The United States Is Now Part of JPMorgan Chase

America Can Never Be Too Big To Fail.

A man always has two reasons for doing anything: a good reason and the real reason.

—J. P. Morgan

Mark Twain memorably captured the extraordinary tumult of late-nineteenth and early-twentieth-century America: The Gilded Age.

In recent weeks, as the banking sector has faced a spate of runs, echoes of that era have become unmistakable.

None is more notable t…