Jim: > it's ( GMAC) not a bank, at least not the way "Money & Banking" folks define > that term. A bank takes deposits and makes loans.
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." Sabri _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
