welcome back to the kaiser report by max kaiser time now to turn to dr michael hudson author of super imperialism and his latest book the bubble and beyond dr michael hudson welcome back to the kaiser report thank you very much sir at the time the book is the bubble and beyond are we now beyond. well the legacy of the bubble is usually debt deflation not when the bubble bursts prices for the real estate go down prices for other assets go down but the debts remain in place so now we're in the negative equity stage of the bubble where and if lation and people who have to use their money to pay back the banks and all the creditors who's money build up all of the real estate prices no they have to keep paying and there is no write down debt to reflect the actual ability to pay so you still have. millions and millions of american homeowners that can't afford to up there are losing their own as there are a lot of below market sales that are all being bought up by large. equity funds without any markets at all the edge funds have got into the business so we're in the class warfare stage of t