One job I've never quite figured out how to handle is the task of answering for my students the question as to just what is a bank. There are commercial banks and investments, of course: you do need to explain the distinction in class, but it's not a big problem. There are "private equity" investors who act like old fashioned "merchant banks" (I can't resist a bit on the Medici and the Fuggers). But how to explain General Electric, which is a lot more like a bank than an electric company? Or Toyota, which has (or had, until this week) the resources to act like a bank that sold cars on the side? Or "proprietary traders," i.e., those who plunge and grab on "their own" (heh heh) account? And where do you plug in Fannie/Freddie, or AIG?
Comes now the best effort to explain banking that I've seen anywhere. Take it away, Rortybomb.
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