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

You can sell shares.

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

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.

You're still solvent.

They serviced the loans.

America's foreign debt shot past 500 billion.

This is the retiree health care benefits.

Helps bring it down.

That has nothing to do with it.

So that's bankruptcy.

You go get bankruptcy protection.

We would create incentives for securitization.

It can do it through debt or equity.

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

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

Payable to the City of San Francisco.

What is your strategy in your household?

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

Now let's say it gets even worse.

It's exciting, but we went over our finances and...

So a security in the equity world is a stock.

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

This guy, he does have interest.

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

Just an accident.

I can no longer fulfill my obligations.

So I really do have a positive equity of 11,000.

So we still have the same amount of debt.

So, each of these is an investor.

They might have issued maybe they issued a million bonds where each of those essentially represent a debt of 80.

Values given over accidental errors.

That man borrows money from many lenders.

That man is a heavy debtor.

That man has many debts.

The bank was profitable.

My next presentation, I'm going to take it to a further

So that's what we're going to show you in the presentation on collateralized debt obligations.

Or FedEx.

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.

So it buys, it buys debt.

And it's essentially, what is the market saying the equity is worth?

And because it's a junkier rating, no one is going to want to buy it.

We would just know that there is a 20 chance.

So given that 2 on 100,000 debt.