My responsibility is to keep the company solvent.

Because the government now owns 90 something percent of the company.

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

They're giving it to me for safekeeping.

He was declared insolvent.

Our economy grew from 2000 to 2007 on the back of consumers massively overborrowing.

Our debt is more than we can pay.

And it got bailed out by the sovereign wealth fund.

Our borrowing costs were skyrocketing, and we were facing possible default.

What are my liabilities?

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

It's backed by people's trust in the ability of the U.S. economy to support debt to pay off the value of this currency.

It makes sense to pay off your credit card balance every month.

You're still solvent.

They serviced the loans.

But I don't believe that another round of tax breaks for millionaires will bring good jobs to our shores or pay down our deficit.

This is liabilities.

Now's the time to keep our focus on the most urgent challenge of our time putting people back to work, paying down our debt, and building an economy where people can have confidence that if they work hard they can get ahead.

The personal debt to income ratio basically went from 65 percent to 135 percent in the span of about 15 years.

We see the Occupy protests, we see spiraling debt crises, we see growing inequality, we see money's influence on politics, we see resource constraint, food and oil prices.

I give that money to someone else.

Helps bring it down.

The Civil War. Even more expensive.

I will do my duty to the best of my ability.

I can pay off my bank loan!

So that's bankruptcy.

You go get bankruptcy protection.

You can sell shares.

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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.

I can no longer fulfill my obligations.

We would create incentives for securitization.

It can do it through debt or equity.

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

Payable to the City of San Francisco.

(Audience cheers) And while my opponent would spend more money on military hardware that our Joint Chiefs don't even want, I would use the money that we're no longer spending on war to pay down our debt and put more people back to work rebuilding roads and bridges, and schools and runways because after two wars that have cost us thousands of lives and over a trillion dollars, it's time to do some nation building right here at home.

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.

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

And then what he does is, he takes this share of IBM and then gives it to the brokerage to pay off his liability.

What is your strategy in your household?

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

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...

You can rely on his proven ability.