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going up. i can t refinance and all of a sudden i m defaulting. and steve eisman and others mike burry and others are sitting there watching this betting that it will all collapse. right. betting that it will all collapse. are they risking very much? i mean you go into the billions of dollars that they have invested in these bonds and then they let me finish this paragraph all right. you kind of hung up on this. well, i did because the paragraph here don t give your view as the impression that it s all so complicated because it isn t. i think it s pretty well my mother understood it. well here s it s not that it s so complicated is i had an ah-ha moment here and i m going to read the rest of it trying to figure out all of this out. right. only a triple a rated corporation could assume such risk. no money down and no questions asked. burry, mike burry the investor, the protagonist of the story. was right about this too but he it ....
there was an argument that credit card companies were charging some poor guy 25% interest on overdrafts. if we can get that same guy. that same guy owns a house. he has equity in a house. we can justify limiting to him at a much lower rate because our loan is secured by the house. it will be good for everybody because he can pay off his credit cards. who is getting scant at this point? nobody should have been. in theory, it could have worked. the problem was, the consumers were poorly protected. the minute that the wall street firms were in the business of harvesting middle class and lower middle-class american for home equity values, there wasn t natural risk of abuse. generally, people are bewildered. the minute in gets a little complicated, it becomes a lot complicated. conservatives point their finger bill clinton and the liberals point their finger at george bush and some point their finger at fannie and freddie. did you point your finger at anybody? this i ....