what was before JPM? what was before JPM?Bank of North America; First and Second Banks of the United States; Free banking and National bank eras;
Getting rid of the Fed just brings back the threat of panics and collapse that can spread like a virus. JP Morgan acted as the defacto central bank but the job was becoming too large for them by 1907. And of course people were highly suspicious of a single private bank wielding that much power.