As long as there are implicit government guarantees for financial institutions that are considered too big, too complex or too interconnected to fail, the value of those institutions' stocks increases with risk-taking.

CNN: Dimon's $23 million payday isn't the problem

On reflection, perhaps you should think through your call to have more mortgage debt held by institutions with direct government guarantees and exposures, not to mention the efficacy of the implicit call for higher mortgage costs to American consumers.

ECONOMIST: Letters