They would actually owe this extra 1 million.

They serviced the loans.

Maybe debt that you have to pay in the next year.

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

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

What is your strategy in your household?

Now let's say it gets even worse.

We would just know that there is a 20 chance.

That man borrows money from many lenders.

That man is a heavy debtor.

That man has many debts.

The bank was profitable.

These are the people who first lose money.

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

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

It can do it through debt or equity.

So, each of these is an investor.

But, unfortunately, let's say that I had

That's where the 1 billion comes from.

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.

But for simplicity, let's say that's their only liability, and that debt tends to be the biggest.

You're still solvent.

He has his office in town.

And of those 20 that default, we have a 50 recovery.

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

My responsibility is to keep the company solvent.

His first night in Millhaven, he kills his cellmate.

So we still have the same amount of debt.

Who? He means Watkins.

But unlike mortgages, a lot of corporate debt, they just pay the interest.

So right now, the short seller, he has assets and

Helps bring it down.

Some percentage of these borrowers are going to default on their mortgage.

Bauer's going to prison, and a traitor walks.

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.

That's not always the case.

And this is what this mortgage backed security market allows.

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

Sheriff's Department.

Courtrooms, Sheriff's headquarters, detective bureau.

Well, in the last presentation, we described a situation where you had a bunch of borrowers.

Arriving at the prison now.

You can sell shares.

I know I've overdrawn this picture a little bit too much.

For a total of 5 billion.