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.

Put out the fire.

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

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.

The fire went out.

The fire is out.

The light has faded,

Because of the revolutionary Tucker rear engine...

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...

The fire fighters put out the fire.

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 .

Get the fire extinguishers.

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.

But over the course of the last several decades, we were just borrowing other people's output.

He doesn't need chili sauce, he needs a fir e extinguisher.

Given the choice... 7 minutes later

To kill the fire

Consumers are different than citizens.

The fireman soon put the fire out.

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.