BY FRANK HILL
Reprinted from TelemachusLeaps.com

One of the more interesting things about working on Capitol Hill was learning what big words mean when luminaries such as Alan Greenspan, Paul Volcker and just about every other famous economist or technical expert came to testify in Congress.

‘Disintermediation’ was one of those words. We heard a lot of it on the House Banking Committee when the S&L industry melted away between 1985 and 1990. We also heard a lot of it during the financial meltdown of 2008 when commentators on CNBC repeatedly talked about the threat of ‘disintermediation’ on financial giants such as Wachovia (which passed away) and Bank of America (which somehow survived, albeit with massive taxpayer-supported federal help). Continue reading →