Over the next few years big decisions will be made in Washington on jobs, the economy, taxes and deficits, energy, education, war and peace.

So we still have the same amount of debt.

But this I just want to show you some data here.

Let's say that the Fed thought that he was systemically important to the future of our financial system.

This was the last 15 years before the crash, and you can see there, consumer debt rose dramatically.

It was the hardest hit of any country in the world.

And let's say that's all of their liabilities.

lying about my balance sheet, then I actually am good for the money.

This is the retiree health care benefits.

So it buys, it buys debt.

So this is the treasury yield curve.

You're still solvent.

They serviced the loans.

We would create incentives for securitization.

Payable to the City of San Francisco.

And so when the Federal Reserve or any Central Bank prints money, and it buys debt, it goes out into debt markets and it buys it, it usually buys the safest kind of debt, but that affects all of the debt markets, it goes out and buys in the debt market, they're essentially shifting the supply curve of money to the right, they shift the supply curve to the right.

Helps bring it down.

But this was spotted by an eagle eye investigator, and he was convicted.

The Sleeping Volcano of Global Finance

JA Yeah, this is a great case, you know.

You have 189,000 as the value of this equity.

Now let's say it gets even worse.

In the early days of this modern markets technology, the financial institutions worked out how they could leverage their buying power, their back office processes, their relationships, their networks to shape these new markets that would create all this new activity.

But essentially what happened is the investors in the mortgage backed securities provided the money to the special purpose entity to essentially loan to the borrowers.

They're giving it to me for safekeeping.

What is your strategy in your household?

Well everyone knows that it's not going to be exactly 10 .

So that's bankruptcy.

You go get bankruptcy protection.

This guy, he does have interest.

Phone logs, financial records it's all here.

It allows let's say this group of borrowers let's say this pool of borrowers right here actually didn't

Rnd, industry cofinancing, Prizes.

It can do it through debt or equity.

I have 4 billion in residential CDOs, collateralized debt obligations.

We've questioned the future of capitalism.

They're way cuter than the one at ... you know

Goldman Sachs projected 2027.

External debt something that I can tell you a long story about because I personally worked on one of the biggest debts on the continent has come down dramatically.

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This difference between this AAA corporate debt and the treasury, that is the yield spread.

On interest expense.

So, each of these is an investor.

The discount rate assumption is everything in finance.

Have a surplus? Take two tax cuts, roll back some regulations and call us in the morning.