Commercial banks have two primary functions: first they lend money to businesses and individuals; second, they give bank customers access to their deposited funds through checking and savings accounts. Essentially, banks deliver the “grease” that keeps the national economy moving—you can call it “liquidity” in banker’s language. Any disruptions in the flow of money between banks can really throw sand in the gears of the economy, something that occurred in the wave of bank failures in the Great Depression and most recently in the 2008 financial crisis when the overnight flow of money between banks—the money market—virtually dried up for several days.
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