So for example, if you by a well I'll just say a face value bond of, let's say it's a thousand dollars, and there's a thousand people who do that.

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

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

Bonds, you become part lender to the company.

The yield on the bond is 6 .

You're not a homeowner until you don't have debt.

And just to contrast this with bonds, because they are often used in the same phrasing, oh I'm going to go buy some stocks or bonds, or I deal with stocks and bonds.

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liquidate it.

It was 1.6 million in bearer bonds.

Bonds together with some money was stolen.

The money was stolen along with the bonds.

There might be different debt holders who have different

I, uh, I was just going to say I've been cashing A lot of bonds lately, haven't I?

Do it anyway. Who's moving the bearer bonds?

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levels of seniority.

Now, all of a sudden, all of these people, probably all of whom who took these home equity loans, let's say all of them did it.

What's this building?

What will it cost to post bond?

Interesting.

And that makes sense, right?

They said, wow, this is great.

And what keeps banks from just keep issuing more assets and debts to expand its balance sheet is a reserve ratio requirement.

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And so you're writing a 1 billion check to the equity holders and a 1 billion check to the liability holders, or the people who lent this company money.

So you won't properly price and risk in the future.

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And since there's a thousand of you, you're lending a million dollars to the company.

I loan it out to people who have really good projects or investments.

And to stop it crashing over the last two to three decades, we've expanded the money supply, expanded credit and debt, so that people can keep buying stuff.

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I said, who gets the money?

So what happens when you go into bankruptcy?

So they say, that's a good idea.

That's where the 1 billion comes from.

You could do it with corporate debt.

Oops.

Nevertheless, we will be eventually heavily rewarded from doing this.

No, we are moving to syndicate his breeding rights.

So it buys, it buys debt.

So this one might be called senior secured debt.