at the fbi, nsb, weapons of mass destruction directed. at doe the nuclear materials division state department, goes on and on. then we decided afghanistan and pakistan, it was pretty important. we better pay attention to the. so what happened? odni of afghanistan and pakistan. also mission managers assign. cia di office of south asia analysis to focus on afghanistan and pakistan. they also have mission managers assign. cia, near east division, they have analysts and director assigned afghanistan-pakistan. the council now created the in il-4 near east focus on afghanistan and pakistan, state department, dia afghan-pakistan task force at the fbi, nsb, and di, the afghan-pakistan and else's office so they created fix, fusion centers and high-value interrogation group at the new rendition of how we do this. lots of money and a lot of confusion. if you pick up the book and say, did they do everything that was in this book that represents the laws that were passed by congress, the answer is yes. have begun to where they need to go, the answer i

was scanning yesterday's market rag looking at which of my friends dhaing changed job, wells had an nsbs deal and vokes way gone was out with a 750abs deal and yes, three of my friends have changed jobs by the way. i remain very positive that securitization can work. sort of the depth of the rmbs market reminds me in many ways like the imposing of the market of 1994. if you recall, and i realize most of you are too young to have done so, there was a huge rally in 1992 and 1993. it was becoming evermore complicated. there was 50-60 tranche deals, and i analyzed them and to this day i don't know what a pac-56 is. all i know is it was not a pac at all. there was no issue for 2004 -- i'm sorry, 1994 and 1995. in 1996 the market begun to revive and investors learned. i think the same thing will happen here. i would argue we vice haven't seen new securitization because it's not economic. there's three changes. first, existing securities which is currently happening in size. second, securitizations of loans purchased below par. there's a number of these deals including loan star deals and dan i