. -- a federally unsanctioned enterprise. how much they have to reserve against each asset is based on the rating. the rating is bestowed on that asset by moody's and standard and poor. it has a huge affect on the ability of institutions to hold the securities. a triple a rating is what the federal government has. it is what the u.s. treasury has. there were triple a ratings on piles of mortgage bonds. there were aaa ratings placed on hundreds of billions of dollars of bonds. they did not just decline in value, then went to zero. the ratings ended up meaning nothing. >> if i had a mortgage -- the likes goldman sachs sales it to ikb. they think they are being really smart. >> all along, i am starting to not be able to pay at some point. three years into it, i go from 2% to 12%. >> i cannot refinance and all of a sudden i default. >> we are sitting there watching this and betting that it will all collapsed. let me finish this paragraph. the paragraph -- >> don't say it is all too complicated, because it isn't. >> it is not beca