Dana El-Kurd

These are the people who took a mortgage and,

And then did a bunch of bullshit to it in what's called a securitization chain.

They did a bunch of bullshit to it so you could give the loan to someone else, so you could sell it to someone else.

And this blew up the entire world economy.

That's what he's talking about.

He's talking about the banks that are not banks, the shadow banks, that did all of this bullshit to turn someone's mortgage into a fucking thing you could bet on.

So, okay, I will say you do not need to understand this yet because we still have not started the actual explanation.

I'm never going to.

I believe in us.

We can do this.

It's not that bad.

I'm just dumb.

Okay, I believe in you.

So I want to mention that I'm very indebted here to the paper I mentioned earlier from Copenhagen Business School professor Adni Helgedatter.

She wrote a very good simplified explanation of this in her review of International Political Economy article called Banking Upside Down, the Implicit Politics of Shadow Banking Expertise.

But, okay, as you can tell by the fact that it's called banking upside down, the implicit politics of shadow banking expertise, this has been, when she's simplifying it, she's simplifying it from, like,

economists down to like a political scientist or an anthropologist can understand this i am about to attempt to simplify this down to a regular person can understand this so i'm drawing on a lot of her stuff for for the first part of this explanation but i am i've turned it into burgers so i'll do my best i'm being very brave okay so a shadow bank right it's something that does banking shit that's not a bank so what do i mean by banking shit

So, okay, okay.

And this is where we're starting here.

What does a bank do?