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Re: [Pen-l] Re: financial melt-down
- To: "Progressive Economics" <pen-l@xxxxxxxxxxxxxxxxxx>
- Subject: Re: [Pen-l] Re: financial melt-down
- From: "Jim Devine" <jdevine03@xxxxxxxxx>
- Date: Thu, 18 Sep 2008 11:02:02 -0700
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Sabri Oncu wrote:
> By the way, GMAC is
> not an "institutional" money market fund, but it is some sort of a
> bank too.
it's not a bank, at least not the way "Money & Banking" folks define
that term. A bank takes deposits and makes loans. GMAC does only the
latter, based on its issuance & sale of bonds, etc.
--
Jim Devine / "Nobody told me there'd be days like these / Strange days
indeed -- most peculiar, mama." -- JL.
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