I paid twenty thousand yen for this hearing aid.

But in multi sided markets there might be users, but they're also might be very separate people who are payers.

And that's also true of the money managers.

And then year 10, I pay the 100,000 plus I pay back the 1 million.

We pay the price, and the price that we pay is not only physical.

And the payments?

So actually, let me do that.

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Because some of them have paid, and some of them are still paying.

Payment

Pay up

So it's a little bit more complicated than just saying, oh, look at that, they're giving a 6 coupon, which essentially means twice a year they're going to give me 3 of the value of my bond.

And you say, this group of the CDOs, they'll get the first payments. or if any payments that go, immediately go to this very senior tranche, right?

And I kind of jumped the gun a little bit.

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The orange slice is what's discretionary.

What's this, dear?

That will now compound over the next month.

I think most of us understand the general idea about life insurance

The grant. The Berger Grant.

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You're going to pay it over 30 years, or you could say that's 360 months.

And when will you settle your account?

So what they do is out of this 10 , they pay them some of the basis points.

But the problem with Santa Clause is, if you look at the mandatory spending of what these folks have been doing and promising folks, it turned out that in 1967, 38 percent was mandatory spending on what we call entitlements.

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