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

You're still solvent.

They serviced the loans.

Helps bring it down.

So that's bankruptcy.

You go get bankruptcy protection.

We study again our die. You observe the following sequence 1, 2, 3, 2.

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.

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Supposed suicide.

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...

I just want to tell you what you've learned, because you did amazingly well.

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

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.

This guy, he does have interest.

You can sell shares.

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

W 0, where 0 is your iteration number, and then you up with it iteratively.

Stop estimating backup size

Simple extrapolation.

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.

We find that along the main diagonal our uncertainty has shrunk substantially.

I will now teach you about estimators.

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.

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Control estimates their descent at 100 meters an hour.

Estimated time of death? Coroner puts time of death somewhere between 10 and 1 last night.