billion in in charges so they're still they've written down their assets on on this stuff like 50 million dollar and we was backstopping their losses same problem here with the subprime crisis and things leading up to it is um the
But when investigators opened up this brake, they were shocked. The final mechanical backstop had been partially disabled. Someone had physically tied plastic straps around one of the two brake wedges and rendered it useless.
Not every idea that the Innovation Center will launch will be successful, but it's designed into its DNA. And there's actually a backstop . If they can prove that their payment reforms improved quality and lowered cost, then the actuary of the department, who's not political, can certify it met those conditions,
And every -- you know, most of it is somebody left their car unlocked and CDs were taken out or somebody left their garage unlocked lost some What's the sort of the backstop ? Yeah, the courts.
that the third ways are making which is obviously arguing that there's a electoral cost to your policy statement. There is an electoral cost to backstopping genocide and apartheid. And that's what's wild to me is that people like third way are like, well, there's a cost to not doing it. I'm like, do you not pay attention to basic math?
You know, they want to think about that as income that the state should be able to tax, but, you know, because the state doesn't tax unrealized capital gains, I think they view this as being kind of a backstop of now, you know, we're going to take this 5% bite out of their wealth as a way of taxing these unrealized gains.
It favors two or three on top and nobody else. I think those two things give us some backstop towards the powerful becoming even more powerful.
And then, I think Paul was like, I'm just going to see how far I can push this. Would there be even more offensive jokes if she wasn't there backstopping you?
This comes from Thomas Hobbes, 17th century English philosopher. And Hobbes's point was that we often enter into trusting relationships because there's a backstop . Because we can use a legal form, a contract, to specify the terms of the relationship.
David Wessel: Yes, they should. Right? But, that's one of the things that's kind of frustrating about this. They were sophisticated people. And if it was based on kind of Paulson's overplaying his hand that the government wouldn't backstop a deal with say, Barclays, and what not. And then, the ultimate kind of hypocrisy if
So my focus is really on the housing still because, as I said, I think the most important thing we did was put Fannie and Freddie into conservator-ship. But if you look then, they backstopped, they guaranteed, about half of the residential mortgages in this country. Now-- and when we did that, it never dawned on me that we would keep them in their current form.
clear to me that Trump will be any nicer to them out here. And certainly if you look at public opinion in South Korea, right, American approval has you know, fallen significantly. People still like the alliance because they realize the alliance is an important backstop , particularly the nuclear American nuclear commitment. But I mean American the opinion of the United States has fallen here as it has in many many
And what that does is it actually facilitates trust in those private agreements. You hope you never will have to sue and go to court, but knowing that that's there as a backstop facilitates these private interactions. Problem there, of course, is you have to trust the government and you have to go through the legal system.
But we own worldwide rights on it. So we're thinking if we curate well, and keep the budget tight, and we're basically a backstop for distribution as Drafthouse Films, then we can hopefully make these low-budget films work.
It was a flawed structure behind those agencies, so they need to be phased out, we need to figure out what they're going to be replaced with. Well today, the government-- if you look at the FHA and Fannie Freddie, and other programs, is backstopping almost half the residential mortgages. Which means the government is setting the price and terms, not the markets.