Ticker makes the point very well, commenting on a WSJ editorial which conflates "complex financial instruments" and basic lending.
Notice the weasel in here. One part (trading complex financial instruments) should be
diverted to hedge funds and other unregulated - and free-to-fail, no-backstopped firms.
The other part (lending) will always be done by banks - you have one on the corner, or a credit union, that will write you a loan, yes?
It could not be that the WSJ editorialist is another version of the GM Chairman. No. Of course not.