Who Counts as Shadow Bank

Mia teaches Molly what shadow banking is, how it caused the 2008 financial collapse, and how they’re threatening to do it all again

Sources:

https://www.fsb.org/work-of-the-fsb/financial-innovation-and-structural-change/non-bank-financial-intermediation/

https://www.cnbc.com/2019/04/11/shadow-banking-is-now-a-52-trillion-industry-and-posing-risks.html

https://pmc.ncbi.nlm.nih.gov/articles/PMC7992100/

https://www.imf.org/external/pubs/ft/fandd/2013/06/basics.htm

https://insights.som.yale.edu/insights/inside-the-cdo-market-that-catalyzed-the-financial-crisis

https://www.congress.gov/crs-product/R48512#ifn146

https://www.jstor.org/stable/26153238

https://www.newyorkfed.org/medialibrary/media/research/economists/adrian/1306adri_map.pdf

https://tellerwindow.newyorkfed.org/2025/10/17/nbfis-in-focus-the-basics-of-private-credit/

https://www.federalreserve.gov/econres/notes/feds-notes/bank-lending-to-private-credit-size-characteristics-and-financial-stability-implications-20250523.html

https://libcom.org/article/debt-first-5000-years-david-graeber

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