Dana El-Kurd

I've given you the broadest definition possible, which is like, again, it's doing bank shit without being a bank.

But let's go back to the beginning of the term.

which is where most people tend to start or get to eventually.

This is from an IMF paper, quote, The term shadow bank was coined by economist Paul McCauley at a 2007 speech at the annual financial symposium hosted by the Kansas City Federal Reserve Bank in Jackson Hole, Wyoming.

And basically, it's institutions that borrow money in the short term through money markets to finance long-term loans, but they aren't banks, so they can't go through the Fed.

They're financing loans with other loans.

Yeah, we're going to— From a not bank.

Yeah.

Give me— And none of the money is real.

Hold on, hold on.

Okay, we're going to get there.

We're going to explain this in terms of burgers.

It's going to be okay.

I believe in us.

Perfect.

Perfect.

Yes.

But the other thing he describes is, is, is, and this is from Helga daughter quote in the speech, she described shadow banking as the whole alphabet soup of leveraged up investment conduits, vehicles, and structures.

So what he's talking about specifically is these are the guys who blew up the economy in 2008.

Like these specifically, this is what he's talking about, right?