This Article explores why the technologies that have transformed a range of industries by facilitating a dramatic rise in direct transactions — as reflected in the rapid growth of eBay, Etsy, and Airbnb, among others — have yet to similarly transform banking and other modes of financial...

It is widely assumed that the Federal Reserve is the lender of last resort in the United States and that the Fed's discount window is the primary mechanism through which it fulfills this role. Yet, when banks faced liquidity constraints during the 2007–2009 financial crisis (the Crisis), the...