Dana El-Kurd
๐ค SpeakerAppearances Over Time
Podcast Appearances
All right, to get a sense of the complexity of this, right, the congressional report, like the accepted terminology for this is not shadow banks.
No, it's non-bank financial intermediation.
Now, what the fuck is that?
This is where this episode goes completely off the rails, because the components of what count as intermediation are so complicated, I am not going to try to describe it until literally the end of this.
I mean, is it like, what is Venmo officially?
Venmo's not a bank, but it provides financial services.
Actually, it might.
Because that's like a financial intermediary, right?
Yeah, it might technically be a non-bank.
I don't know what the regulatory structure is.
It's not legally a bank.
Yeah, I think that technically is one.
Score one for Molly.
Yeah, but okay, so this is going to get really bad.
Okay, so when I first started researching this episode, right, the first thing that I click on is the Federal Reserve's chart of how the shadow banking sector works compared to the normal banking sector.
Molly, you have seen this, because I posted it as a joke in our group chat.
I have like a very, very large, like it is like a big, normal-ass sized monitor that I like to do my work on.
I had to zoom in to 380% just to make out the letters that label the boxes on this chart.
If you want to read it, you have to zoom in to 500%.