to FRB discussions include:
1) The rules are changing all the time, and thus any fixed explanation will fall victim to this moving target.
2) They don't follow their own rules. Big banks get a wink and a nod. Sometimes small and medium sized banks do too. Except when they don't.
3) We tend to describe the pure case where the system follows the rules as written to the letter when explaining any topic, especially an unnecessarily complicated one and therefore are open to the criticism of oversimplification.
4) We sometimes blur the lines and throw in how we think the system should operate not how it actually does or is compelled to by regulation and statute.
For all these reasons I think it is wise to show each other respect in these discussions. When you use insulting references it dramatically weakens the appeal of your argument and is counterproductive. Unless of course disinformation and discord are the goal.
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