Private banks, via the issuance of uncovered money substitutes, which springs from the ability of those banks to pyramid deposits on top of base money when making loans or purchasing assets.
Their base is dispirited, and without Obama on the ballot, the party's ability to energize its core vote will be severely limited (as we saw in the two 2009 gubernatorial races).
These have made management more effective (better information, more timely) and increased the ability of the firm to support expanded operations on expensive but high capacity platforms, spreading the expense over a larger base.