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that was how Capitalist economic systems where supposed to work. PB you can not seriously make a case for GS or JP reclassification...certainly not for it still being that way. I do not think some of those players where given a choice but the reclassification is a typical screw job on the taxpayer.
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OK, thanks. So retail banking is the only form of banking that exists? Both firms take client deposits, provide FDIC insurance on checking and certificate of deposit accounts, extend mortgage loans and lines of credit, provide unsecured lines of credit and collateralized lines of credit against securities, commercial real estate, yachts, fine art/numismatics, etc.
Commercial banking is also an extremely part of the banking system. It's not just securities based as I'm sure you know.
Yes, indeed, I'm not an expert on US financial regulation, but it was my understanding that the back door to the fed was originally put in place as a mechanism to protect the private banking system as directly related to the general public. A means to ensure liquidity and prevent bank deposits from bank runs in times of crisis.
Since Glass-Steagal the lines have blurred between what is commerical and investment banking where the two were once quite distinct. Especially in the past ten years or so. But when we look at a company like Goldman or Morgan that makes 90% of it's profits from broking and trading, we can see that they really don't belong on the back door program designed to protect the public banking system.
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One of my concerns is of the free money Goldman is able to get from the fed to go out and innovate with opaque derivative products, how much of this are they able to transfer to their clients. If people knew how a trading house operates, what they really do, and how they are getting screwed, honestly, there would be riots... The American Citizen would freak out if they knew how it works...