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Goldman and Morgan Stanley did something different, though; they became universal banks. In September 2008, they converted into commercial banks in order to get access to the Fed. And then they came into work the next day and, uh, survived. They did not convert into commercial banks with ambitious plans to get into corporate lending and retail banking, to issue credit cards and mortgages. They converted into commercial banks over a scary weekend in order to keep access to funding for their trading businesses. They were technically universal banks, but really they remained independent full-service investment banks.
Goldman Has Some New Divisions
bloomberg.com
In California, as in the Transvaal, there is this peculiar experience of feeling indigenous down to the soles of one’s feet. But this is a feeling that, however strong, however poetically true, can only be maintained through sheer ahistorical ignorance, or, if this ignorance should regrettably be lost, can only be made explicit and defended through specious ideology. Whether a descendent of the Voortrekkers or of the Donner Party, it is at once both manifestly obvious and completely implausible that one belongs —cosmically, politically, physiologically— where one lives.
What Was California? - Justin Smith-Ruiu’s Hinternet
the-hinternet.com
In talking of society as a whole, in seeking to govern the economy as a whole, both politicians and technocrats are believed to have “lost touch” with how it feels to be a single citizen in particular.
How Statistics Lost Their Power – And Why We Should Fear What Comes Next | William Davies
theguardian.com
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