the co-founder of real wealth network kathy welcome appreciate you being here what was going on with housing then regarding prices in particular up until the crash and with foreclosures cathy. i was a mortgage broker at the time and i can tell you it was very very easy to give anyone a loan i was shocked and i wondered and i kept asking who is approving this you know who is sitting in a boardroom saying sure we can give you a nina loan and no income no assets needed to anyone and so when you have an abundance of money that can be given freely to anyone without any background checks really no credit checks you're going to you're going to see people take that money and borrow it and buy things that they probably can't afford especially as you know when nobody was really checking to see if what they were writing on their loan applications was true it was a stated income loans so what we were seeing was anybody being able to buy a house a brand new house you had new homes selling like hotcakes hotcakes it just lines out the door of the subdivisions because you could just walk in and actu

take the money out and live without having to work for a year you know crazy stuff thanks for sharing kathy appreciate you being with us. thank you. and then the financial players and prominently the big bank which no longer had speculative trading restrictions upon them since that glass steagall act we talked about had been repealed back in ninety nine they began speculating in earnest in those dark markets about which chair brooksley born had warned they traded the mortgage bundles through these new products called credit the swap default swaps or c.d.s. is and they were betting if the c.d.s. would fail or not and when the value of these products was whatever the traders deemed appropriate so if a trader traded one thing in value did it x. and the other trader might value with it why the problem was these things were traded among thousands of traders and financial firms and they were broken apart sliced indicts to the point where nobody knew what the risk was for anyone and regulators had of course not a clue it was the exact type of risk crazy risk in the spring of two thousand and eight

i think was kaput kathy katie tertiary said i can't believe the rank and file the republican party still supports him that her whole message here tell me she doesn't understand half the country go ahead nate in new york or if you're going to touch on their new republic. this point no longer make up half the country if they ever did but they are shrinking in numbers every day they're losing macam talking about registered rosalee moron for becoming democrats only half the population they can vote voted for him i think that's sort of the country i would say it's closer to a third and you know they're nothing which their voice was very loudly heard during the election in fact it was overheard they were over represented thinks he looks for a college the way our senate works as well rule states are overrepresented in the senate conservatives are a minority right now in our country and yet they have a much louder voice because of the way our electoral system is set up right now and also this is just back on cavanagh real fast i don't this was a political issue previously when we're talking abou