sense if it were on the verge of failing. Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
Right, that's what I was wondering.
Nobody should care what happens to a broker-dealer bank like Bear Stearns (or Lehman Brothers, though Lehman Brothers has been at the centre of the fixed-income market infrastructure for a long time). When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
