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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 11:23:48 -0700
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This is a matter of debate over definitions, not about actual knowledge.
me:
>> it's ( GMAC) not a bank, at least not the way "Money & Banking" folks define
>> that term. A bank takes deposits and makes loans.
Sabri Oncu wrote:
> Correct! But, looked at differently, a bank borrows short-term and
> lends long-term. This is what they mean by the "shadow banking
> system." GMAC borrows short-term and lends long-term, and hence is
> part of the "shadow banking system."
--
Jim Devine / "Nobody told me there'd be days like these / Strange days
indeed -- most peculiar, mama." -- JL.
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