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. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
