Marginally more seriously, the U.S. financial system last Friday and a few months from Friday looks like it will be a very different place. It will be smaller, less levered, more transparent, and have fewer people in the moving business of trading and banking. Dare I say it? The U.S. shadow banking system will soon be only a shadow of its shadowy self.
What that means for the rest of the economy is far from certain, but cash is more king than ever -- and there will be less of it extended as credit than at any time since Nixon was president.
http://paul.kedrosky.com/archives/2008/09/14/sorry_the_us_fi.html
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