“You can require banks to hold 100% reserves to satisfy your moral compunctions, but then you aren’t really talking about ‘banks’ any longer. You are talking about piggy banks. You can only complain about maturity transformation in the context of the lenders being unconsenting, but not in the context of asset management. Banking is asset management. Regular people should choose to opt in, for sure, but they can’t then also claim immunity from the consequences of poor management of their assets.”