@bgawalt If you leave it as a "public option", you'll still have private firms looking for that subsidy, but they'll have to pay higher interest rates on their moneylike products (since they have to entice people out of the genuinely safe public option). The end result of that would simultaneously to have lots of fragile private money that can't credibly not be bailed out, and less profitable issuers more likely to go bust. 6/