4 ms·
Credit union. Or, literally any bank that doesn't gamble with the money you give to it. This is much harder to find since the corporate lobbyists gutted Glass-S
by cryoshon 11y ago
Credit union. Or, literally any bank that doesn't gamble with the money you give to it. This is much harder to find since the corporate lobbyists gutted Glass-Steagall, but they still exist.
- positr0n 11y agoDon't credit unions still use your deposit as backing for mortgages, auto loans, etc? A run could still happen on a credit union.
- afarrell 11y agoMy credit union has loaned me money, so they were in fact gambling that I would pay it back.
- JamesBarney 11y agoI would assume that credit unions are a high default risk than the treasury.
- jonknee 11y agoThis isn't for your spare change, if you need to stash billions of dollars you're not walking down to the local credit union and signing up for an account.
- 6stringmerc 11y agoYes but Glass-Steagall kind of principles are the ones that are continually being lobbied and chipped away at to increase the capacity for risk in the financial markets. See: Trying to treat municipal bonds as high quality liquid assets (vs. illiquid for holding purposes).
- eldavido 11y agoInvestment is just a nice word for gambling; there's always risk. I agree that there are required levels of prudence in banking and investment management more generally, but don't pretend there's a well-defined brightline between "gambling", "speculation" and "investment".