Quite an important factor. So thats the second point. The third point id make is c. B. O. Themselves says theres a tremendous amount of uncertainty. A lot of the report stems from, as tax credits phase out, what does that do to peoples incentives . Theres a literature on the earned income tax credit that has generally found that the phaseout of the earned income tax credit doesnt affect labor supply. C. B. O. Is assuming that in this context, people will have a much better understanding of these phaseouts and alter their behavior in response to it in a much greater degree than weve seen with the earned income tax credit. I expect c. B. O. Would say theres uncertainty around that and expect thats one of the many assumptions that one could debate in this report. You dont dispute or do you dispute the conclusion, one of the main conclusions that weve talked about already, that some people would choose to go part time so as not to lose the subsidies that are a part of the design of the a.
About. Is that wrong . Fundraising committees, for one member to another again, i apologize for repeating myself, justice alito. And the receipt of the large text is a problem, corruption problem. None of them have adjusted that problem. I do not understand that. At the time they send money to this hypothetical joint, there is a corruption problem . What if they took the money and burned it . It would be a corruption problem . They will not burn it. When does the corruption occur . It occurs when it is transferred to the person and they want to corrupt. I beg to differ. When it is delivered. That is the inherent risk of corruption in that situation. It is quite parallel to why we have aggregate limits and what you can give to a party. They are all on the scene team. They all have an interest in each others success. They will have a sense of indebtedness. Adjustuld, i will try to the circumvention problem. What they have done is come up with the whole series of things. It is not one thi
Mortgages. That is going on today . The deadline is tomorrow. In the legislation, we band the bad kind of mortgages. They said i was keeping poor people from buying houses in subprime was fine. That is exactly right. You can read it. Es copies for everybody. Secondly, to the great bulk of mortgages, they were qualified mortgages. Those mortgages, you would be able to secure them, but we asked for Risk Retention. Five percent of the risk would have to be retained. That would incentivize them not to provide junk. Because of senators, democrats, listening to people in the mortgage industry, would put in a qualified residential mortgage, stupidly confusing. Those mortgages were supposed to \those mortgages were supposed to be a supersafe category to securitize. To my dismay, the major proposal of the five regulators is to convince to combine the two, the other you can make without Risk Retention of any case. You heard that before. This is been the single biggest cause of the problem. I am
Over bear stearns. That was hard enough to get it done. I agreed with them. It was no way that the withution procedure intervention that we had in there. Ss the government will come and take it over. It would not have flown. I want to add this. Sometimes we make a mistake. It is driven by the perceptions of voter sentiment. The tarps a Great Success but hated. Media, itians, the makes me nuts. The voters are no picnic either. I used to say that when i was in office. Born had a quote. Oh barney had a quote. The stitches are not so hot. The constituents are not so hot. You have this ideological tremendous intervention. You step in and to get rid of the board of directors and you fire people and you take the shareholders money. It was a hard enough job for me as chairman. I would never want to put it to a vote of the action by the fed being so active. It wouldve failed in committee. Said youmously have never want a serious crisis to go to waste was dubbed i believe kristi waste. Doubly kr
Comments about your specific things we can do to get this fixed. I understand all of us would like to have a hard date wherever they will be perfect. What we are dealing with is the real world. We want it to be functional for the vast majority of americans. What are the abc state you need what areon mark the abcs that you need to do . The team is taking all the right steps. Is a of all, the team limited monitoring across the site. System, and where to focus. Isondly, the team undertaking an aggressive programming improvement to actually improve visibility and performance of the site. Capacity expansion, etc. , which has resulted in system Response Times going eight seconds to less than a second. Thirdly, the team is a working on functionality bugs. I had pretty issue is use interface and user experience. That is being pursued aggressively. Finally, there is a bunch of work underway to keep improving the release process. You can actually fix the issues faster and faster at a growing cli