In fact, most continue merrily raising fees regardless.
And raising fees makes it less attractive to new participants".
Dimon is also protecting his firm by raising fees in areas that the law doesn't reach.
In the long run, raising fees will drive liquidity off the exchange.
In previous downturns, banks could make up the missing profits by raising fees.
"The airline industry is chopping service, giving customers less support, while raising fees and fares," he said.
The I.M.F. has suggested a variety of austerity measures, including politically unpopular steps like raising fees for residential heating.
Some Pentagon officials and military advocacy groups have suggested alternatives to raising fees that could cut costs.
A graduate tax would also leave universities largely reliant on state funding, whereas raising fees would boost their financial independence.
But Universities UK, which represents all vice-chancellors, has said that raising fees to £5,000 would not deter students.
He said he's "not persuaded" by the argument for raising fees to take into account increased costs.
