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Readers Write: The dangers of big banks and second-hand marijuana smoke

Letters to the Editor for the weekly print issue of July 2, 2012: When power is concentrated – as in big banks like Jamie Dimon's JPMorgan Chase – expect some tyranny. Marijuana is an insidious drug, more harmful than many have been led to believe.

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Big banks and concentrated power

Per your invitation on page 34, "We want to hear from you," I had several reactions to the May 28 article on JPMorgan Chase's recent multibillion-dollar failed bet ("A bank's stealth crisis").

Certainly, a business or industry must be profitable to stay in business. The question becomes: How much profit is reasonable, and how is that profit distributed? That opens the subject of economics, capitalism, and the broader purpose of government.

It is my observation that we have many business complexes – financial, health, publishing, legal – which have very little visibility. The situation is very similar to the "money trust" the Pujo Committee (congressional subcommittee) found in 1912-13 during its investigation of powerful Wall Street bankers. Not much had changed by the big crash of 1929, which precipitated the Great Depression.


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