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Steve Begleiter — Private Equity, Poker, and Military History (EP.97)
Infinite Loops
The Lender of Last Resort
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We died from a liquidity crisis. People don't understand, but our banking system had a really time in te 19 thirties. Tis no lender of last resort at scrunched in a very short period of time. If you look what happened afterwards, and roll the clock fover to diht. Golman taxes a bank. Morgan stanley's a bank. Marrow lynch merged into a bank. Ther're still our independent broker dealers, but a lot less all the big eyes realize, i got to be a bank to not get knocked over by the next one in 20 year, one in a hundred year.
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