> We believe there is a social contract between citizens (represented by the state) and companies. The state permits companies to carry out activities like bank

> We believe there is a social contract between citizens (represented by the state) and companies. The state permits companies to carry out activities like banking or debt collection; in return, these companies agree to meet certain standards of behaviour: for example, only lending to people who can afford the debt, or backing their promises with a certain amount of assets. This is a bizarre statement that simply isn't true. Historically, the state has just as frequently encouraged lenders to lend to people who couldn't otherwise afford what they were purchasing. This has been done through legislation like the Community Reinvestment Act, as well as government-sponsored entities such as Fannie Mae and Freddie Mac. And the state is still doing it[1]. [1] http://www.marketwatch.com/story/feds-hope-3-down-mortgages-will-boost-struggling-housing-market-2014-12-09 http://www.marketwatch.com/story/feds-hope-3-down-mortgages-...