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Banking - Shadow and Real
Byby Richard Florida
Tyler Cowen points to a new NBER study that concludes that the shadow banking system is misnamed: it's part of the real banking system and at the heart of the financial crisis:
The 'shadow banking system' at the heart of the current credit crisis is, in fact, a real banking system - and is vulnerable to a banking panic. Indeed, the events starting in August 2007 are a banking panic.
