Bailout 9-30-08

" And now all there's tons. -- Howie -- show. Are comfortable -- actions on the its financial crisis is that -- of the green and irresponsibility. That had dominated Washington and Wall Street for years now."

" I would like nothing better than before and -- in the next couple of days go home premium. -- short period all but the reality is that we're in an urgent situation. And the consequences the world worse each day if we do not act."

" 700. Billion dollars a staggering number but only -- part of the cost of the failed. Bush economic policies to our country -- disappointed."

" This national radio hall Traber cannot be delighted to sit down and compare my -- your colleague DR Republican Party failed to. Protect the American people from financial crisis and a tragically is American people going to pay the price for a now how the Lawrence."

" You know big improvement rod for the last ten years about -- Fannie Mae and Freddie Mac one disappointed yes I'll bet you. Not as disappointed as the people are going to have to pick up the mass UN Kirby left behind."

" Mama Howard -- WRKO radio network. 18774694322. We'll take some more calls on this subject of the bail out who do you who do you trust or do you trust any of them. 1877469432218774694322. She is fax gee how we -- ram Emmanuel was working in the Clinton White House she didn't have a -- now he's worth ten million box after a few years as a banker in Chicago. And named to the board of Freddie Mac at the age of forty. He's George Soros was -- in the house not to shabby for a tiny -- whose hobbies belly dancing got to be the most evil looking person World War II to. That's unsigned. Officer -- New Hampshire says in addition to answering his laws liquors and smokes orders could you please pass happy if he also distributes his current herbal list priceless and Xbox game request by texting. Next thing. -- it. How many text messages of you sent out today on during the show. Actually -- What what's your excuse for not having mumbled Menino at the at the lobster proud. It -- No it hasn't come back one -- it'll be it'll be there 18774694322. It would it would be a real shame to have video -- Menino posing with two ops giant lobsters and only use it once. 1877469432. To us from Washington Post. The leaders of the country said trust us the people said not this time. Conservatives said they could not abide the government intrusion on the free market liberals were -- that government checks rescuing Gucci wearing masters of the universe. There -- those who -- that this was a no banker left behind program. Members of congress in both liberal and conservative districts were inundated with emails and phone call with angry vote from angry voters opposing the bail out. Here's Peter Keane sixty and entertainment lawyer giving him shave it Albert's here cutting in style and Santa Monica. There's gotta be some kind of bailout but the bottom line is I don't -- I just don't trust these guys. -- they're kind of sums up for everybody you know -- here's a guy chuck Taggart 46. A New Orleans native who lives in Los Angeles I thought this doesn't seem to be affecting me or my family that I look at my 41 K today. It was down 19%. President Bush burdened with historically low approval ratings will slow to try to sell to the American people what he called a rescue academic economists frowned on the legislation and radio talk show host railed against it. But bail out -- lacked the sympathetic character of the heart of the narrative and many Americans simply did not believe that the government had the basic competence to do right thing. Jeffery Carter 65 the real estate brokerage Henderson Nevada who was seen the housing market -- said yesterday. I work hard for my money why should I be giving it to these big banks he added instead of having a bail out why don't we have indictments. Good idea of what are you gonna charge of west. This is a -- nine. He was mulling over the bail out yesterday in the parking lot of a Wachovia bank in Manassas Virginia why should we pay for these bad decisions. He try to put the best possible face on the economic downturn I don't think -- be as bad as the great depression. Let's hope not 18774694322. Steve you're next with how we cargo ahead Steve."

" And I think -- yeah lump all of the area and gone on a prominent. My only question is. If we do is spell out -- I think it's always saying a couple of bigger -- it is that'll work. And I don't see that as being the passengers that America."

" Yeah but it but if if what they're saying I mean at at some point though you have to do what you have to consider what if they're right in if there is no bail out the problem will get even worse."

" Well yeah conventional wisdom I mean after 9/11 was trust our leaders and I'm not do that happened with work is that -- I don't trust that that -- it."

" Just like what the guy just said the lawyer and in Hollywood."

" My only other question was without the pale invite him debate. I at least he would it's being. What the way to the debate I just think the -- so I'll buy in the as the debate."

" Right well I think that's the isn't it isn't the the way both of murder or approaches that the other one is going to screw up and they -- both could be playing rope a dope. Which you can get to be pretty boring for fifteen pounds or price fight if no one's going to a data each other right."

" We're all expecting -- and you messed up I think we're -- washing Biden. Thank think it was in."

" You mean like that he was shot out of the Green Zone."

" Well -- It is decorate your thought there are no longer if people want to know exactly what to do is going to come -- as I know all."

" Yeah but -- but the thing is I mean he's been in the Senate for 36 years but he still adult. You know it's like this a you've -- got 36 years experience you did the same thing 36 years in a row right -- he'd be he's Huard -- or nothing."

" So it Barney frank is -- and maybe -- I think either because it in America."

" He there's no question about it in the fact that he strike this weather out from under this this mess that. That he had a there's such a large part of creating -- is an indication of how one desperate he has. Thanks for the call proud that -- your congressman makes me proud. Was jobs there's so many things like can be proud -- and you know I mean Cheryl Jakes rhymes with -- was my state senator for twelve years or something like that that was horrible. And Deval Patrick is my governor Mike two senators Kennedy and calorie I mean I got a lot dish paying my. You know I just the Barney is -- usually not at the top of my analyst of people would be ashamed I would like nothing better going to be proven. -- the next couple of days. Right now he has as -- of condolence card they say they get along splendidly you know it's they had an amiable divorce guess I was -- blue. A a myth that there is no such thing as an amiable divorce but you know they may be they be so now the -- Thanks for the call Steve Walt a year next with our cargo ahead Walter."

" They're out right. It's -- Joe black and member of ancient and honorable by any chance."

" it just seems that way while. In vent some ball and peace in visible in war. It's like frank Barton what are your eye. Opener not soft boiled eggs that are purple hearts. That's right."

" That's it that's a good way to describe -- altered vegetable and peace invisible war thanks for inviting me I may steal that from yeah. That's courses it's it's curly slide by Betsy curve that's what -- Leo was described the ancient and honorable. 1877. It would -- which is this a sort of decide social group that supposedly of the oldest. Military companies in the in the the United States but it's been a long time it's been along time since. Since they went on maneuvers. All Jews to make jokes about -- the Budweiser division. The brigade. 18774694322. -- you're next with how we cargo at Laura."

" Our area. Irate outburst I have a -- all I think."

" About about media we didn't happen that somebody called it they were chatting you're about to stopping its economic right that that much because it didn't relate to that they'd want to. Or that's what -- I think that they're eating their words -- album. Kelly -- else I've been hearing about this whole thing right here repeat -- about the moral out there. You know we yet on bail them all because it's just going to encourage -- It's people eager in the future but -- daddy got this other really important component which relate directly to add its strategy and the truck -- adverse selection on. Basically what it guilt is you know they've that you're. I think I may I call audit by -- that at some of them are bad and America it sell it and she'll make out. But then act I doubt that they're about some of them are worse than others and so your brother said okay up to cap off your hand your brother in the -- being the government. You know let's say the friends and don't particularly care about on you're going to take. No word on -- figure not only going on you know terrible that. In which -- nobody wants to touch. They have more knowledge on situations the government dot com. And that's going to able that you you know to get out the bottom of the barrel over yeah. I I just I do I depend on -- the -- isn't going to work."

" No I can't either I think that's one of the I think that's one of the drawbacks of a plan is that nobody can imagine how how this can happen without the government getting totally ripped off. It was somebody's in The Wall Street Journal last week to that the difference between this thing and the savings and loan. Crisis that -- which brought in the resolution trust corporation is. The resolution trust corporation was dealing with failed entities you know -- everything everything they've already gone out of business. But Scherer you're -- like you say these these people going to be dealing off the the worst of their portfolios right."

" Right there's there's no telling you know -- they need to honestly -- is pretty much gone out the windows so. You know even if the government that's where only going to take the proper course you know -- said that they -- speak privately but I'm not that bad really bad. But on. You know they can't that they -- going to matter."

" Now I. I know Mary. I know the going to get they gonna get ripped off most likely I hope that I hope that they come up with a new -- come -- that are planned some kind of better plan I don't know what it is exactly I wish I knew more I wish it was them. More of -- an expert on."

" I know how to get more knowledge on it but it's just it's so intricate and there's so many different levels that you -- once -- that -- it. The more knowledge that the Mardi real I think you don't know into higher exit."

" Right I felt better when I read that the Mark Cuban it said nobody knows he he said that they -- read a book about this and call nobody knows what's going on. Thanks for the call our 18774694322. A force trusted Mark Cuban is an economic experts that someone dancing with the stars. Steve pearl steam this from the Washington Post piece of -- around here. Americans fail to understand that they are facing the real prospect of a decade of little or no economic growth because of the bursting of a credit bubble that they helped create that now threatens to bring down the global financial system. See this -- this what irritates people -- mean do you know most pros who is trying to write a reasoned explanation why this thing needs to be passed. But he saying that they helped create now did you help create. The credit bubble. I don't think I did I doubt I doubt you think you dead. Yet yet we're being told that we created it so now we have to bail them out. In better times the public might have put aside its reluctance in response to the strong and unified recommendation of political and business leaders. But it is a measure of how little trust remains in both Washington and Wall Street that voters are willing to risk a serious hit to their wealth and income rather than follow their lead. Well that the thing is people think they're going to get hit -- Steve I think that's think you're missing out on is that. It's not that people said one with a screw them at the expense of my 41 K they figure people I think I think what that what's happening here is what happened yesterday with a vote is. People figure they gonna get screwed anyway so if they're going to get screwed anyway then you know what. Dick fault. And Franklin reigns -- GM Johnson and ram Emmanuel they might as well get screwed -- James your next with how -- ahead James."

" They however what our caller called -- joking about the exit strategy. And my question about the government there exit strategy -- of the faltering in the government really don't have the fortitude to start kicking beat that beat that other home the buildup they don't."

" That's a real good question and you know them into. You know no -- no yeah."

" So they're going to be stop all these bad -- then they're not going to do anything about it."

" Right and in the going to be these people going to be too it's like going to be like section eight housing in the neighborhoods only. Only the gal with a going to be -- going to be a nicer neighborhoods and it's going to be like -- blight it's going to be a blight."

" Could take out everyone held property values. Debbie decrepit old that the government doesn't want to kick people out -- people don't care because they know there's say they know the government won't extra."

" I'm just think I'm just thinking of a comparison remember the remember the Katrina. Trailers. And how they try they said what you gotta move out of these trailer she can't live here for the rest he lives in these trailers and they said why not. Therefore is why not when we want to keep limited these trailers forever. Then they brought and then they brought in bulldozers they they they just pushed the trailers out and of course -- love that we're all hell to pay for that. It was all George Bush's fault."

" It'll even -- the -- people help from health and human services of their urban development you know -- beat up -- and shoving them out of the home. The first picture of that the dip in the front of the New York Times everyone else open space."

" Oh yeah you're right you're right every yup they will -- say thanks for the call James 18774694322. What a disaster. What do does that again another liberal reform. You know let's stop the redlining. Let's let's let's give people just because they they don't have jobs and they don't have credit histories and they. Did they don't have any of the credit worthiness that. That for generations was considered a scene Quan -- before you get people all just because they have no money for a down payment that's okay. We'll give them a 100%."

" They want to buy a crappy house we won't give 100% will give 110%. And you know what will will make it easy for them to to pay pay it down because it will only charge him interest loans. And then they'll be a balloon payment. At the end and you know what maybe they'll win the lottery they'll be able to make that balloon payment -- the."

" Or maybe it. Rob your next with Howie -- go ahead rob."

" All right emirates donated Joe Biden and out there on the Taiwan. You know this is more a political bail out. Now we're we're talking about lost the politicians try to bail themselves that was mandated. And -- an emirate is going to be a lot worse little bit thereof so there's this thing but it shows some promise real early."

" Well I mean we don't even know what the bailout is going to be at this point that we rob. No we do I mean I it's likely be the same bailout that the came up before the house yesterday because that's not going to pass again as it."

" I don't think so we'll have to speak. -- our lesson you know socialism the cap look in the neck competition in this country since FDR should -- Social security and you know social does that make an advance like apple but I stick. We just learned the lesson about out of government manages that there's no -- this government in a minute socialism weren't. We will -- It here."

" Rob but rob who's benefitting from this that's the unfortunate thing here this is your right this is a liberal this is able. Predominately. Liberal -- crisis. Yet who was who was all that ahead in the polls the liberal since this thing started right."

" That's exactly right because this whole idea of change our -- the whole kind of new meeting doesn't and makes Obama would -- more attractive unfortunately. But he other. -- have the wherewithal to solve this thing economically many either on the outside -- dance dared not a columnist in -- thing. Embodies it doesn't. At a what it does right now he's got to change the name and it beat not McCain America first airport Joe Biden don't want to get it -- bail us out here. Because this does detox. The syrup they ought to make a few more gas he will bail out John McCain."

" Let's hope so rob I don't have that great confidence you do thanks for the call mark your next with how we cargo ahead mark."

" Our first Douglas Saddam may out Reagan 47 year old conservative but I'll gladly spare but this I record book and it that -- intriguing about maybe six months or dispose of the you'd take the idea portion of the spell out 84 billion yeah. Divide by 200 billion over eighteen girls I -- 170000. Make it sent throughout. Now of course you gotta be legal. You you know his deputies -- here is that your work and and what is that about those pretty funny. -- ordered but."

" re do the math -- mature about this we have not ordinarily -- was -- they are or aren't three."

" A billion divided by 200 million -- ordered that out for her. Seems -- Project at Spirit it's there's been no -- it's funny -- but you know they'd be spotted and here -- you know social work aspect but. You know let the people build the money you know let people have neighbors by the distressed properties that are -- But obviously that the legal and not -- just they hit the history I ever -- for but the -- that with the dollar that their."

" Thanks for the call mark 187746943221. -- you know there's there's been so many problems with these these sub prime mortgages mean even even before the -- people started defaulting and and the foreclosures began I mean you had you -- people moving in the neighborhoods that. It was it was destabilizing these neighborhoods it was like get it was like putting section eight housing in in the neighborhoods and even liberal publications like the Atlantic monthly you've talked about the the the the the way section eight housing. In a neighborhood tends to one. Tends to rule went and because you have people in the air who who aren't really that. Concerned about keeping up the property in the not that concerned about keeping the neighborhood a livable place 'cause they could just move on they wrecked the place and move want mean. A sub prime when you don't put any money down. You don't really have any stake in the game billion amid that was one of the read you know would not justice. To -- to to cut down the size of the monthly payment. But there was a reason why for generations you had to put down 20% on the on in new home purchase. In that was. Two to give you a stake in the game you quit you couldn't walk away you'd -- all your money was tied up in that house -- was -- you heard that -- you know from that the from the time you were five years old in the old days. You know your house is your biggest investment. What's probably your biggest investment if you just if he just walked in to a mortgage office may give you some free money to get the house right. Mean it's just it's like renting a place. First for the first apartment you read that you didn't you didn't think it was. You might don't like being away from your parents but you didn't think it was your own place she didn't particularly want to want to what take the best care that you -- to to have a keg party there. Brian your next with our cargo ahead Brian."

" Thanks for taking my call for I want you. I want to offer a couple of comment -- bailout thing I could start with that -- article. I agree with -- the repeated at that a lot of illegal round but I think head of the table. The consumer. Indeed. You know not probably as signs the mortgage application for better or worse. I don't -- Wall Street finance. I think congress -- to a ministry -- fifteen years. Facility at but people looking for a solution are going to be I think last only about one way or the other because. They are close to or not I hope -- not. Were still find out that were still in recession unemployment going to pick up we all all of the things going -- and they gonna come back around you. And -- three. I hope they don't do it."

" You think those -- you think they'll be around to left of mr. around."

" Absolutely absolutely I think he you do it -- already and yet the Iraqis an apt to step in."

" To prevent sort of modern Iran on the remaining big banks. They don't lift the limits so maybe half a 1000080. Million bucks and I think I'd be appropriate because -- the more out -- you know."

" Is that."

" I'm sorry that they're gonna gonna come back inadequate and office January 20. People are going to be you know average. Seventh grade reading level up their border is going to be say hey you know what for a -- case hasn't gone up went home happy caught up I think it'll -- You know we've -- this is where is like all calls for. The first -- Manila may June by the first simulate. They'll look at her -- absolutely we'll recycle one on this. And they'll probably -- unfortunately they get the first."

" What are your first sub prime mortgage surge is that what you tell me."

" Epic and a lot. -- going to come back in and they're going to want war is so I think there's. Political round. I'll rattle off the -- who quickly if I'd say that we have created and he gets to help in outrage so low. He couldn't because it -- and not incorrect with the banks are regulated yet government tenure the congress the SP two administrations. The consumer and the rating agencies. Well not."

" Oh you say the consumer the I mean -- I have I don't consider myself at fault it."

" I don't agree with you but you know you can write a check in Europe and you've got you know from mortgage that you can't work but I work in the incident I'd pop people -- that the market that kind of thing and I can assure you. You -- somebody you know do it but it opening up -- Front. Okay got my bank and but it got a lot of credit and it's you know Lebanon though it a lot of people out there. -- is -- art -- might see that wouldn't expect expect he now stop -- you know. It goes through this you know crisis over the cliff while I stopped everywhere cities -- examples. -- so the question of the small businesses find people -- on. People if they -- able without Internet revolving you know loan -- credit. It -- there's just I think unfortunately you know it's painful I think it's. And portly will be made by practically --"

" But it all mean again we you will although it's small businesses employ such a huge percentage of Americans saw me if those businesses -- we just sort of say tough you're going out of business I mean that the unemployment rate is going to skyrocket and he got all kinds other problems."

" I I I don't think it's going to be. It -- I think it's either a get a bill out -- worn out to look at. The and I think the girls in maybe not. No well sort of -- top above average from where we are but keep going sort of flat line for. Probably want and we all want work we we we let that -- after."

" That's what I think that this reselling a decade the lost decade in Japan that's where he says were looking at here in the US."

" Beckett on the market already and make it to it again ought to go back to the assessment 2001."

" In other sports leagues you've got an island where they're not come out but -- resources -- Right now solo recession what went on a lot longer everyone's not -- a lot of equity. The -- amp why would -- a man on the small businesses. That -- properly -- a lot."

" You're illegally out an hour ago -- and -- indeed there is a period is an illegal it's got on well art this -- the labor. And in -- way. Your your it was an out and important -- justice."

" Anything. It would be used -- vehicle -- And it into 12 -- that they -- around --"

" I don't feel it thanks for thanks what Karl thanks for the call -- 18774694322. On the -- car."

" But the thing about this. Somebody have my feelings so I would punish the country units targeted toward the I know twelve Republican members who were ready. Stand up for the economic engines of America but not everybody is so I'll make I'll make an offer. Gimme those twelve people names and I will go talk uncharacteristically. Nicely to them. And then we go now think about the country."

" I'll shop I've heard enough. One 18774694322. Visit someone mentioned this earlier this -- by Jeffrey Myron EMI are away and he say yeah. Lecturer senior lecturer in economics of Harvard University he's a libertarian he was one of the yeah 166. Academic economists who signed a letter. Two congressional leaders last week opposing the bailout plan. But this bailout as a terrible idea here here's why this on cnn.com. The current -- would never have occurred in the absence of legal conceived federal policies. The government in implicitly promised Fannie Mae and Freddie Mac that it would make good on their debts so they took on huge amounts of excessive risk. Congress pushed mortgage lenders and Fannie Freddie to XP in sub prime lending the industry was happy to oblige given the implicit promise of federal backing in sub prime lending. Stored. This was more than a minor relaxation of existing credit guidelines this lending was wholesale abandonment of reasonable lending practices in which borrowers with poor credit. Characteristic got mortgages they were ill equipped to handle. Once housing prices declined an economic conditions worsened. The false and delinquency soared leaving the industry holding large amounts of severely depreciated mortgage assets. The fact that the government -- such a huge responsibility for the current -- Means any response should eliminate the condition that conditions that created this situation in the first place not to attempt to fix the bad government with more government. The obvious alternative to a bailout is letting financial troubled financial institutions declared bankruptcy. That does not mean the company disappears it is just called by someone new ways as occurred with several airlines. Bankruptcy punishes those who took excessive risks while preserving those aspects of business the remain profitable."

" But but again if if a bank goes under -- the bank is going to try to walk Holland all of its credit lines right I mean -- that what led to a lot of problems in the early 1990s. Is win all the although almost suddenly all the all the -- more call. Means that people were paying off the wanted to Panama for 1015 years all of a sudden they're called and they have to declare bankruptcy I mean that's the that's the problem. A bail -- transit but the here's here's the other side of the -- talking about a bailout transfers enormous wealth from taxpayers to those who knowingly engaged in risky sub prime lending. The bailout encourages companies to take huge huge imprudent risks and count on getting bailed out by government. Thoughtful advocates argue a bailout is necessary to prevent economic collapse this view has a golden grain of truth of the bailout does not occur more bankruptcies are possible and credit conditions may worsen for a time. Talk of Armageddon however is ridiculous scare mongering. But current credit -- freezes likely it is likely due to Wall Street's hopes for a bail out bankers will not so well lousy assets for twenty cents on the dollar the government might pay 3050 or eighty cents. The cost of the bail out are almost certainly being understated I'm going on I know but that is some pretty good column. The administration's claim is that many mortgage assets are merely a liquid not truly worthless implying taxpayers will recoup much of their 700 billion. If these assets are worth something however private prop. Party should want to buy them and they would do so with the owners would accept fair market value. In Tisza patient of this bailout will engender strategic behavior by Wall Street institutions as they -- she shuffled their assets. And position their ballot sheets to maximize their take the bailout will open the door to further -- federal meddling in the financial markets. -- but try to get this guy out tomorrow said Jeffrey -- and we get -- suing get a money's at Harvard. Jack how often question that Arizona Harvard let's get a bond while he's got a lot to say. Jackie here next with how we cargo ahead Jackie."

" I don't really. I've listened to you on and off like it little bits and pieces of what you say -- And I keep that need to stop at the moment. -- complicated situation right S both sides if it attacked about them that and that's how they're both within each other. People such as yourself are saying that this is. You know what are those liberal the end of the ticket people who are deadbeats who don't deserve to have a howitzer or a couple of you've -- you're not stupidly that you think stupid thing."

" What does it was stupid I'm -- in early equate it let me try to calm -- because that's just stupid."

" Quite the animal you're up although it was do you tell a -- include but. But that."

" Say that this isn't the fault the quote deadbeats who had the -- about their boat who -- should find. The paper in the first place as part of them. Are overlooking something to being very small minded about that yeah but listen yes. But you've all in their country we can all grow up and be present that we can all win the -- week now you know make millions to acquire felt."

" We know how we can have acted with I think hypocrite."

" Here you can't everyone that what this is proven Jackie is that everyone can't only own -- house."

" agree you pick the -- they agree what you are going to ask you Howie -- I didn't say anything about the people who spoke these people. The loans and it did you know that you due to Yemen if I'm not particular about that but the -- open -- the issue. I don't mortgage you're not going to be -- the subsidy check the second part of the group that animate fooled again and it -- them -- parents. A deliberate no it was getting at first I."

" they. They worked hole the federal government these agencies told them that if they didn't lend money to people with previously. Antennae a -- credit histories. Income levels et cetera if they didn't lend to these people they weren't going to face criminal and civil liabilities."

" Over simplify it. -- would so. Big it could be people -- yeah. City people and that was."

" The incentive was the government said basically sit in in an implicit promises this guy from Harvard said there was an implicit promise that we're going to back the loans that your make it to these deadbeats."

" Okay give -- what about the people who knew DM could well that you aren't good -- it made that big bet against it. -- admit they knew that the bubble -- going to explode. Well."

" Again these are these are also the people we're gonna get bailed out by this up plane and aren't that. I. But but again Jackie I think we keep comeback with the liberal conservative tell me exactly we're following. They were being cold not cool worst perhaps but they were being. There -- being strongly encouraged. By the by the government to make these loans so you want to put him in jail. Because they they they get did what the government wanted to --"

" I don't in jail but are we going to get on the golden parachute really going to continue to pay their salaries. Are we going to continue with the lack of."

" I I don't. I don't. I didn't know Jacqui I don't want to do that on the other hand -- I don't know I don't know how old you know if if it that this talk of a financial collapses Armageddon or not but. I don't want to have my mortgage long called and which I can't pay off what all my mortgage at the particulate at this particular time. I don't want to be whirlwind because. There that war this is basically liberals that did this you won't have to you -- They were there or. What the conservatives went to conservatives ever say. I you know we want we want private institutions to make bad loans to people who can't pay back the loans that's just something that -- the conservatives don't say."

" Daryn -- that nudge wink wink we know these people going to fail. And weekends he would attempt this whole thing working."

" It's not judge weak -- they're sending they're sending out memos to the saying that you better you better come across with these. You know more redlining. No more redlining so not calling a predatory lending but predatory borrowing Jackie. That was credit come on."

" Okay do you combat this respect and I know you've got a heart somewhere in their because the program is also about entertainment and as -- that."

" It has this is we're having an entertaining conversation I believe."

" Oh good I'm gonna paint but here's here's my question to you as a human being let me politics. Or live."

" And dialogues your a little bit. About a I'm not really a much -- on the human."

" And let me if you are on some level that you can't even go there because people."

" I don't I don't feel any need. To help Al. People. Who should have known what they were getting into this old expression that I use it and it's been around for. 12000 plus years Jackie I think you know what it is copy yacht in the war."

" But that go to the people beside the loans to these people it doesn't it."

" It's yet they're not they're getting the bailed out but yet."

" Well how big gamble that's the that's the key but you know."

" I'll Bel Air passes out if they'll if they're gonna take me down with them that's thank -- Elaine. -- fortunate and here is the stuck throttle but. -- premise -- I was at a promised that the bank was willing me money meant that I can afford it they work it'll meaning that I could not afford to deal. I mean that's how I always thought mortgages typically used to be it just isn't the way it is anymore but -- you know that you wear which level you were."

" I I don't see any I don't think you can look at gift horse in the mouth I mean distraught and yet another cliche. I mean if somebody's if somebody wants to give you money I mean that you are you going to turn it down."

" My point is that if you applied for alone and the bank which you meant you could it is not your financials. So but you'd have to --"

" You didn't have the -- financials -- the height of this thing that -- telling you don't worry about that just just makes you know just here's a typewriter -- say you just -- something up and say -- you're making. It doesn't matter if you don't have a job it doesn't -- and Jackie saying -- of people that should be that should be punished. I know -- QQ let me it's it's been a disaster and it's you know again it's it's old it was a liberal program you could you could say it's -- it's all the shades of -- all the sort of thing but it it's when you come right down to witness was another one of those nice liberal reforms like assess. Like the immigration reform act of 1965. Just hasn't worked out that while for the United States. I'm now are."