Dana El-Kurd

Oh, yeah.

Oh, yeah.

OK, because I couldn't figure out because you said this was not 2019.

I was like, I thought Wells Fargo did that.

That's a real bank.

But the real bank was shadow banking.

real bank figured out a way to sell their mortgages and it's going to get much worse as we go through this but that's that's what causes this right is like turning is turning these mortgages into these like securities and like these like collateralized debt obligations and these like special packaged bullshit that you could sell to someone so the way i would describe this is it's like do you know how a bond works honestly mia i do not

Okay, let's do this.

We can do this.

Okay, so the kind of bond that you are normally likely to encounter is a government bond.

Yeah.

Okay, so you pay the government money to buy the bond.

And what the bond says is at a certain point in time, you hand it back to the government and they pay you more money.

Yeah, right.

So it's basically a loan, but it's a loan in a form where the government's technically selling it.

And then the other thing about bonds, right, is if you hand the bond to someone else...

Well, okay, I mean, this is technically bear bonds.

You can then give the bond to someone else, and now if they give it back to the government in like 10 years, they get the money, right?

Right, okay, I get that.

And you can sell these things.