Stop Obsessing About Risk, and Let the U.S. Banks Compete

Americans have been worrying about the risks of mixing banking and commerce since Aaron Burr shot Alexander Hamilton. Burr’s Manhattan Company at the time promised to build safe drinking-water pipes across Manhattan funded by deposits entrusted to its care. This early example of a bank that took commercial business risks didn’t produce a hit musical, but it did leave Americans with a grudge against mixing deposit-taking and business investments. Read Full Article »