The view that institutions make too big of a profit off too little risk isn't really relevant to that. Cars are useful no matter what profit Ford makes by making them.
Maybe we need to examine the market to make sure its working? Maybe they're duping the government? Maybe they have some hidden reason to justify those rates. I don't know. But the underlying product is useful wither way. I don't object to any of that. But none of it changes the need for credit.
The original comment I replied to is very clear: finance is not useful, it's a wealth extraction process Etc.
I think you're misunderstanding the original point then
It definitely is a wealth extraction industry. This however doesn't mean that it shouldn't exist.
even in the best case scenario of the bank financing someone who starts producing products which he sells.. the banks job will only be to extract as much money they can get from this person.
As such, they're not producers.. they live off of them.
Nonetheless, there'd be less producers without the banks (at least short term), so they're also enablers. This makes them valuable. But still, they earn their money by extracting the value of someone else's product.
Which is fine if everybody is a willing participant...
They explicitly said that if you wanted to get a loan, private Banks should be there to enable you.
The only thing that they wanted was a public bank, so you're not forced to support them if all you need is an online account for transfers.