{"@context":"http://iiif.io/api/presentation/3/context.json","id":"https://iastate.aviaryplatform.com/iiif/qn5z60cn8t/manifest","type":"Manifest","label":{"en":["Kane, Edward J., The Continuing Savings and Loan Insurance Mess"]},"logo":"https://d9jk7wjtjpu5g.cloudfront.net/organizations/logo_images/000/000/004/original/ISULogo.png?1601681107","metadata":[{"label":{"en":["Publisher"]},"value":{"en":["Iowa State University. Special Collections and University Archives"]}},{"label":{"en":["Identifier"]},"value":{"en":["RS008-006-053 (call number)","AV204004 (UID)"]}},{"label":{"en":["Description"]},"value":{"en":["The Continuing Savings and Loan Insurance Mess is a March 27, 1991 event in the Iowa State University Lecture Series featuring Edward Kane. Edward Kane discusses the savings and loan crisis.","This item was captioned by Rev.com in conformance with WCAG 2.1 AA accessibility guidelines. 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Special Collections and University Archives, Iowa State University Library, Ames, Iowa."]}},{"label":{"en":["Ark"]},"value":{"en":["https://n2t.net/ark:/87292/w94j0b30j"]}},{"label":{"en":["Date"]},"value":{"en":["1991-03-27"]}},{"label":{"en":["Type"]},"value":{"en":["lectures","Sound"]}},{"label":{"en":["Agent"]},"value":{"en":["Kane, Edward J. (Edward James), 1935- (speaker)"]}},{"label":{"en":["Format"]},"value":{"en":["1/4 inch audio cassette"]}},{"label":{"en":["Subject"]},"value":{"en":["Savings and loan associations","Savings and loan association failures","Savings and Loan Bailout (1989-1995)","Federal Savings and Loan Insurance Corporation"]}},{"label":{"en":["Language"]},"value":{"en":["English (primary)"]}},{"label":{"en":["Relation"]},"value":{"en":["Committee on Lectures records (RS 8/6/53) (physical collection)","Iowa State Lectures Series (digital collection)"]}}],"summary":{"en":["The Continuing Savings and Loan Insurance Mess is a March 27, 1991 event in the Iowa State University Lecture Series featuring Edward Kane. 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husbandry,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=63.13,66.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/19","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which today of course is called animal science,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=66.21,68.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/20","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but in those days, they had a more accurate 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teaching.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=236.33,238.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/66","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Besides authoring three books,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=238.91,241.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/67","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"he is published widely in a very large number","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=241.52,245.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/68","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of professional journals,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=245.78,247.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/69","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and currently serves on the editorial boards","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=247.26,251.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/70","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of seven professional economics or finance journals.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=251.12,255.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/71","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"His subject tonight is a timely one,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=255.72,258.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/72","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the continuing Savings and Loan Insurance mess, Ed Kane.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=258.63,263.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/73","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Thank you, Denny.\n(audience applauds)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=263.857,268.816"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/74","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, thank you very much.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=268.816,270.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/75","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's unusual to be lecturing in a series","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=270.4,272.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/76","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"where I know the donor for the series.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=272.96,274.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/77","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Most of my friends couldn't afford","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=274.78,277.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/78","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to sponsor a series, and it's great to have had","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=277.35,280.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/79","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at least one who did good.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=280.83,282.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/80","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It was exactly 30 years ago that I taught here","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=282.47,285.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/81","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at Iowa State in the academic year of 1960, '61,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=285.11,288.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/82","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and Dudley Luckett reminded me that my first article","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=288.97,292.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/83","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was done with him, my first published article.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=292.51,295.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/84","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So I have a lot of fond memories of Ames,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=295.13,298.99"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/85","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we really had a very lively social life","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=298.99,302.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/86","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the year we were here,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=302.63,303.463"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/87","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"probably the liveliest one we've ever had.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=303.463,305.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/88","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I trust it's still like that now.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=305.1,307.333"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/89","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I have also, if you want to know more about","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=308.41,310.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/90","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the Deposit Insurance mess, I have a book","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=310.6,312.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/91","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that you can buy called","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=312.56,314.037"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/92","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"The S\u0026amp;L Insurance Mess: How did it Happen?\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=314.037,316.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/93","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm gonna talk today somewhat about","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=316.86,318.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/94","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"just understanding it, what needs to be done to clean it up,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=318.58,321.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/95","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which is sort of the next book I'll be writing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=321.38,323.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/96","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Let me start by giving you some introductory perspective,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=325.24,328.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/97","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so you can get the picture of what's going on.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=328.04,330.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/98","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The causes of this mess are both complex and simple.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=330.95,335.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/99","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So I'll start with the complex idea,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=336.19,338.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/100","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or at least a metaphor for the complexity,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=338.04,340.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/101","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then what I read in the press,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=340.28,341.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/102","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"their description of what causes the S\u0026amp;L mess,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=341.98,344.853"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/103","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it reminds me of a \"New Yorker\" cartoon","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=346.01,348.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/104","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from about four years ago, and in this cartoon,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=348.03,350.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/105","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there's this huge blackboard about the size of,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=350.7,353.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/106","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"half the size of this wall, but fully as tall as that,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=353.6,356.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/107","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"covered with mathematical equations","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=356.61,358.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/108","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the greatest complexity and diagrams","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=358.71,361.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/109","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that turn in on themselves, and so on.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=361.36,363.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/110","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And scientists in their lab coats","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=363.56,365.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/111","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are looking at it very skeptically.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=365.84,369.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/112","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One of them turns to the other one.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=369.05,370.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/113","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He says, \"If only it were that simple.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=370.25,372.877"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/114","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And,\n(audience laughs)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=372.877,374.257"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/115","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and so the S\u0026amp;L mess is complex.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=374.257,377.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/116","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's much more complex than the press can handle,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=377.96,380.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/117","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it's much more disturbing that most of us","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=380.95,383.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/118","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"want to believe, that it's simultaneously more complex","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=383.21,386.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/119","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and disturbing, certainly than incumbents in Congress","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=386.96,390.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/120","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and in the presidency over the last couple of decades","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=390.19,392.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/121","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"have wanted the electorate to understand.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=392.84,395.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/122","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But unless we have a comprehensive theory","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=395.49,397.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/123","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of what caused the mess, we'll never get out of it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=397.89,400.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/124","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That is, if we just use incomplete theories,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=400.78,403.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/125","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we will get incomplete solutions.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=403.54,405.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/126","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And what about simplifying metaphors?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=405.7,408.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/127","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, despite the complexity,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=408.05,410.48"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/128","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think that simple-minded cartoons","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=410.48,412.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/129","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and horror movies can teach us a great deal","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=412.33,415.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/130","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about the origins of the mess,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=415.07,418.076"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/131","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and by the mess I mean how so many S\u0026amp;Ls","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=418.076,420.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/132","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"came to be so severely wrecked,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=420.4,422.85"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/133","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and then how the bill for repairing these S\u0026amp;Ls","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=422.85,426.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/134","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"ended up being shifted onto taxpayers account,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=426.4,429.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/135","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that is onto our bill.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=429.65,431.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/136","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"All of us owe for this,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=431.08,433.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/137","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I don't remember signing on for it,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=433.21,435.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/138","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I don't think you do either.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=435.03,436.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/139","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Yeah, one of these metaphors is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=436.72,440.37"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/140","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"really the most memorable sequence","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=440.37,441.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/141","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in Walt Disney's \"Fantasia.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=441.98,444.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/142","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"This is \"The Sorcerer's Apprentice.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=444.29,446.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/143","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you remember this scene,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=446.57,448.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/144","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and most people who've seen it never forget it,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=448.21,451.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/145","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Mickey Mouse is working for the sorcerer,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=451.5,454.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/146","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who has a somewhat messy cellar, and he's going out.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=454.21,457.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/147","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So he asks Mickey Mouse to clean up the cellar for him","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=457.21,459.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/148","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"while he's gone, hands him a bucket of water and a mop.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=459.96,463.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/149","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And instead of rolling up his sleeves and going to work,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=463.55,466.37"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/150","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and doing the cleanup, Mickey dresses up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=466.37,468.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/151","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the sorcerer's clothes,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=468.97,470.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/152","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and gets one of the sorcerer's magic books,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=470.19,472.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/153","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and casts a spell to bring the bucket and mop to life","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=472.74,476.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/154","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to do his work for him.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=476.91,478.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/155","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, the spell quickly goes out of control.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=478.5,482.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/156","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The mops and buckets end up multiplying at a geometric rate,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=482.96,487.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/157","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and Mickey sees the water rising in the basement,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=487.24,489.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/158","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so he runs up the stairs and tries to cover up the problem","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=489.84,492.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/159","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by shutting the cellar door,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=492.63,493.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/160","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and putting all his weight against it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=493.79,495.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/161","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the water builds up, and flings the doors open,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=495.88,498.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/162","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"throws Mickey off them,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=498.98,500.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/163","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and of course, the flood is revealed for everyone to see.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=500.95,503.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/164","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And finally, the sorcerer returns","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=503.63,505.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/165","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and has to put everything right again.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=505.52,507.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/166","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, to understand how this illustrates the mess,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=507.42,510.523"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/167","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what we have to do is to recast the film,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=510.523,513.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/168","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that a succession of presidencies, Congresses,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=513.41,516.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/169","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and top thrift regulators acted the role of Mickey Mouse.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=516.61,520.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/170","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"When I say this in Washington, they take offense to that,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=520.32,522.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/171","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but I don't quite understand it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=522.97,525.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/172","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It seems such a good fit,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=525.22,526.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/173","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the economically insolvent S\u0026amp;Ls","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=526.86,530.003"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/174","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that I'm gonna call zombie S\u0026amp;Ls, living dead institutions,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=530.003,534.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/175","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"played the role of the mops,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=534.17,536.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/176","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and instead of spilling buckets of water,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=536.75,539.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/177","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they spilled buckets of red ink.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=539.33,541.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/178","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And finally, the sorcerer was the taxpayer,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=541.75,545.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/179","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that the taxpayer has to come back and pay the 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movies.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=553.33,556.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/182","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I hope a number of you have seen those.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=556.86,558.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/183","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I happen to be very fond of them,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=558.9,561.053"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/184","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which must say terrible things about me","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=561.053,563.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/185","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and my 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zombies,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=569.95,574.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/188","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they have, they were interested in only one thing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=574.43,577.99"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/189","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They were hungry for human 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later","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=593.59,596.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/194","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"arises as another zombie.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=596.16,597.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/195","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So the zombies 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institutions,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=611.46,614.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/200","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they behave like zombies.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=614.84,616.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/201","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I could say it's an eerily apt 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investments,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=635.9,640.773"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/210","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they want it to be risky,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=642.09,643.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/211","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because that's the only way they can 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trouble.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=648.36,650.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/214","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So they bid down the industry profit margins","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=650.16,653.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/215","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to unsustainable levels, and in that way,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=653.54,655.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/216","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"create more zombies.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=655.52,656.353"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/217","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That is, if other institutions can't make enough money,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=656.353,659.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/218","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then they become zombies also.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=659.53,661.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/219","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So that's the idea of the spread of 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them,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=668.93,671.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/222","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is that if you see the zombie movies,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=671.35,673.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/223","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you see the police in the military out at work","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=673.71,675.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/224","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"trying to corral the zombies, kill them, bury them,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=675.81,678.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/225","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"put them out of the way.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=678.54,679.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/226","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Why weren't the equivalent of the cops,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=679.93,683.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/227","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the regulators for the S\u0026amp;L industry,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=683.55,686.253"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/228","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"burying their institutional dead promptly,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=687.15,689.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/229","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as would be required for good health?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=689.8,691.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/230","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And even more, why were taxpayers given false assurances","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=691.88,695.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/231","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that there really wasn't any problem,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=695.94,697.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/232","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that they had everything under control?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=697.72,699.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/233","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And why were taxpayers then made responsible for the losses?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=699.98,703.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/234","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I estimate these losses to now be","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=703.61,705.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/235","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on the order of $225 billion,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=705.49,708.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/236","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"allowing for what's been lost since FSLIC was closed","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=708.43,711.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/237","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in August, 1989.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=711.52,714.819"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/238","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We're still today for the Bank Insurance Fund","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=714.819,718.3"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/239","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"being given false assurances,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=718.3,720.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/240","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and about the Resolution Trust Corporation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=720.1,722.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/241","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that's taken over the job of selling off zombies","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=722.11,724.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/242","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and zombie assets.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=724.55,726.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/243","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The man who runs that, his name is William Seidman.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=726.0,728.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/244","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you've ever seen him on television,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=728.11,729.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/245","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"he reminds me of a character that most of you","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=729.9,731.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/246","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are too young to remember, but his name was Mr. Bluster","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=731.82,734.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/247","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on the \"Howdy Doody\" show.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=734.96,736.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/248","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But this man just blusters about","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=736.8,738.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/249","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"how he got all this under control,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=738.31,739.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/250","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"don't worry about it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=739.69,740.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/251","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"At the same time, he does allow 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is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=744.15,749.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/254","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"now a repeat, a rerun of what we saw in the S\u0026amp;L industry.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=749.48,753.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/255","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There's slight changes, but the heart of it is the same,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=753.95,756.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/256","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and there's really gonna be three dimensions","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=756.68,758.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/257","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to this problem, just as there was to the FSLIC mess.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=758.7,761.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/258","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The first dimension is the size","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=761.1,763.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/259","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and timing of the cumulative losses that are suffered","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=763.26,766.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/260","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by insured thrift, it's, insurance, insured institutions,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=766.34,769.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/261","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"thrifts in the past, banks now.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=769.74,772.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/262","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the point is that official figures","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=772.09,773.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/263","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"don't give us much guidance.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=773.66,774.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/264","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Official figures tell us we're not losing much,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=774.93,776.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/265","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there's still plenty of reserves left in the 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be","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=782.01,784.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/268","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the unrealized losses, the losses they've chosen","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=784.19,787.2"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/269","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"not to absorb because they've let zombies stay in 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losses","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=794.26,796.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/272","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"away from the stockholders, I'm sure all of you know that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=796.87,799.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/273","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the theory of capitalism is that stockholders","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=799.25,801.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/274","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"invest in firms, take risks.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=801.92,803.727"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/275","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The firms do well, stockholders do 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today,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=825.94,827.687"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/284","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and to foreign competition.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=827.687,829.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/285","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They're trying to keep firms in play.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=829.4,831.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/286","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So we've got now 12,500 banks, roughly,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=831.35,834.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/287","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about 2,500 S\u0026amp;Ls roughly,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=834.38,837.357"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/288","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and about 500 mutual savings banks.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=837.357,840.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/289","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the government is doing everything it can to 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necessary","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=847.4,849.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/292","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to have the consolidations occur.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=849.32,851.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/293","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Instead, they're trying to keep some","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=851.45,853.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/294","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the weakened members in play,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=853.01,855.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/295","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and this works against having a proper 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game.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=861.448,866.448"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/298","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"All right, now, let's, what I wanna turn to next is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=867.02,869.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/299","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"sorting out the blame,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=869.21,870.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/300","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that let me begin by saying that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=870.84,873.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/301","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"sorting out the blame is one of these very complex tasks.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=873.27,876.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/302","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I said it was a very complex problem,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=876.5,879.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/303","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it's very much like a loss of a basketball team","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=879.1,881.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/304","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the NCAA tournament.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=881.35,882.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/305","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There is no one reason why it loses.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=882.78,886.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/306","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The mess is a team product.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=886.61,888.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/307","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Ohio State lost, if you saw last week,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=888.88,892.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/308","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by a dramatic edge to St. John's,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=892.32,894.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/309","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and was just beaten in every element of the game essentially","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=894.66,898.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/310","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you can't just point the one answer,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=898.02,900.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/311","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"though most people writing stories in the press","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=900.69,902.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/312","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"will settle for one, because they have a hard time","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=902.66,905.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/313","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"handling more than one at a time.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=905.34,907.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/314","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the issue really is in what proportion","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=907.03,909.99"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/315","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and with what degree of censure to blame","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=909.99,913.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/316","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a host of partial causes,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=913.13,916.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/317","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and then to recognize that each of these partial causes,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=916.1,919.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/318","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the damage from these partial causes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=919.53,921.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/319","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was dramatically multiplied by misregulation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=921.29,924.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/320","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So that the final answer is that misregulation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=924.78,927.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/321","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"made the mess so big because just as the,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=927.61,931.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/322","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we said that police and military tried to bury the dead","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=931.87,934.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/323","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in zombie movies, so the regulators should have been","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=934.8,937.403"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/324","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"burying the dead in the thrift and bank industry.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=937.403,940.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/325","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Let me start then with an overview","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=940.89,942.48"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/326","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of three incomplete explanations, which you've heard,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=942.48,944.757"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/327","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that some of you may subscribe to,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=944.757,946.857"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/328","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I'll try to make you understand why they're incomplete,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=946.857,949.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/329","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"not that they're irrelevant,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=949.33,951.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/330","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but they really don't explain the size of the loss,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=951.13,953.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/331","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they certainly don't explain why the loss","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=953.35,955.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/332","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"went to taxpayers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=955.57,956.943"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/333","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The first of these is what I call","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=957.878,959.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/334","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the bad economic luck theory,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=959.11,961.2"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/335","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that the thrifts were just in the wrong kind of investment","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=961.2,964.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/336","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at the wrong time, the idea being that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=964.02,966.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/337","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the two most important economic variables","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=966.76,968.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/338","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for thrift profits are what?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=968.66,970.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/339","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Interest rates and real estate prices.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=970.49,973.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/340","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What happened?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=973.42,974.253"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/341","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They went way up, and then they went way down,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=974.253,976.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/342","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and these movements have knocked them around,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=976.24,980.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/343","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and then they were further intensified by federal deficits,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=980.27,983.703"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/344","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"stronger financial competition,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=985.52,987.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/345","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"changing oil prices, and changing tax structure.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=987.8,990.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/346","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"All of this just narrowed in on,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=990.79,992.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/347","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"zeroed in on this industry, and beat it up.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=992.94,995.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/348","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And there's no question that those things","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=995.74,997.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/349","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"caused trouble for this industry,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=997.33,999.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/350","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but they don't explain why firms just didn't exit when they,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=999.36,1003.127"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/351","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and get back to where you had enough","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1003.127,1004.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/352","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that could earn a decent profit, and why, again,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1004.73,1007.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/353","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the losses got shifted to taxpayers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1007.79,1010.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/354","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The second theory that one hears a lot","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1010.17,1011.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/355","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I call the bad apples theory.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1011.79,1013.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/356","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Although there's many branches of this theory,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1013.61,1016.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/357","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"each of which uses a different idea","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1016.42,1018.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/358","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of what the word bad means,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1018.18,1019.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/359","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the first is the most straightforward meaning of bad,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1019.94,1022.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/360","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which is to say dishonest,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1022.38,1024.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/361","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or criminal behavior by thrift managers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1024.24,1027.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/362","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Here, the idea is fraud and insider dealing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1027.49,1029.933"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/363","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The second element is to say","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1030.91,1033.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/364","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that they were just bad managers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1033.49,1034.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/365","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They weren't necessarily dishonest.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1034.94,1036.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/366","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They were inept.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1036.6,1038.107"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/367","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And you hear that, that this was just too tough a 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joke.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1047.873,1050.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/372","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I don't, I tell it sometimes with great pain","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1050.93,1053.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/373","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the family of the man who endowed my chair.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1053.9,1057.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/374","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He had three or four sons.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1057.26,1059.173"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/375","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One of these sons is in banking,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1060.13,1061.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/376","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the others are in S\u0026amp;Ls.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1061.93,1064.107"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/377","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the joke is that when a banker has more than one son,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1064.107,1068.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/378","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the smart one goes banking,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1068.07,1070.2"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/379","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the other ones would go into S\u0026amp;L 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that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1077.6,1080.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/382","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But I think that's silly that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1080.79,1082.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/383","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"people can hire the same markets","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1082.9,1085.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/384","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"whatever skills they need.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1085.8,1089.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/385","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Smart people were quite willing to work for S\u0026amp;Ls","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1089.71,1091.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/386","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at the right price.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1091.75,1093.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/387","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In fact, what we saw was not ineptitude.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1093.68,1098.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/388","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It was not dishonesty.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1099.29,1101.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/389","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If we, the only way we could use the word bad in 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basically","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1118.65,1121.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/396","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to finance very speculative real estate projects.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1121.24,1126.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/397","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But again, while this cost, helped the cause losses,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1126.06,1129.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/398","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"this is not strictly dishonest,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1129.83,1132.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/399","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the issue should have been what was done","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1132.06,1134.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/400","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by the regulators to control this conflict of interest","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1134.35,1137.667"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/401","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and to stop this kind of risk-taking.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1137.667,1139.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/402","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, the third of these theories,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1139.93,1141.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/403","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which also begins with bad, is,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1141.97,1143.977"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/404","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it comes from this idea that these S\u0026amp;L managers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1143.977,1146.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/405","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"actually were making clever responses","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1146.96,1149.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/406","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the regulatory environment that was set for them","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1149.76,1152.2"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/407","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by the regulators who were not enforcing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1152.2,1154.3"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/408","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the taxpayer's interest,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1155.52,1157.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/409","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and this is what I call the bad ideology theory,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1157.38,1159.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/410","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but a more descriptive theory would be to say","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1159.52,1161.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/411","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the excessive deregulation theory.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1161.89,1164.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/412","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The idea is that there were a lot of changes made","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1164.32,1166.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/413","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the powers and duties that the S\u0026amp;Ls had to follow.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1166.69,1170.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/414","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"First, we deregulated interest rates in the 1980s,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1170.42,1173.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/415","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so they had a bid for interest.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1173.55,1175.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/416","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Secondly, they were given a lot of new","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1175.36,1178.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/417","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"housing finance powers that meant","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1178.13,1180.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/418","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"their jobs became more complicated.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1180.32,1182.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/419","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They could make all kinds of loans","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1182.24,1183.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/420","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that they were not allowed to make before.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1183.74,1185.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/421","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And this is at the federal level,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1185.67,1188.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/422","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and also at the state level,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1188.34,1190.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/423","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there was extension of a number","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1190.12,1192.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/424","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of new risk-taking powers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1192.78,1194.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/425","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But this, this goes back.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1194.77,1197.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/426","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It isn't, the evidence, if you look at it,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1197.0,1199.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/427","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's not that all S\u0026amp;Ls got into trouble","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1199.17,1202.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/428","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because of excessive, because they had new powers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1202.93,1206.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/429","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But in fact, the ones that got in trouble","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1206.28,1208.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/430","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"were the ones that were already zombies going in,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1208.83,1211.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/431","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the ones that were insolvent,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1211.22,1213.833"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/432","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and therefore were cheap for developers to buy,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1214.77,1217.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/433","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that because regulators were allowing them to play,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1217.56,1220.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/434","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they were attracted to taking all this risk.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1220.15,1222.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/435","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So basically I'm saying that the theory is incomplete","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1222.33,1226.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/436","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in that it leaves the key question unanswered","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1226.35,1228.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/437","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about why whatever, whenever this was going on,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1228.53,1231.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/438","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"regulators didn't control the damage","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1231.6,1234.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/439","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from each of these partial causes.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1234.42,1236.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/440","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So the theory that I'm going to espouse,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1236.6,1238.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/441","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I believe in very deeply,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1238.66,1240.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/442","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is that there were perverse incentives in government,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1240.62,1243.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/443","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and there still are, and the officials are rewarded","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1243.4,1246.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/444","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for covering up developing problems,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1246.45,1248.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/445","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and deferring needed action,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1248.86,1250.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/446","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"even though they know this strategy is costly","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1250.77,1253.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/447","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to taxpayers as a whole.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1253.05,1255.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/448","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And you can think of it, if you were driving","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1255.16,1256.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/449","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"somebody else's car, this is very painful,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1256.74,1259.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/450","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"'cause my son just ruined a car of mine,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1259.25,1262.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/451","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you see it overheating,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1262.63,1264.163"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/452","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you're only a few miles from home,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1265.24,1268.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/453","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and so you say, well, you know,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1268.09,1270.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/454","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the gauge might not be working right,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1270.46,1272.777"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/455","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(man laughs)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1272.777,1274.455"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/456","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that I'll try to drive it home.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1274.455,1276.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/457","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And then in a few miles, it seizes up, and it's ruined.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1276.84,1280.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/458","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, that's the owner's problem, isn't it?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1280.43,1283.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/459","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you'd gotten home all right,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1283.01,1284.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/460","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that would have been a benefit to you.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1284.6,1286.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/461","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so, that's essentially it,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1287.37,1289.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/462","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that their careers benefited from taking these risks.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1289.39,1293.2"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/463","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In most of their cases, they got home with the car.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1293.2,1295.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/464","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The car was damaged, but they went","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1295.76,1297.657"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/465","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and went off to their own car","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1297.657,1299.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/466","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and left it for the taxpayers to deal with the effects.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1299.17,1303.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/467","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That, what, another way to look at it is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1303.96,1305.623"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/468","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that we had a police force,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1305.623,1307.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/469","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but this police force drove unmarked cars,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1307.81,1310.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/470","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and didn't enforce speed limits anyway.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1310.78,1313.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/471","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So they neither had the deterrent effect","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1313.73,1316.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/472","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of seeing the well-marked car,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1316.64,1318.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/473","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they didn't have the deterrent effect","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1318.41,1320.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/474","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of enforcing the law.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1320.1,1321.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/475","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So we need to fix these incentives","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1321.4,1323.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/476","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"before we can get adequate reforms.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1323.27,1325.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/477","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, adequate reforms would include more than this.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1325.34,1327.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/478","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It would mean, include better monitoring","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1327.16,1328.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/479","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the condition of institutions,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1328.95,1330.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/480","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the setting of premiums that would respond somewhat","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1330.92,1333.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/481","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the risk, and interacting with the monitoring.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1333.22,1336.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/482","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But we're not gonna get such things","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1336.84,1340.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/483","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"until we've previously straightened out","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1340.1,1342.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/484","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the officials' incentive, so they want to have","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1342.68,1345.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/485","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"this kind of development.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1345.36,1346.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/486","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So to get back to the idea of crime,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1346.49,1348.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/487","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"how much of the losses the taxpayers suffered","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1348.91,1352.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/488","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"do you suppose was due to crime?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1352.44,1355.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/489","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, if you listen sort of carelessly","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1355.27,1358.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/490","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to public officials talk,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1358.15,1360.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/491","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you would think it's a very high percentage.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1360.33,1362.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/492","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In particular, several congressmen","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1362.68,1364.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/493","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and several of the Deposit Insurance top managers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1364.67,1368.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/494","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"have made the point that there's fraud involved","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1368.35,1370.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/495","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in something like 60 to 70% of the S\u0026amp;Ls that have failed.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1370.95,1374.913"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/496","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So that sounds like, well, it must be a pretty big cause,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1376.12,1378.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/497","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but notice they say fraud's involved.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1378.63,1381.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/498","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's, you know, when an institution gets","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1381.61,1383.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/499","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in this deep kind of trouble,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1383.73,1384.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/500","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"all kinds of internal controls break down,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1384.88,1388.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/501","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so it's not surprising that a troubled firm","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1388.11,1390.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/502","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"would have some fraud.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1390.49,1391.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/503","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The issue is how much of the losses","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1391.78,1393.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/504","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the taxpayer got were traceable to fraud,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1393.54,1397.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/505","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and here the estimates are much smaller,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1397.32,1399.143"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/506","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that there's a man named Bert Ely,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1399.143,1401.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/507","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who is specialized in trying to measure these things.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1401.44,1403.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/508","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He says it's only 3%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1403.7,1406.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/509","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"An academic whom I respect very much,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1406.24,1408.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/510","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"James Barth, from Auburn says it's 10%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1408.17,1411.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/511","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it's the government officials that say","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1411.52,1413.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/512","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's the higher amounts.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1413.04,1414.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/513","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And they want it to be seen as a higher amount, why?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1414.7,1417.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/514","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"A, the public can understand this idea of fraud.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1417.83,1420.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/515","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's simple, that's just taking money off the table,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1420.15,1423.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/516","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that it puts blame on the crooks,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1423.01,1427.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/517","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"not on the government,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1427.21,1429.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/518","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because the question is that the government","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1429.27,1432.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/519","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"didn't see this kind of fraud,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1432.15,1433.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/520","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but, or they would have acted against it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1433.74,1436.59"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/521","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So, but it turns out that the FBI in studying this","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1436.59,1440.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/522","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has put out a few statistics.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1440.65,1442.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/523","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So they find that most of the frauds they've identified","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1442.01,1445.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/524","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"involve losses of less than $25,000,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1445.09,1449.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/525","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that it would, and I calculated it would take 7.4 million","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1449.88,1453.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/526","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"such frauds to produce the 185 billion in losses","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1453.91,1458.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/527","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that we probably had when FSLIC was closed down.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1458.38,1462.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/528","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So what about the excessive deregulation theory?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1462.51,1466.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/529","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Another point to make against it is that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1466.03,1469.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/530","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it turns out that the removal of deposit rate ceilings","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1469.23,1471.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/531","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the giving of new powers came after FSLIC","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1471.78,1476.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/532","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was already over $100 billion in the hole.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1476.09,1479.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/533","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So it really has to be portrayed","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1479.21,1481.59"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/534","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as an aggravating response","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1481.59,1483.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/535","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the industry's insolvency,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1483.95,1486.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/536","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"rather than a cause of the insolvency.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1486.21,1488.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/537","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, it turns out that when interest rates floated up a 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gambled","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1493.78,1498.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/540","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in new ways through the risky loans to developers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1498.16,1502.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/541","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and so on in the interim.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1502.15,1504.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/542","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But nevertheless, they did do this.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1504.94,1507.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/543","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so, it was not an initiating 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yourself,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1513.848,1516.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/546","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or to make new kinds of loans.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1516.02,1520.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/547","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What was bad was letting the zombies do those things,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1520.6,1524.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/548","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"letting firms that had none of their own capital at stake","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1524.21,1527.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/549","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"take risks in new ways,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1527.8,1529.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/550","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because they were led to pay extra money to,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1529.18,1532.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/551","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for deposits to get large chunks of money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1532.09,1534.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/552","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to put down under the table in a bet,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1534.82,1537.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/553","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so they'd have a chance at making up their past losses.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1537.17,1539.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/554","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I mean, these institutions were already dead.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1539.87,1543.37"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/555","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They just hadn't been buried,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1543.37,1544.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/556","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they wanted to take what amounts","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1544.89,1546.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/557","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to lottery tickets to get well.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1546.26,1547.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/558","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I mean, all of us know people who have","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1547.77,1549.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/559","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"these terrible problems, financial problems,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1549.62,1550.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/560","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and what do they do?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1550.66,1551.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/561","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They run out with a little bit of the money they have","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1551.95,1554.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/562","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to go to Las Vegas, or to buy lottery tickets","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1554.57,1557.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/563","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from the state.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1557.62,1558.453"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/564","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So it's not that different.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1558.453,1560.743"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/565","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And another way to look at it is suppose somebody sent you","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1562.74,1564.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/566","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to Las Vegas, some very wealthy uncle,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1564.98,1568.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/567","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"name was Sam, and he sent you to Las Vegas.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1568.22,1571.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/568","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He said, \"You know, I'll guarantee all your losses.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1571.45,1574.927"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/569","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"I'll make good any losses you have.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1574.927,1576.387"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/570","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"I want you to have fun out there.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1576.387,1578.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/571","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(audience laughs)\nYeah, now,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1578.33,1579.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/572","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"suppose you played for a while.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1579.92,1581.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/573","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You won a bit, that would be great.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1581.24,1582.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/574","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You might become very conservative,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1582.68,1584.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/575","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"'cause you, you know, the, those are, that's your money.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1584.28,1586.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/576","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But suppose you lost.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1586.63,1588.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/577","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You found you'd lost a couple hundred dollars,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1588.87,1591.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/578","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and Uncle Sam was good for, oh, a couple million.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1591.64,1595.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/579","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, you would say,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1595.84,1597.417"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/580","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"Well, I'm gonna bet really wildly now.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1597.417,1599.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/581","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Then maybe you'd start out betting playing roulette,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1599.62,1601.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/582","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"betting black and red.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1601.54,1602.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/583","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Soon, you'd be betting green,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1602.76,1604.182"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/584","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and other such wilder shots, because again,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1604.182,1608.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/585","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who's gonna get the losses?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1608.44,1609.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/586","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Uncle Sam, who's gonna get the wins?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1609.72,1611.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/587","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, if you can get back over your past losses,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1611.65,1613.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/588","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you'll get the wins.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1613.81,1614.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/589","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So you're not interested in little bets,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1614.95,1616.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/590","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"'cause little bets will never give you anything.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1616.83,1618.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/591","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It'll just make Uncle Sam a little richer,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1618.75,1620.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/592","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and there's no point in that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1620.58,1622.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/593","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If he was dumb enough to guarantee your betting,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1622.34,1624.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/594","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then he deserves the consequence.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1624.75,1626.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/595","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You can think of it as an education.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1626.22,1628.456"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/596","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Yeah.\n(man laughs)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1628.456,1629.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/597","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Yeah, so the incentive breakdown theory is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1629.9,1632.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/598","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the only complete theory of the mess,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1632.38,1634.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/599","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and what it explains is politicians'","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1634.16,1636.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/600","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and regulators' attraction to misregulation,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1636.64,1639.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/601","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"rather than to conscientious police work,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1639.69,1642.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/602","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it really completes these various partial theories.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1642.6,1645.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/603","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Yes, they contributed, but they would,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1645.17,1647.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/604","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we wouldn't have had the mess we had","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1647.1,1648.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/605","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"without the breakdown of government incentives.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1648.9,1651.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/606","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, another way to put this very simply is,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1651.08,1653.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/607","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"this was in a cartoon last summer,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1653.76,1656.503"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/608","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a man is, has been stopped by the police,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1657.791,1660.207"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/609","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and he's yelling at the policeman.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1660.207,1661.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/610","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He's saying, \"You know, if you hadn't been hiding","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1661.74,1663.277"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/611","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"in the bushes, I wouldn't have been speeding,\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1663.277,1666.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/612","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that, and that's absolutely true.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1666.29,1667.99"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/613","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I mean, how many of us would speed,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1667.99,1669.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/614","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or go through a stop sign with a,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1669.96,1671.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/615","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if we knew there was a policeman watching?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1671.65,1673.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/616","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So the point was they weren't watching.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1673.9,1675.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/617","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In fact, they were encouraging people to take these risks,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1675.88,1678.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/618","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because they were gambling right behind them.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1678.22,1680.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/619","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They were gambling that they could get well,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1680.55,1682.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/620","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"either get well with some luck, and if they didn't get well,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1682.91,1686.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/621","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that these people could move off to another job,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1686.07,1688.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/622","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or another term in office before the mess would be revealed.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1688.13,1691.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/623","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So this theory, the incentive breakdown theory,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1691.73,1695.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/624","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"answers much deeper questions that the other theories can't,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1695.03,1698.85"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/625","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"including the question of why authorities are trying so hard","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1698.85,1701.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/626","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"today to sell us these incomplete theories,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1701.65,1704.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/627","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"such as the bad apples theory,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1704.41,1706.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/628","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the excessive deregulation theory.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1706.33,1708.623"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/629","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"'Cause if we buy into these incomplete theories,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1709.804,1712.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/630","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"politicians can pass some largely ineffective new laws,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1712.26,1715.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/631","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and keep open their options to misregulate in the future.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1715.95,1719.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/632","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Yeah, you might object to my saying why would,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1719.44,1722.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/633","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"why am I saying they want to misregulate?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1722.29,1724.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/634","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, I'll get to that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1724.26,1726.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/635","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But first we can see various obvious evidence","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1726.57,1729.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/636","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of scapegoating going on of all three partial causes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1729.16,1732.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/637","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by public officials.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1732.65,1734.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/638","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'll ask you to look for it","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1734.03,1735.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/639","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as you read the paper the next few days.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1735.21,1737.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/640","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And this just reminds us that history isn't written,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1737.54,1740.323"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/641","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"history is written, not made,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1741.34,1742.527"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/642","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it's written by parties with an ax to grind.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1742.527,1744.703"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/643","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Some of you may know that the textbooks on World War II","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1744.703,1747.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/644","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in Japan have really changed the story,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1747.75,1751.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/645","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and people have had to come in,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1751.36,1752.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/646","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and complain to keep them from,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1752.33,1755.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/647","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"keep clear of the fact that Pearl Harbor","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1755.25,1757.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/648","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was something they initiated,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1757.16,1758.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/649","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"rather than something that somehow we attracted.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1758.51,1761.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/650","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That,\n(audience laughs)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1761.12,1762.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/651","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so, now, in FIRREA,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1762.16,1765.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/652","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which was the act passed on August 9th, 1989,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1765.56,1769.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/653","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"this is the, actually it's the Financial Institutions","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1769.39,1772.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/654","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Reform, Recovery, and Enforcement Act.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1772.94,1775.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/655","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, if you're in Washington, just to get an idea","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1775.58,1777.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/656","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of how the difference between the way they do marketing,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1777.23,1779.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/657","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the way I do it, they call it the fire out,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1779.63,1783.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/658","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"see, which sounds like they're putting out a fire.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1783.23,1785.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/659","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I call it FIRREA,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1785.95,1787.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/660","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because it rhymes with a nasty condition.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1787.38,1790.303"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/661","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(Edward laughs)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1790.303,1791.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/662","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, and this is based on both the bad apples theory","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1791.9,1795.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/663","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the bad ideology theory,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1795.32,1797.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/664","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the basic element of this theory,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1797.03,1799.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/665","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which does make some sense, or of this act,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1799.02,1800.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/666","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which makes some sense, is it actually develops","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1800.81,1802.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/667","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"capital punishment for the Federal Savings","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1802.93,1805.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/668","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and Loan Insurance Corporation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1805.21,1806.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/669","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They've wiped it off.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1806.76,1808.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/670","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It does not exist anymore.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1808.11,1809.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/671","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So if you, that is one punishment that has been delivered.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1809.91,1813.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/672","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But in the post-FIRREA propaganda,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1813.6,1817.963"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/673","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"one of the things that I find most interesting is that,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1819.003,1822.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/674","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you may or may not know this,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1822.33,1823.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/675","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Congress passed an act and President Bush signed it","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1823.65,1826.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/676","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with great fanfare in October of 1990.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1826.57,1829.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/677","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"This act was called the Financial Kingpin Crime Statute,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1829.15,1833.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/678","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the idea was they're really gonna punish","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1833.44,1835.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/679","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"these S\u0026amp;L managers who were financial kingpins","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1835.28,1837.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/680","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that killed the taxpayers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1837.91,1839.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/681","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But again, they're, so they've increased,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1839.41,1841.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/682","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they've doubled penalties basically","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1841.67,1843.3"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/683","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for fiduciary crime in the private sector,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1843.3,1847.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/684","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"not for fiduciary crime in the public sector.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1847.1,1849.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/685","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There's still no penalties for that,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1849.61,1852.14"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/686","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that's what we need.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1852.14,1853.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/687","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So what the incentive breakdown theory does is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1853.6,1856.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/688","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to say that we really had official derelictions of duty","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1856.04,1858.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/689","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that these derelictions of duty facilitated the losses.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1858.89,1863.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/690","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So what we really had was de facto corruption.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1864.21,1867.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/691","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You know the difference between de facto and de jure?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1867.09,1869.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/692","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"De jure means it's a matter of law.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1869.43,1871.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/693","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You could put somebody in jail for corruption,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1871.04,1872.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/694","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"like the Keating Five.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1872.93,1874.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/695","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But they did not commit any legal corruption,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1874.34,1878.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/696","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"any de jure corruption.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1878.11,1879.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/697","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's de facto corruption.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1879.31,1880.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/698","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Anybody can can look at it and see it's corrupt.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1880.38,1883.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/699","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the Senate Ethics Committee says","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1883.4,1884.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/700","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it doesn't violate any ethics or law","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1884.93,1887.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/701","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that they have in Congress,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1887.13,1888.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/702","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which tells us a great deal about","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1888.63,1890.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/703","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the state of ethics in Congress,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1890.8,1892.673"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/704","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"much more than they would really like us to know.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1893.56,1896.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/705","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, so what we really need to do is to recognize","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1896.29,1900.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/706","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that incumbent officials that didn't blow their whistle","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1900.47,1903.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/707","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on these zombie problems were contributing to the problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1903.52,1907.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/708","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think it's St. Paul that said that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1907.46,1908.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/709","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"all needed for evil to flourish is for good men,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1908.87,1912.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/710","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"he wouldn't say good men and women,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1912.45,1913.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/711","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if you know St. Paul, for good men to stay quiet.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1913.94,1918.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/712","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So that's basically what happened.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1918.29,1920.079"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/713","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There was no legal obligation on them to do these things,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1920.079,1923.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/714","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but there were very strong moral obligation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1923.03,1925.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/715","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to serve the taxpayer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1925.44,1927.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/716","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But against this had to be weighed","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1927.65,1930.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/717","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the idea of protecting their reputations,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1930.42,1932.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/718","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and avoiding the very messy industry counterattack","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1932.42,1936.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/719","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that would have followed from undertaking","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1936.08,1938.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/720","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"these tough, tough decisions.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1938.16,1940.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/721","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I also think there's a certain moral softness","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1940.36,1942.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/722","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in our society today and blurring of the edges","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1942.81,1945.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/723","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the idea that nothing is really right,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1945.49,1947.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/724","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"nothing is really wrong, and that we can just decide","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1947.27,1951.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/725","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at the moment what works out best.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1951.04,1954.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/726","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So they decided to accept, and encouraging,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1954.24,1957.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/727","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"encourage accounting over appraisals","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1957.04,1958.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/728","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of their client's condition.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1958.95,1961.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/729","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Instead of taking reasonable measures","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1961.23,1962.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/730","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of when they were insolvent,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1962.84,1964.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/731","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and forcing insolvent institutions to close,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1964.31,1967.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/732","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they actually tempted managers to exploit the FSLIC fund.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1967.09,1970.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/733","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They tolerated and even encouraged very wild dealing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1970.78,1974.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/734","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So as I said, the issues are why the losses got so large,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1974.7,1979.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/735","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"why taxpayers ended up with them,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1979.24,1981.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/736","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and why were these things not observed","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1981.67,1985.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/737","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and limited by regulators, by regulatory action?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1985.38,1989.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/738","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, let me tell you the simplest way","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1989.25,1993.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/739","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think I can present the breakdown of incentives","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1993.0,1995.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/740","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at the congressional level.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1995.68,1997.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/741","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You may have read in the papers that they've had a,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=1997.97,2000.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/742","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that a sting operation on the Arizona legislature,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2000.0,2004.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/743","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's called AzScam.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2004.55,2006.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/744","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They're after the, it was one,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2006.17,2008.338"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/745","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I forget what it was called the Arab scam","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2008.338,2010.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/746","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or something before, and they had someone go in","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2010.03,2014.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/747","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"trying to buy votes from the Arizona legislators","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2014.17,2017.37"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/748","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on legalizing gambling in the state of Arizona.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2017.37,2021.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/749","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Person set up an office like \"Candid Camera,\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2021.1,2023.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/750","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which had cameras in every direction,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2023.25,2024.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/751","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the microphones, and they taped all these transactions.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2024.87,2027.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/752","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I'm gonna give you a set of five things","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2027.79,2029.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/753","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that people who, or members of the legislature","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2029.64,2033.751"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/754","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in Arizona said, and there was a mixture of men and women,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2033.751,2036.487"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/755","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a mixture of senators and members of the House in Arizona.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2036.487,2041.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/756","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The first is from a woman senator who said in starting","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2041.32,2044.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/757","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"this negotiation for how much she would sell her vote for,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2044.62,2047.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/758","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"she said, \"I want to die rich.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2047.24,2050.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/759","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I think you'll notice","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2050.65,2051.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/760","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that most of our politicians do die rich.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2051.64,2055.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/761","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They, many of them come with no money,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2055.36,2057.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/762","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"earn no money, and magically leave rich.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2057.49,2061.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/763","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Second, another one who didn't wanna take cash,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2061.46,2065.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/764","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"this was also a woman senator,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2065.45,2067.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/765","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was trying to get some franchises","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2067.66,2069.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/766","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and things in the casinos, which would be established,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2069.95,2073.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/767","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and she says, \"We all have our price.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2073.86,2076.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/768","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Her point was that there's a button that you can push","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2076.36,2078.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/769","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if you just know how to construct the deal,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2078.92,2080.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/770","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but she wasn't gonna take cash.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2080.95,2082.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/771","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The third, and this is the first guy to plead guilty,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2082.94,2086.48"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/772","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"work a deal with the state, he said,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2086.48,2088.567"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/773","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"There isn't an issue in the world I give a shit about.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2088.567,2093.347"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/774","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"I do deals.\"\n(audience laughs)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2093.347,2098.347"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/775","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Do you understand what that says?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2098.73,2100.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/776","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He saying that he doesn't vote anybody's conscience.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2100.22,2103.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/777","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He doesn't what his constituents want.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2103.67,2107.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/778","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He votes what he's paid the best to vote.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2107.33,2111.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/779","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"His vote is for sale.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2111.06,2112.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/780","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, he ended up selling his vote in this issue for $10,000.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2112.87,2115.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/781","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"A few weeks later, he discovered somebody else,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2117.15,2120.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/782","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"one of his colleagues, had sold his vote for $55,000.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2120.25,2125.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/783","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And do you know what he said?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2125.85,2126.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/784","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He said, \"This time I sold my vote too cheaply.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2126.88,2130.907"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/785","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So just in case we thought that this is a once-over sale,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2132.12,2135.14"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/786","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that he didn't really mean what he said,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2135.14,2138.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/787","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"this, and finally, you know what they all said","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2138.05,2140.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/788","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when they were arrested?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2140.45,2142.417"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/789","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"I have done nothing improper.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2142.417,2144.921"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/790","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e (audience laughs)\nTypical.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2144.921,2147.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/791","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Now, there's a sense in which they believe that,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2147.09,2149.14"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/792","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that is, they did what legislators do everywhere.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2149.14,2152.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/793","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But I mean, this is sad to say.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2152.53,2154.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/794","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, I'm not saying every legislator does it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2154.78,2156.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/795","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Don't misunderstand me.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2156.91,2158.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/796","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm saying legislators do this everywhere.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2158.12,2160.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/797","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In every Congress, in every House, every Senate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2160.9,2164.555"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/798","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there are people who are simply doing deals","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2164.555,2167.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/799","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"simply selling their votes.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2167.42,2169.593"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/800","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There's not only such people,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2169.593,2171.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/801","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and there's some people that only sell their 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vote,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2175.22,2177.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/804","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because it was bought kind of an advance in a harmless way.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2177.7,2181.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/805","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But I would like to say one last vote,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2181.1,2183.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/806","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"one last vote, this is from Senator DeConcini,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2183.58,2186.527"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/807","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who was one of the Keating Five,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2186.527,2188.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/808","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the one that was very heavily,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2188.01,2189.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/809","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the one who was most heavily criticized","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2189.5,2191.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/810","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"without having been subjected to Senate action.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2191.62,2194.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/811","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They rebuked him for several things that he had done,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2194.9,2197.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/812","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for being very aggressive with the regulators,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2197.26,2198.677"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/813","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and if you read the minutes of the meeting,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2198.677,2200.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/814","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"he was very aggressive.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2200.27,2201.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/815","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He was saying to them things like how dare you think","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2201.68,2203.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/816","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that you're better than, that your measurements","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2203.84,2206.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/817","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"could be any better than those of professional accountants,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2206.22,2209.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/818","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you know, understanding that professional accountants","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2209.71,2211.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/819","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are being hired by the S\u0026amp;L to help them","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2211.12,2214.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/820","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"present a good picture of their condition,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2214.07,2216.562"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/821","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and got angry when this was pointed out to him,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2216.562,2219.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/822","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it just went on and on like this.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2219.94,2221.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/823","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Anyway, DeConcini says after he got this rebuke,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2221.55,2224.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/824","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"he says I have been exonerated, and I've done,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2224.18,2227.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/825","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"this just proves that I've done nothing wrong.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2227.54,2230.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/826","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So the point is that he is controlling the information.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2230.02,2233.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/827","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He says it didn't happen, he did nothing wrong,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2233.22,2236.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/828","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it's been proven,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2236.05,2237.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/829","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so that, which suggests that whatever he did here,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2237.21,2239.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/830","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"he would do again.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2239.41,2240.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/831","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And of course, that's the great fear we all have,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2240.97,2243.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/832","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that there's been nothing done","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2243.79,2245.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/833","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to change congressional ethics,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2245.03,2247.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/834","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so the next time these kinds of things come up,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2247.06,2249.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/835","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they won't happen again.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2249.02,2250.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/836","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, what we must understand if we're gonna expect","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2250.19,2252.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/837","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"politicians and regulatory authorities to do their job","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2252.57,2255.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/838","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"conscientiously, that is the job of representing us","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2255.8,2260.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/839","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as taxpayers, we must see that this flies in the face","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2260.04,2263.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/840","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of lessons in the costs of whistle-blowing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2263.61,2266.14"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/841","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and possibilities for blame avoidance","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2266.14,2268.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/842","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that we all learned as tiny children.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2268.57,2271.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/843","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I can underscore this by citing an article","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2271.06,2275.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/844","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that appeared in one of the distinguished periodicals","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2275.16,2277.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/845","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of our country.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2277.56,2278.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/846","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It was a parody of the very successful book,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2278.77,2282.277"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/847","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"All I Need to Know I Learned in Kindergarten.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2282.277,2285.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/848","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"This was published in the July, 1990 issue","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2285.07,2287.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/849","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of \"Mad\" magazine, and it just changed the title","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2287.49,2290.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/850","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to \"Everything I Needed to Know I Learned","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2290.44,2292.147"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/851","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"in Nursery School,\" and here are five of these lessons,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2292.147,2295.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/852","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and every one of these five applies to the FSLIC mess.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2295.57,2298.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/853","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The first is when you're likely to make a mistake,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2298.86,2301.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/854","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"make sure there is someone handy on which to pin the blame.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2301.5,2304.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/855","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The second is don't waste time crying","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2305.606,2307.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/856","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"until there's somebody important around to hear you.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2307.74,2310.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/857","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Third, never do your best,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2310.84,2313.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/858","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or they'll expect you to do that well every time.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2313.08,2316.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/859","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Fourth, if you never do anything,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2316.51,2319.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/860","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"no one can chew you out for doing part of it wrong.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2319.53,2322.641"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/861","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(audience laughs)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2322.641,2324.647"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/862","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Fifth, after you break something,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2324.647,2326.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/863","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"be sure you're not still there when someone finds out.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2326.74,2330.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/864","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, these are the lessons we've got to render inoperable,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2330.09,2333.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/865","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it will require political reform to do this.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2333.26,2337.136"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/866","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I mean, these reforms are in political","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2337.136,2338.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/867","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and bureaucratic accountability,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2338.62,2340.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/868","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I will try to discuss this quickly.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2340.28,2342.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/869","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, let me clarify one point,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2342.72,2345.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/870","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that you've heard me call this a mess again and again.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2345.39,2347.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/871","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's a mess, it's a fiasco, it's a debacle.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2347.83,2350.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/872","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I've tried to avoid the word crisis,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2350.68,2352.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/873","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I think it's very important to see the reason","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2352.92,2355.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/874","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's such a mess is precisely","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2355.33,2357.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/875","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because it has never been a crisis.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2357.54,2360.113"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/876","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, what do I mean by a crisis?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2360.113,2362.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/877","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, one of the things that a crisis does","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2362.04,2363.37"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/878","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is it compels action.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2363.37,2365.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/879","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It crowds everything else off people's agenda.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2365.29,2368.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/880","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Consider the Gulf Crisis.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2368.76,2371.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/881","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It did crowd things off the agenda.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2371.06,2373.37"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/882","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We had to do something about it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2373.37,2375.818"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/883","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So the delay, part of the delay we saw here,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2375.818,2378.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/884","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's a mess in the sense because much of the delay","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2378.87,2381.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/885","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we saw was explained by messy conflicts of interest","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2381.18,2384.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/886","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"between authorities and federal taxpayers,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2384.53,2386.707"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/887","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the heart of these conflicts of interest","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2386.707,2389.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/888","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are as long as severe problems are not yet","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2389.28,2391.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/889","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"publicly recognized, benefits accrue to politicians,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2391.46,2395.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/890","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and top bureaucrats, who basically have very short horizons,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2395.55,2398.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/891","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"just looking for a few years in the future at most,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2398.75,2401.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/892","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from following policies of coverup and procrastination,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2401.39,2404.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/893","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and just denying there's a problem,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2404.87,2407.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/894","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and putting off action to solve the problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2407.38,2410.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/895","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One of the problems is that they're able to focus","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2410.97,2413.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/896","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on the number of failures,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2413.27,2414.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/897","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"something they control to a certain extent,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2414.46,2416.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/898","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they're also able to report very misleading numbers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2416.68,2419.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/899","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the reserves, because nobody really forces them","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2419.57,2421.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/900","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to give a realistic estimate of the loss exposure","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2421.9,2424.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/901","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the fund in troubled institutions.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2424.73,2426.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/902","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Another problem is public gullibility,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2427.67,2430.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/903","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and then we're all at fault in this,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2430.06,2432.151"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/904","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that there, we are so gullible that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2432.151,2434.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/905","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we tend to blame and kill the messenger","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2434.98,2437.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/906","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when somebody tells us there's a problem,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2437.84,2440.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/907","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and therefore create perverse costs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2440.07,2442.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/908","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of dealing with the problem, costs of whistle-blowing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2442.53,2445.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/909","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It is shocking to me to me that Edwin Gray,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2445.23,2448.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/910","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who was the head of the Federal Home Loan Bank Board,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2448.51,2451.2"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/911","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and therefore the chief official in charge of FSLIC,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2451.2,2454.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/912","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is a popular hero, because he says he tried","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2454.76,2459.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/913","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to get a few more examiners","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2459.68,2461.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/914","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the government wouldn't let him,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2461.02,2462.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/915","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and he got away before the mess blew up.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2462.81,2466.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/916","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But because he did, he didn't go public with the nature","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2466.52,2470.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/917","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the problem, he actually contributed to its development.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2470.1,2473.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/918","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So he's really, he's a public relations genius,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2473.51,2476.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/919","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but he is not, he is part of the problem,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2476.15,2479.047"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/920","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and he should not be treated as a hero.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2479.047,2481.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/921","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It just shows us how hungry we were for heroes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2481.06,2484.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/922","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"before we had this war.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2484.0,2485.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/923","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, so basically they're in a situation,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2485.81,2488.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/924","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the authorities, Congress, and the top regulators,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2488.49,2490.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/925","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"where they can gamble either on executing a clean getaway,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2490.46,2493.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/926","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that is just they get away before the mess happens,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2493.58,2496.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/927","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or if it does, they do get caught,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2496.13,2497.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/928","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they can try to engage in this kind of scapegoating","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2497.84,2500.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/929","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"after the fact when the mess surfaces,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2500.46,2503.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/930","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that's what we're seeing with these,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2503.08,2505.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/931","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they're trying to sell these self-serving theories","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2505.25,2507.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/932","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that overemphasize the partial causes.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2507.76,2511.48"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/933","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, another reason why it's not a crisis is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2511.48,2513.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/934","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a crisis really comes to a head rapidly,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2513.98,2516.59"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/935","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and this had the messy and slow untangling","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2516.59,2519.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/936","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of taxpayer losses over 25 years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2519.53,2522.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/937","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that we had three stages of bad luck,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2523.69,2525.937"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/938","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and at the end of each of these stages","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2525.937,2527.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/939","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there were more and more losses.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2527.75,2529.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/940","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, the third reason why it was a mess is, again,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2529.55,2532.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/941","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the point about the nasty role of political influence,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2532.11,2534.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/942","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that we have inadequacies in budget discipline.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2534.83,2537.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/943","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You know that we have something called off-budget spending.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2537.28,2541.14"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/944","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, what does it mean to have off-budget spending?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2541.14,2543.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/945","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If we're gonna, how else can we control the government,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2543.88,2545.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/946","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"unless we budget all the money that's spent,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2545.95,2548.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/947","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and fund those things?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2548.34,2550.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/948","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So, and then we had these congressional","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2550.13,2552.896"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/949","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and executive ethical standards.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2552.896,2556.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/950","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, I see campaign finance as a system","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2556.74,2559.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/951","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of advanced purchases and sales of influence","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2559.82,2563.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/952","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that basically, if you've ever talked to people about","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2563.1,2566.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/953","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what goes on when they try to raise campaign money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2566.5,2570.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/954","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is that the authority,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2570.06,2571.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/955","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the people trying to raise it sell options.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2571.4,2574.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/956","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They tell the people all the wonderful things","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2574.76,2577.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/957","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they can do for them if they support their campaigns,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2577.23,2581.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/958","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if they're friendly, the access they can get,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2581.47,2583.597"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/959","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the things they can do on their behalf with regulators.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2583.597,2586.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/960","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And Keating himself in the famous case","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2586.63,2588.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/961","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of Lincoln Savings and Loan made it very clear","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2588.88,2591.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/962","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that he was giving money in order to buy influence.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2591.54,2594.383"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/963","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, one of the points of evidence I point to","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2595.22,2598.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/964","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to deal with this, and I don't know whether you're aware","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2598.56,2600.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/965","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of this, again, that in legislatures around the country","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2600.16,2604.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/966","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they have these special clubs, where they,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2604.69,2609.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/967","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which are designed to help them control their weight,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2609.26,2611.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/968","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and drinking problems,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2611.75,2613.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/969","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and why do they have such serious weight","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2613.46,2615.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/970","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and drinking problems is basically","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2615.02,2616.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/971","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a symbol of their corruptibility,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2616.56,2617.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/972","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that there are these lobbyists dying","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2617.96,2621.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/973","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to take them out to dinner,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2621.64,2622.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/974","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"dying to ply them with food or drink.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2622.64,2624.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/975","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And they go out on the basis that this is to gain","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2624.94,2629.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/976","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"information and so on.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2630.7,2631.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/977","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But it is a very tough call","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2631.9,2635.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/978","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in many cases that the basic conflict of interest","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2635.96,2639.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/979","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that regulators, and, or the,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2639.23,2642.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/980","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"particularly congressmen face is that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2642.07,2644.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/981","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"constituent service yields immediate political benefits,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2644.38,2647.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/982","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that's equally true for regulators.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2647.21,2648.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/983","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you do things to help your clientele,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2648.38,2650.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/984","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"your banks, or your thrifts, that makes you seem,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2650.34,2653.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/985","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by the people who best know your industry, your work,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2653.15,2656.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/986","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or the industry regulate, make you seem to be","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2656.51,2658.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/987","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a better person, and the costs that come","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2658.65,2661.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/988","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from this service for taxpayers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2661.44,2663.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/989","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are not immediately accounted for,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2663.9,2667.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/990","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"'cause these are not recognized until many years later","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2667.95,2670.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/991","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in some cases.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2670.71,2672.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/992","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So we end up with a resulting imbalance","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2672.21,2677.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/993","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for helping troubled industry,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2677.52,2680.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/994","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"firms in the industry as against helping the taxpayer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2680.18,2685.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/995","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In addition, we have pressure from Congress generally,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2685.23,2688.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/996","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and from the president, for regulars to show leniency","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2688.55,2690.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/997","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"toward any industry that runs into a lot of trouble,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2690.93,2694.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/998","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and of course, for these selected individual cases,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2694.18,2696.48"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/999","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"basically coming out of the campaign financing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2696.48,2699.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/1000","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we also have thrift efforts to control","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2699.12,2700.99"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/1001","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the regulators directly, typically by job offers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2700.99,2705.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/1002","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The man who was the head of the Federal Home Loan Bank Board","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2705.16,2710.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/1003","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the early 1980s, left for a million dollar a year job","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2710.31,2714.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/1004","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as, with Merrill Lynch,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2714.39,2717.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/1005","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and while, Mr. Gray, who succeeded him, was in office,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2717.21,2720.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/1006","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Keating offered him a big job,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2720.76,2722.583"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/1007","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which I think was just a message to let him know","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2724.19,2726.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/1008","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that if he did well, he maybe could,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2726.94,2729.3"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/1009","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if he didn't cross him, he would have a nice future.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2729.3,2731.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/1010","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And now, fourth, there are these inadequacies","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2733.72,2735.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/1011","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in budget discipline and ethics,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2735.79,2738.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/1012","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that these are both confirmed in the committee findings","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2738.33,2741.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/1013","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the Keating case, that is they wanna keep this game going","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2741.78,2744.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/1014","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as long as they can.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2744.55,2745.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/1015","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, what can we do about?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=2745.67,2746.97"}]},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025","type":"AnnotationPage","label":{"en":["English [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28025/annotation/1016","type":"Annotation","motivation":"subtitling","body":{"type":"TextualBody","value":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/028/025/original/AV204004_The_Continuing_Savings_and_Loan_Insurance_Mess_a.vtt?1622637704","format":"text/vtt","language":"en"},"target":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/028/025/original/AV204004_The_Continuing_Savings_and_Loan_Insurance_Mess_a.vtt?1622637704"}]},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28026","type":"AnnotationPage","label":{"en":["AV204004_The_Continuing_Savings_and_Loan_Insurance_Mess_a.txt [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121/transcript/28026/annotation/1017","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"- Good evening. I'm Dennis Starleaf. I'm not the speaker. My job is to introduce the speaker. Before I do that, I wanna say a little bit about I.W. Arthur. It's the I.W. Arthur Memorial Lecture Fund that is financing tonight's activity. I.W. Arthur was a longtime faculty member in the Department of Economics at Iowa State University. In fact, he was an even longer-time resident of Central Iowa. He was born in Central Iowa in 1893, and graduated from Ames High School in 1912. He was interestingly enough president of the senior class. He got a bachelor's degree from Iowa State University in 1916 in animal husbandry, which today of course is called animal science, but in those days, they had a more accurate description, I think, of the subject matter. And he got a bachelor's degree, sorry, he got a master's degree in agricultural economics from our department in 1927, and then went on to the University of Chicago, and then to the University of Minnesota, where he earned his PhD in 1939. Before he got his PhD, he actually returned to Ames, and was, became a member of the faculty in 1936, and worked for a number of years as a undergraduate teacher, and as a extension economist in our department, and retired effectively in the mid-'60s or so, but remained on a part-time basis until his death in the early 1980s. And it was his family that left, or they gave to the Iowa State Foundation the significant amount of funds that supports this lecture series, as well as a series of undergraduate scholarships for students in our department. Tonight's speaker is Edward Kane, who is currently Everett D. Reese Chair of Banking and Monetary Economics at Ohio State University. Ed Kane got his bachelor's degree from Georgetown University, and a PhD from the Massachusetts Institute of Technology in 1960. His first academic position, interestingly enough, was in the Economics Department at Iowa State University, where he served for a relatively short period of time, before moving on to Princeton University, Boston College, and then in the last decade or so, at Ohio State University. Ed Kane has been a consultant for the Federal Deposit Insurance Corporation, and the Federal Home Loan Bank Board, the American Bankers Association, the Department of Housing and Urban Development, and various elements of the Federal Reserve System, and the Congressional Budget Office. He is the past president of the American Finance Association and a former Guggenheim Fellow. in 1981, he won an Ohio State University Alumni Award for distinguished teaching. Besides authoring three books, he is published widely in a very large number of professional journals, and currently serves on the editorial boards of seven professional economics or finance journals. His subject tonight is a timely one, the continuing Savings and Loan Insurance mess, Ed Kane.\r\n\r\n- Thank you, Denny. Well, thank you very much. It's unusual to be lecturing in a series where I know the donor for the series. Most of my friends couldn't afford to sponsor a series, and it's great to have had at least one who did good. It was exactly 30 years ago that I taught here at Iowa State in the academic year of 1960, '61, and Dudley Luckett reminded me that my first article was done with him, my first published article. So I have a lot of fond memories of Ames, and we really had a very lively social life the year we were here, probably the liveliest one we've ever had. I trust it's still like that now. I have also, if you want to know more about the Deposit Insurance mess, I have a book that you can buy called \"The S\u0026L Insurance Mess: How did it Happen?\" I'm gonna talk today somewhat about just understanding it, what needs to be done to clean it up, which is sort of the next book I'll be writing. Let me start by giving you some introductory perspective, so you can get the picture of what's going on. The causes of this mess are both complex and simple. So I'll start with the complex idea, or at least a metaphor for the complexity, then what I read in the press, their description of what causes the S\u0026L mess, it reminds me of a \"New Yorker\" cartoon from about four years ago, and in this cartoon, there's this huge blackboard about the size of, half the size of this wall, but fully as tall as that, covered with mathematical equations of the greatest complexity and diagrams that turn in on themselves, and so on. And scientists in their lab coats are looking at it very skeptically. One of them turns to the other one. He says, \"If only it were that simple.\" And, and so the S\u0026L mess is complex. It's much more complex than the press can handle, and it's much more disturbing that most of us want to believe, that it's simultaneously more complex and disturbing, certainly than incumbents in Congress and in the presidency over the last couple of decades have wanted the electorate to understand. But unless we have a comprehensive theory of what caused the mess, we'll never get out of it. That is, if we just use incomplete theories, we will get incomplete solutions. And what about simplifying metaphors? Well, despite the complexity, I think that simple-minded cartoons and horror movies can teach us a great deal about the origins of the mess, and by the mess I mean how so many S\u0026Ls came to be so severely wrecked, and then how the bill for repairing these S\u0026Ls ended up being shifted onto taxpayers account, that is onto our bill. All of us owe for this, and I don't remember signing on for it, and I don't think you do either. Yeah, one of these metaphors is really the most memorable sequence in Walt Disney's \"Fantasia.\" This is \"The Sorcerer's Apprentice.\" If you remember this scene, and most people who've seen it never forget it, Mickey Mouse is working for the sorcerer, who has a somewhat messy cellar, and he's going out. So he asks Mickey Mouse to clean up the cellar for him while he's gone, hands him a bucket of water and a mop. And instead of rolling up his sleeves and going to work, and doing the cleanup, Mickey dresses up in the sorcerer's clothes, and gets one of the sorcerer's magic books, and casts a spell to bring the bucket and mop to life to do his work for him. Now, the spell quickly goes out of control. The mops and buckets end up multiplying at a geometric rate, and Mickey sees the water rising in the basement, so he runs up the stairs and tries to cover up the problem by shutting the cellar door, and putting all his weight against it. But the water builds up, and flings the doors open, throws Mickey off them, and of course, the flood is revealed for everyone to see. And finally, the sorcerer returns and has to put everything right again. Now, to understand how this illustrates the mess, what we have to do is to recast the film, that a succession of presidencies, Congresses, and top thrift regulators acted the role of Mickey Mouse. When I say this in Washington, they take offense to that, but I don't quite understand it. It seems such a good fit, and the economically insolvent S\u0026Ls that I'm gonna call zombie S\u0026Ls, living dead institutions, played the role of the mops, and instead of spilling buckets of water, they spilled buckets of red ink. And finally, the sorcerer was the taxpayer, that the taxpayer has to come back and pay the bill. All right, now, a second instructive metaphor is from the George Romero series of zombie movies. I hope a number of you have seen those. I happen to be very fond of them, which must say terrible things about me and my upbringing. But the premise of these movies is that one day all the dead climb out of their graves as zombies, and they have, they were interested in only one thing. They were hungry for human flesh, and they go chasing around the countryside, taking a bite out of every human being that moves. And when they've been attacked by as a zombie, a human dies, and then about an hour later arises as another zombie. So the zombies multiply, and again, there's this geometric rate idea still at work, and once they become zombies they are running around, in this case, looking for a big score, for big profits in the case of the thrift institutions, and they behave like zombies. I could say it's an eerily apt metaphor, if you'll pardon the such a pun, because they are, they really have nothing to lose. They've lost all their money. If they were, they, if they weren't government guaranteed, they would be closed by a deposit and run. Because their government guaranteed, they can issue all the debt they want, and try to take on additional risky investments, and they want it to be risky, because that's the only way they can overcome the accumulated losses that have brought them into trouble. So they bid down the industry profit margins to unsustainable levels, and in that way, create more zombies. That is, if other institutions can't make enough money, then they become zombies also. So that's the idea of the spread of zombie-ness. Now, the key question, if you look at the thrift regulators, and of course, Congress and the president behind them, is that if you see the zombie movies, you see the police in the military out at work trying to corral the zombies, kill them, bury them, put them out of the way. Why weren't the equivalent of the cops, the regulators for the S\u0026L industry, burying their institutional dead promptly, as would be required for good health? And even more, why were taxpayers given false assurances that there really wasn't any problem, that they had everything under control? And why were taxpayers then made responsible for the losses? And I estimate these losses to now be on the order of $225 billion, allowing for what's been lost since FSLIC was closed in August, 1989. We're still today for the Bank Insurance Fund being given false assurances, and about the Resolution Trust Corporation that's taken over the job of selling off zombies and zombie assets. The man who runs that, his name is William Seidman. If you've ever seen him on television, he reminds me of a character that most of you are too young to remember, but his name was Mr. Bluster on the \"Howdy Doody\" show. But this man just blusters about how he got all this under control, don't worry about it. At the same time, he does allow that, well, we could use a little more money, and the, this, what's going on in the baking industry is now a repeat, a rerun of what we saw in the S\u0026L industry. There's slight changes, but the heart of it is the same, and there's really gonna be three dimensions to this problem, just as there was to the FSLIC mess. The first dimension is the size and timing of the cumulative losses that are suffered by insured thrift, it's, insurance, insured institutions, thrifts in the past, banks now. And the point is that official figures don't give us much guidance. Official figures tell us we're not losing much, there's still plenty of reserves left in the fund. But if you use economic analysis to do present discounted value of what would be the unrealized losses, the losses they've chosen not to absorb because they've let zombies stay in play, those would show a very serious problem. And secondly, the shifting of these losses away from the stockholders, I'm sure all of you know that the theory of capitalism is that stockholders invest in firms, take risks. The firms do well, stockholders do well. The firm doesn't do well, stockholders take losses. But here we have the shifting of the losses far beyond the stockholders onto taxpayers. And then finally, we have a need for consolidation of deposit institutions, thrifts, and banks, and basically the government has been fighting the adjustment of this industry to the new technologies of today, and to foreign competition. They're trying to keep firms in play. So we've got now 12,500 banks, roughly, about 2,500 S\u0026Ls roughly, and about 500 mutual savings banks. And the government is doing everything it can to keep from allowing this industry to adjust to the exits that are necessary to have the consolidations occur. Instead, they're trying to keep some of the weakened members in play, and this works against having a proper industry, and the best thing that can happen is for the, in, unfit fit players to be cut, and taken out of the game. All right, now, let's, what I wanna turn to next is sorting out the blame, that let me begin by saying that sorting out the blame is one of these very complex tasks. I said it was a very complex problem, and it's very much like a loss of a basketball team in the NCAA tournament. There is no one reason why it loses. The mess is a team product. Ohio State lost, if you saw last week, by a dramatic edge to St. John's, and was just beaten in every element of the game essentially and you can't just point the one answer, though most people writing stories in the press will settle for one, because they have a hard time handling more than one at a time. But the issue really is in what proportion and with what degree of censure to blame a host of partial causes, and then to recognize that each of these partial causes, the damage from these partial causes was dramatically multiplied by misregulation. So that the final answer is that misregulation made the mess so big because just as the, we said that police and military tried to bury the dead in zombie movies, so the regulators should have been burying the dead in the thrift and bank industry. Let me start then with an overview of three incomplete explanations, which you've heard, and that some of you may subscribe to, and I'll try to make you understand why they're incomplete, not that they're irrelevant, but they really don't explain the size of the loss, and they certainly don't explain why the loss went to taxpayers. The first of these is what I call the bad economic luck theory, that the thrifts were just in the wrong kind of investment at the wrong time, the idea being that the two most important economic variables for thrift profits are what? Interest rates and real estate prices. What happened? They went way up, and then they went way down, and these movements have knocked them around, and then they were further intensified by federal deficits, stronger financial competition, changing oil prices, and changing tax structure. All of this just narrowed in on, zeroed in on this industry, and beat it up. And there's no question that those things caused trouble for this industry, but they don't explain why firms just didn't exit when they, and get back to where you had enough that could earn a decent profit, and why, again, the losses got shifted to taxpayers. The second theory that one hears a lot I call the bad apples theory. Although there's many branches of this theory, each of which uses a different idea of what the word bad means, the first is the most straightforward meaning of bad, which is to say dishonest, or criminal behavior by thrift managers. Here, the idea is fraud and insider dealing. The second element is to say that they were just bad managers. They weren't necessarily dishonest. They were inept. And you hear that, that this was just too tough a business for these people to handle. There were lots of jokes in the deposit institution industry over the years. There used to be a joke. I don't, I tell it sometimes with great pain to the family of the man who endowed my chair. He had three or four sons. One of these sons is in banking, and the others are in S\u0026Ls. And the joke is that when a banker has more than one son, the smart one goes banking, and the other ones would go into S\u0026L management. So that fits that kind of notion that these managers weren't really bright enough people to handle all that. But I think that's silly that people can hire the same markets whatever skills they need. Smart people were quite willing to work for S\u0026Ls at the right price. In fact, what we saw was not ineptitude. It was not dishonesty. If we, the only way we could use the word bad in this would perhaps say it's excessive greed, in the sense that a lot of people operated with conflicts of interest in this industry, and who have, and you know there was an awful lot of purchase of S\u0026Ls in the 1980s by developers who used these firms basically to finance very speculative real estate projects. But again, while this cost, helped the cause losses, this is not strictly dishonest, and the issue should have been what was done by the regulators to control this conflict of interest and to stop this kind of risk-taking. Well, the third of these theories, which also begins with bad, is, and it comes from this idea that these S\u0026L managers actually were making clever responses to the regulatory environment that was set for them by the regulators who were not enforcing the taxpayer's interest, and this is what I call the bad ideology theory, but a more descriptive theory would be to say the excessive deregulation theory. The idea is that there were a lot of changes made in the powers and duties that the S\u0026Ls had to follow. First, we deregulated interest rates in the 1980s, so they had a bid for interest. Secondly, they were given a lot of new housing finance powers that meant their jobs became more complicated. They could make all kinds of loans that they were not allowed to make before. And this is at the federal level, and also at the state level, there was extension of a number of new risk-taking powers. But this, this goes back. It isn't, the evidence, if you look at it, it's not that all S\u0026Ls got into trouble because of excessive, because they had new powers. But in fact, the ones that got in trouble were the ones that were already zombies going in, the ones that were insolvent, and therefore were cheap for developers to buy, and that because regulators were allowing them to play, they were attracted to taking all this risk. So basically I'm saying that the theory is incomplete in that it leaves the key question unanswered about why whatever, whenever this was going on, regulators didn't control the damage from each of these partial causes. So the theory that I'm going to espouse, and I believe in very deeply, is that there were perverse incentives in government, and there still are, and the officials are rewarded for covering up developing problems, and deferring needed action, even though they know this strategy is costly to taxpayers as a whole. And you can think of it, if you were driving somebody else's car, this is very painful, 'cause my son just ruined a car of mine, and you see it overheating, and you're only a few miles from home, and so you say, well, you know, the gauge might not be working right, that I'll try to drive it home. And then in a few miles, it seizes up, and it's ruined. Well, that's the owner's problem, isn't it? If you'd gotten home all right, that would have been a benefit to you. And so, that's essentially it, that their careers benefited from taking these risks. In most of their cases, they got home with the car. The car was damaged, but they went and went off to their own car and left it for the taxpayers to deal with the effects. That, what, another way to look at it is that we had a police force, but this police force drove unmarked cars, and didn't enforce speed limits anyway. So they neither had the deterrent effect of seeing the well-marked car, and they didn't have the deterrent effect of enforcing the law. So we need to fix these incentives before we can get adequate reforms. Now, adequate reforms would include more than this. It would mean, include better monitoring of the condition of institutions, the setting of premiums that would respond somewhat to the risk, and interacting with the monitoring. But we're not gonna get such things until we've previously straightened out the officials' incentive, so they want to have this kind of development. So to get back to the idea of crime, how much of the losses the taxpayers suffered do you suppose was due to crime? Well, if you listen sort of carelessly to public officials talk, you would think it's a very high percentage. In particular, several congressmen and several of the Deposit Insurance top managers have made the point that there's fraud involved in something like 60 to 70% of the S\u0026Ls that have failed. So that sounds like, well, it must be a pretty big cause, but notice they say fraud's involved. That's, you know, when an institution gets in this deep kind of trouble, all kinds of internal controls break down, so it's not surprising that a troubled firm would have some fraud. The issue is how much of the losses the taxpayer got were traceable to fraud, and here the estimates are much smaller, that there's a man named Bert Ely, who is specialized in trying to measure these things. He says it's only 3%. An academic whom I respect very much, James Barth, from Auburn says it's 10%. And it's the government officials that say it's the higher amounts. And they want it to be seen as a higher amount, why? A, the public can understand this idea of fraud. That's simple, that's just taking money off the table, and that it puts blame on the crooks, not on the government, because the question is that the government didn't see this kind of fraud, but, or they would have acted against it. So, but it turns out that the FBI in studying this has put out a few statistics. So they find that most of the frauds they've identified involve losses of less than $25,000, that it would, and I calculated it would take 7.4 million such frauds to produce the 185 billion in losses that we probably had when FSLIC was closed down. So what about the excessive deregulation theory? Another point to make against it is that it turns out that the removal of deposit rate ceilings and the giving of new powers came after FSLIC was already over $100 billion in the hole. So it really has to be portrayed as an aggravating response to the industry's insolvency, rather than a cause of the insolvency. Now, it turns out that when interest rates floated up a bit in '82 and '83, a lot of the S\u0026Ls would have gotten a good bit better if they had not previously gambled in new ways through the risky loans to developers and so on in the interim. But nevertheless, they did do this. And so, it was not an initiating cause. And so, the freedom wasn't bad to set interest rates yourself, or to make new kinds of loans. What was bad was letting the zombies do those things, letting firms that had none of their own capital at stake take risks in new ways, because they were led to pay extra money to, for deposits to get large chunks of money to put down under the table in a bet, so they'd have a chance at making up their past losses. I mean, these institutions were already dead. They just hadn't been buried, and they wanted to take what amounts to lottery tickets to get well. I mean, all of us know people who have these terrible problems, financial problems, and what do they do? They run out with a little bit of the money they have to go to Las Vegas, or to buy lottery tickets from the state. So it's not that different. And another way to look at it is suppose somebody sent you to Las Vegas, some very wealthy uncle, name was Sam, and he sent you to Las Vegas. He said, \"You know, I'll guarantee all your losses. \"I'll make good any losses you have. \"I want you to have fun out there.\" Yeah, now, suppose you played for a while. You won a bit, that would be great. You might become very conservative, 'cause you, you know, the, those are, that's your money. But suppose you lost. You found you'd lost a couple hundred dollars, and Uncle Sam was good for, oh, a couple million. Well, you would say, \"Well, I'm gonna bet really wildly now.\" Then maybe you'd start out betting playing roulette, betting black and red. Soon, you'd be betting green, and other such wilder shots, because again, who's gonna get the losses? Uncle Sam, who's gonna get the wins? Well, if you can get back over your past losses, you'll get the wins. So you're not interested in little bets, 'cause little bets will never give you anything. It'll just make Uncle Sam a little richer, and there's no point in that. If he was dumb enough to guarantee your betting, then he deserves the consequence. You can think of it as an education. Yeah. Yeah, so the incentive breakdown theory is the only complete theory of the mess, and what it explains is politicians' and regulators' attraction to misregulation, rather than to conscientious police work, and it really completes these various partial theories. Yes, they contributed, but they would, we wouldn't have had the mess we had without the breakdown of government incentives. Now, another way to put this very simply is, this was in a cartoon last summer, a man is, has been stopped by the police, and he's yelling at the policeman. He's saying, \"You know, if you hadn't been hiding \"in the bushes, I wouldn't have been speeding,\" that, and that's absolutely true. I mean, how many of us would speed, or go through a stop sign with a, if we knew there was a policeman watching? So the point was they weren't watching. In fact, they were encouraging people to take these risks, because they were gambling right behind them. They were gambling that they could get well, either get well with some luck, and if they didn't get well, that these people could move off to another job, or another term in office before the mess would be revealed. So this theory, the incentive breakdown theory, answers much deeper questions that the other theories can't, including the question of why authorities are trying so hard today to sell us these incomplete theories, such as the bad apples theory, and the excessive deregulation theory. 'Cause if we buy into these incomplete theories, politicians can pass some largely ineffective new laws, and keep open their options to misregulate in the future. Yeah, you might object to my saying why would, why am I saying they want to misregulate? Well, I'll get to that. But first we can see various obvious evidence of scapegoating going on of all three partial causes by public officials. I'll ask you to look for it as you read the paper the next few days. And this just reminds us that history isn't written, history is written, not made, and it's written by parties with an ax to grind. Some of you may know that the textbooks on World War II in Japan have really changed the story, and people have had to come in, and complain to keep them from, keep clear of the fact that Pearl Harbor was something they initiated, rather than something that somehow we attracted. That, so, now, in FIRREA, which was the act passed on August 9th, 1989, this is the, actually it's the Financial Institutions Reform, Recovery, and Enforcement Act. Now, if you're in Washington, just to get an idea of how the difference between the way they do marketing, and the way I do it, they call it the fire out, see, which sounds like they're putting out a fire. I call it FIRREA, because it rhymes with a nasty condition. Now, and this is based on both the bad apples theory and the bad ideology theory, and the basic element of this theory, which does make some sense, or of this act, which makes some sense, is it actually develops capital punishment for the Federal Savings and Loan Insurance Corporation. They've wiped it off. It does not exist anymore. So if you, that is one punishment that has been delivered. But in the post-FIRREA propaganda, one of the things that I find most interesting is that, and you may or may not know this, Congress passed an act and President Bush signed it with great fanfare in October of 1990. This act was called the Financial Kingpin Crime Statute, and the idea was they're really gonna punish these S\u0026L managers who were financial kingpins that killed the taxpayers. But again, they're, so they've increased, they've doubled penalties basically for fiduciary crime in the private sector, not for fiduciary crime in the public sector. There's still no penalties for that, and that's what we need. So what the incentive breakdown theory does is to say that we really had official derelictions of duty and that these derelictions of duty facilitated the losses. So what we really had was de facto corruption. You know the difference between de facto and de jure? De jure means it's a matter of law. You could put somebody in jail for corruption, like the Keating Five. But they did not commit any legal corruption, any de jure corruption. It's de facto corruption. Anybody can can look at it and see it's corrupt. But the Senate Ethics Committee says it doesn't violate any ethics or law that they have in Congress, which tells us a great deal about the state of ethics in Congress, much more than they would really like us to know. Now, so what we really need to do is to recognize that incumbent officials that didn't blow their whistle on these zombie problems were contributing to the problem. I think it's St. Paul that said that all needed for evil to flourish is for good men, he wouldn't say good men and women, if you know St. Paul, for good men to stay quiet. So that's basically what happened. There was no legal obligation on them to do these things, but there were very strong moral obligation to serve the taxpayer. But against this had to be weighed the idea of protecting their reputations, and avoiding the very messy industry counterattack that would have followed from undertaking these tough, tough decisions. And I also think there's a certain moral softness in our society today and blurring of the edges of the idea that nothing is really right, nothing is really wrong, and that we can just decide at the moment what works out best. So they decided to accept, and encouraging, encourage accounting over appraisals of their client's condition. Instead of taking reasonable measures of when they were insolvent, and forcing insolvent institutions to close, they actually tempted managers to exploit the FSLIC fund. They tolerated and even encouraged very wild dealing. So as I said, the issues are why the losses got so large, why taxpayers ended up with them, and why were these things not observed and limited by regulators, by regulatory action? Well, let me tell you the simplest way I think I can present the breakdown of incentives at the congressional level. You may have read in the papers that they've had a, that a sting operation on the Arizona legislature, it's called AzScam. They're after the, it was one, I forget what it was called the Arab scam or something before, and they had someone go in trying to buy votes from the Arizona legislators on legalizing gambling in the state of Arizona. Person set up an office like \"Candid Camera,\" which had cameras in every direction, and the microphones, and they taped all these transactions. And I'm gonna give you a set of five things that people who, or members of the legislature in Arizona said, and there was a mixture of men and women, a mixture of senators and members of the House in Arizona. The first is from a woman senator who said in starting this negotiation for how much she would sell her vote for, she said, \"I want to die rich.\" And I think you'll notice that most of our politicians do die rich. They, many of them come with no money, earn no money, and magically leave rich. Second, another one who didn't wanna take cash, this was also a woman senator, was trying to get some franchises and things in the casinos, which would be established, and she says, \"We all have our price.\" Her point was that there's a button that you can push if you just know how to construct the deal, but she wasn't gonna take cash. The third, and this is the first guy to plead guilty, work a deal with the state, he said, \"There isn't an issue in the world I give a shit about. \"I do deals.\" Do you understand what that says? He saying that he doesn't vote anybody's conscience. He doesn't what his constituents want. He votes what he's paid the best to vote. His vote is for sale. Now, he ended up selling his vote in this issue for $10,000. A few weeks later, he discovered somebody else, one of his colleagues, had sold his vote for $55,000. And do you know what he said? He said, \"This time I sold my vote too cheaply.\" So just in case we thought that this is a once-over sale, and that he didn't really mean what he said, this, and finally, you know what they all said when they were arrested? \"I have done nothing improper.\" Typical.\r\n\r\n- Now, there's a sense in which they believe that, that is, they did what legislators do everywhere. But I mean, this is sad to say. Now, I'm not saying every legislator does it. Don't misunderstand me. I'm saying legislators do this everywhere. In every Congress, in every House, every Senate there are people who are simply doing deals simply selling their votes. There's not only such people, and there's some people that only sell their votes once in a while, and some people don't even realize necessarily they trap themselves into selling the vote, because it was bought kind of an advance in a harmless way. But I would like to say one last vote, one last vote, this is from Senator DeConcini, who was one of the Keating Five, the one that was very heavily, the one who was most heavily criticized without having been subjected to Senate action. They rebuked him for several things that he had done, for being very aggressive with the regulators, and if you read the minutes of the meeting, he was very aggressive. He was saying to them things like how dare you think that you're better than, that your measurements could be any better than those of professional accountants, you know, understanding that professional accountants are being hired by the S\u0026L to help them present a good picture of their condition, and got angry when this was pointed out to him, and it just went on and on like this. Anyway, DeConcini says after he got this rebuke, he says I have been exonerated, and I've done, this just proves that I've done nothing wrong. So the point is that he is controlling the information. He says it didn't happen, he did nothing wrong, and it's been proven, so that, which suggests that whatever he did here, he would do again. And of course, that's the great fear we all have, that there's been nothing done to change congressional ethics, so the next time these kinds of things come up, they won't happen again. Now, what we must understand if we're gonna expect politicians and regulatory authorities to do their job conscientiously, that is the job of representing us as taxpayers, we must see that this flies in the face of lessons in the costs of whistle-blowing and possibilities for blame avoidance that we all learned as tiny children. And I can underscore this by citing an article that appeared in one of the distinguished periodicals of our country. It was a parody of the very successful book, \"All I Need to Know I Learned in Kindergarten.\" This was published in the July, 1990 issue of \"Mad\" magazine, and it just changed the title to \"Everything I Needed to Know I Learned \"in Nursery School,\" and here are five of these lessons, and every one of these five applies to the FSLIC mess. The first is when you're likely to make a mistake, make sure there is someone handy on which to pin the blame. The second is don't waste time crying until there's somebody important around to hear you. Third, never do your best, or they'll expect you to do that well every time. Fourth, if you never do anything, no one can chew you out for doing part of it wrong. Fifth, after you break something, be sure you're not still there when someone finds out. Now, these are the lessons we've got to render inoperable, and it will require political reform to do this. I mean, these reforms are in political and bureaucratic accountability, and I will try to discuss this quickly. Now, let me clarify one point, that you've heard me call this a mess again and again. It's a mess, it's a fiasco, it's a debacle. I've tried to avoid the word crisis, and I think it's very important to see the reason it's such a mess is precisely because it has never been a crisis. Now, what do I mean by a crisis? Well, one of the things that a crisis does is it compels action. It crowds everything else off people's agenda. Consider the Gulf Crisis. It did crowd things off the agenda. We had to do something about it. So the delay, part of the delay we saw here, it's a mess in the sense because much of the delay we saw was explained by messy conflicts of interest between authorities and federal taxpayers, and the heart of these conflicts of interest are as long as severe problems are not yet publicly recognized, benefits accrue to politicians, and top bureaucrats, who basically have very short horizons, just looking for a few years in the future at most, from following policies of coverup and procrastination, and just denying there's a problem, and putting off action to solve the problem. One of the problems is that they're able to focus on the number of failures, something they control to a certain extent, and they're also able to report very misleading numbers for the reserves, because nobody really forces them to give a realistic estimate of the loss exposure of the fund in troubled institutions. Another problem is public gullibility, and then we're all at fault in this, that there, we are so gullible that we tend to blame and kill the messenger when somebody tells us there's a problem, and therefore create perverse costs of dealing with the problem, costs of whistle-blowing. It is shocking to me to me that Edwin Gray, who was the head of the Federal Home Loan Bank Board, and therefore the chief official in charge of FSLIC, is a popular hero, because he says he tried to get a few more examiners and the government wouldn't let him, and he got away before the mess blew up. But because he did, he didn't go public with the nature of the problem, he actually contributed to its development. So he's really, he's a public relations genius, but he is not, he is part of the problem, and he should not be treated as a hero. It just shows us how hungry we were for heroes before we had this war. Now, so basically they're in a situation, the authorities, Congress, and the top regulators, where they can gamble either on executing a clean getaway, that is just they get away before the mess happens, or if it does, they do get caught, they can try to engage in this kind of scapegoating after the fact when the mess surfaces, and that's what we're seeing with these, they're trying to sell these self-serving theories that overemphasize the partial causes. Now, another reason why it's not a crisis is a crisis really comes to a head rapidly, and this had the messy and slow untangling of taxpayer losses over 25 years that we had three stages of bad luck, and at the end of each of these stages there were more and more losses. Now, the third reason why it was a mess is, again, the point about the nasty role of political influence, that we have inadequacies in budget discipline. You know that we have something called off-budget spending. Well, what does it mean to have off-budget spending? If we're gonna, how else can we control the government, unless we budget all the money that's spent, and fund those things? So, and then we had these congressional and executive ethical standards. Now, I see campaign finance as a system of advanced purchases and sales of influence that basically, if you've ever talked to people about what goes on when they try to raise campaign money is that the authority, the people trying to raise it sell options. They tell the people all the wonderful things they can do for them if they support their campaigns, if they're friendly, the access they can get, and the things they can do on their behalf with regulators. And Keating himself in the famous case of Lincoln Savings and Loan made it very clear that he was giving money in order to buy influence. Now, one of the points of evidence I point to to deal with this, and I don't know whether you're aware of this, again, that in legislatures around the country they have these special clubs, where they, which are designed to help them control their weight, and drinking problems, and why do they have such serious weight and drinking problems is basically a symbol of their corruptibility, that there are these lobbyists dying to take them out to dinner, dying to ply them with food or drink. And they go out on the basis that this is to gain information and so on. But it is a very tough call in many cases that the basic conflict of interest that regulators, and, or the, particularly congressmen face is that constituent service yields immediate political benefits, and that's equally true for regulators. If you do things to help your clientele, your banks, or your thrifts, that makes you seem, by the people who best know your industry, your work, or the industry regulate, make you seem to be a better person, and the costs that come from this service for taxpayers are not immediately accounted for, 'cause these are not recognized until many years later in some cases. So we end up with a resulting imbalance for helping troubled industry, firms in the industry as against helping the taxpayer. In addition, we have pressure from Congress generally, and from the president, for regulars to show leniency toward any industry that runs into a lot of trouble, and of course, for these selected individual cases, basically coming out of the campaign financing. And we also have thrift efforts to control the regulators directly, typically by job offers. The man who was the head of the Federal Home Loan Bank Board in the early 1980s, left for a million dollar a year job as, with Merrill Lynch, and while, Mr. Gray, who succeeded him, was in office, Keating offered him a big job, which I think was just a message to let him know that if he did well, he maybe could, if he didn't cross him, he would have a nice future. And now, fourth, there are these inadequacies in budget discipline and ethics, and that these are both confirmed in the committee findings in the Keating case, that is they wanna keep this game going as long as they can. Now, what can we do about?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116121#t=0.0,2752.128"}]}]},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122","type":"Canvas","label":{"en":["Media File 2 of 2 - AV204004_The_Continuing_Savings_and_Loan_Insurance_Mess_b.mp3"]},"duration":1413.552,"width":640,"height":40,"thumbnail":[{"id":"https://d9jk7wjtjpu5g.cloudfront.net/collection_resource_files/thumbnails/000/116/122/small/lecture.png?1622637707","type":"Image","format":"image/png"}],"items":[{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/content/1","type":"AnnotationPage","items":[{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/content/2/annotation/1","type":"Annotation","motivation":"painting","body":{"id":"https://aviary-p-iastate.s3.wasabisys.com/collection_resource_files/resource_files/000/116/122/original/AV204004_The_Continuing_Savings_and_Loan_Insurance_Mess_b.mp3?1622637707","type":"Audio","format":"audio/mpeg","duration":1413.552,"width":640,"height":40},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122","metadata":[]}]}],"annotations":[{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027","type":"AnnotationPage","label":{"en":["AV204004_The_Continuing_Savings_and_Loan_Insurance_Mess_b.vtt [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/1","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e How can we persuade them to do these things?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=5.5,8.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/2","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, the first part maybe is easy,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=8.32,9.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/3","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what we want them to do is to repair the bad incentives.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=9.97,13.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/4","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I've got a technical program for that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=13.58,15.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/5","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you can read some other time.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=15.32,17.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/6","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the key point is really that we have to give them","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=17.05,19.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/7","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a reason for doing this.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=19.62,21.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/8","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They're not doing it on their own.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=21.34,22.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/9","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and as long as we return","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=22.88,24.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/10","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"95% and 96% of the incumbency run to Congress,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=24.12,28.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/11","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"despite their having fleeced us in this and other ways,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=28.28,32.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/12","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then it's not surprising","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=32.03,33.341"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/13","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that they don't reform the system.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=33.341,35.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/14","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So we've got to penalize them for the mess,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=35.67,38.163"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/15","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I think that means we must vote against incumbents","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=38.163,40.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/16","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in 1992 and 1994 until the perverse incentives are fixed.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=40.94,45.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/17","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"This is a very hard prescription.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=46.85,49.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/18","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's hard for a couple of reasons.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=49.23,50.48"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/19","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"First, most of us find that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=50.48,52.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/20","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the congressmen and senators we know","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=52.6,54.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/21","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are prepared to do things for us and have helped us,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=54.78,57.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/22","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"maybe to get a ticket to the White House,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=57.44,61.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/23","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to see the White House at some point as a tourist,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=61.62,64.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/24","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or to get a passport in good order,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=64.17,68.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/25","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"maybe helped in dealing with some agency.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=68.42,71.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/26","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But we also we have to relax this,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=71.04,73.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/27","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when it's clear that the opposing party","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=73.36,74.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/28","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is putting up a distinctly lesser person.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=74.95,76.99"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/29","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We obviously, we don't wanna replace a dog with a cat.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=76.99,79.863"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/30","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But if we don't send the message","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=81.29,83.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/31","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that imposes accountability for such losses,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=83.07,85.941"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/32","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and if we don't lessen the advantages of incumbency,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=85.941,89.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/33","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we're not gonna get adequate reform.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=89.69,91.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/34","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think Congress' view of the problem is nicely illustrated","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=92.39,96.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/35","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by a Calvin and Hobbes cartoon from last summer,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=96.19,99.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/36","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I think most of you know of Calvin and Hobbes.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=99.82,102.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/37","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Calvin's mother comes up to him and says,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=102.41,103.987"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/38","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"Calvin, I asked you to clean up your room.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=103.987,105.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/39","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He's out in the backyard in a swing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=105.87,107.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/40","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He says, \"I did.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=107.75,108.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/41","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"She says, \"Well, you didn't do a very good job then.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=108.98,111.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/42","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It looks as messy as it did before.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=111.36,114.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/43","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And she says, \"You should take pride in what you do,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=114.36,116.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/44","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and always do the best job possible.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=116.97,118.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/45","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm sure you've all heard that from your mother.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=118.81,121.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/46","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And he goes back to the room with Hobbes.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=121.01,123.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/47","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's a complete mess.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=123.38,124.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/48","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He's looking around and he says,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=124.73,125.957"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/49","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"I don't need to do a better job.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=125.957,128.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/50","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I need better PR on the job I did.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=128.02,131.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/51","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(audience laughing)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=131.0,132.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/52","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I can get it another way.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=132.27,134.37"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/53","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"This is a very strong statement","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=134.37,138.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/54","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that I think the message is really reflective","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=138.63,140.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/55","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the deep economic problems","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=140.45,141.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/56","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that are besetting our country.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=141.84,143.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/57","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"First is the low savings rate,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=143.75,145.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/58","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which I think basically testifies to our impatience.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=145.51,148.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/59","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We want everything now.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=148.8,150.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/60","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that's part of the trade here,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=150.44,151.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/61","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"these short-run benefits for long-run costs.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=151.88,155.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/62","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Secondly, we've lost some of our moral edge.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=155.28,158.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/63","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We don't really know what's right and wrong anymore,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=158.13,160.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/64","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we're prepared to tolerate some of this behavior.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=160.7,163.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/65","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Third, we have an embarrassingly large body","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=163.43,165.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/66","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of an ineptly educated managers and workers,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=165.61,168.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/67","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and as part of the educational establishment,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=168.08,170.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/68","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I have to take some responsibility for that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=170.06,172.458"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/69","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And finally, we have a laziness about understanding","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=172.458,175.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/70","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what the government is doing,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=175.93,176.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/71","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that is when people just take the attitude,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=176.97,178.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/72","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we don't have to study these hard things.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=178.42,180.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/73","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And you can see this in the paper.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=180.31,182.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/74","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"When the S\u0026amp;L mess was developing,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=182.45,184.077"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/75","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Zsa Zsa Gabor got more press","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=184.077,186.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/76","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for slapping a policeman and going to trial","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=186.16,188.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/77","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and on what kind of clothes she was wearing,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=188.12,190.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/78","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than the S\u0026amp;L Mess was getting.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=190.29,192.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/79","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And clearly this just bespeaks","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=192.58,196.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/80","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to our concern to be amused rather than educated.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=196.0,200.685"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/81","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, one of the hopes I have is basically that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=200.685,204.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/82","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the literature of the youth of today,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=206.33,208.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/83","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there is a recognition of these problems.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=208.95,211.861"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/84","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And one of my favorite,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=211.861,212.984"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/85","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they're not such a youthful group anymore,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=212.984,214.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/86","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is the Rolling Stones.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=214.64,216.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/87","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And in one of their songs, \"The Salt Of The Earth\",","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=216.26,219.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/88","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they sang at a number of their stops in the tour last year","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=219.0,222.85"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/89","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has a passage which is really stunning in its sizing up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=222.85,226.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/90","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the political problems facing Western countries.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=226.86,230.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/91","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"First it says, \"Let's think of the wavering millions","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=230.25,233.224"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/92","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who need leaders but get gamblers instead.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=233.224,236.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/93","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You see I'm saying they gamble","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=236.36,238.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/94","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on these firms getting well","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=238.34,239.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/95","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and really long shot ways","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=239.94,241.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/96","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that are bound to cost taxpayers money on average.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=241.21,243.777"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/97","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"Spare a thought for the stay at home voter.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=243.777,246.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/98","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"His empty eyes gaze at strange beauty shows\".","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=246.5,249.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/99","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And if you remember the campaign television commercials","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=249.83,252.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/100","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we saw last November,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=252.86,254.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/101","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that's what they're really talking about.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=254.89,256.307"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/102","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have the shallow content","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=256.307,257.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/103","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the modern political campaigns.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=257.42,258.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/104","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"No one identifies an issue,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=258.95,260.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/105","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"no one takes any stance on an issue","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=260.78,263.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/106","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"like cleaning up something.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=263.05,264.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/107","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They instead throw mud at their opponent","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=264.5,268.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/108","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for filing a tax return inappropriately,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=268.56,271.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/109","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or going through a red light or something.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=271.28,273.48"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/110","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it ends up by saying,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=273.48,274.597"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/111","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"A parade of gray suited grafters.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=274.597,276.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/112","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm wearing a gray suit.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=276.88,278.767"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/113","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"A choice of cancer or po-olio.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=278.767,281.223"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/114","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Po-olio is really polio.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=282.38,283.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/115","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You understand that we need this extra syllable","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=283.89,286.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/116","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to make it come out.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=286.04,287.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/117","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Alright, well I welcome your questions if you have any.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=287.86,291.547"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/118","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Suppose you were to run for political office.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=301.701,305.618"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/119","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"How would you win?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=308.147,310.024"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/120","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Well you know the old joke","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=310.024,311.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/121","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that when Norman Mailer, I think,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=311.56,315.245"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/122","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or was it Buckley, ran for mayor of New York,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=315.245,318.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/123","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"said, \"What would you do if you won?\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=318.57,319.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/124","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He said, \"I'd demand a recount\".","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=319.9,322.008"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/125","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(man laughing)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=322.008,322.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/126","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There's no chance that I could run for office","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=322.91,325.233"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/127","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or that I could be elected.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=325.233,327.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/128","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because I really believe that no party will put up someone","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=327.18,331.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/129","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they can't control.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=331.77,333.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/130","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so if I were to run,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=333.62,336.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/131","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it would probably be indicative","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=336.36,337.59"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/132","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the fact that I had already become undesirable.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=337.59,341.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/133","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's very mean to say, but I think it is,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=341.11,344.14"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/134","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there's a filtering process that goes on,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=344.14,346.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/135","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I see this in terms of appointments","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=346.03,348.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/136","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to top regulatory positions, even.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=348.01,350.37"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/137","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"These people are proven,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=350.37,354.37"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/138","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they're willing to stand up for the party in tough 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ago,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=379.86,382.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/149","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"no, I guess it's just a month ago now.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=382.04,383.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/150","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And they wanted to preserve every bit of discretion they 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limit,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=393.67,395.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/155","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when they chose to be able","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=395.61,397.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/156","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to resolve the insolvency anyway they wanted,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=400.227,402.845"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/157","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"even though there would be a test","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=402.845,403.678"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/158","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for what would be the cheapest way.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=403.678,404.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/159","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But if they're determined that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=404.72,405.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/160","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that was better to do something else, they could do it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=405.78,408.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/161","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And of course, the way they would calculate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=408.17,409.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/162","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what was the cheapest way was very manipulable.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=409.77,412.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/163","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And finally, they could also even keep institutions open","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=412.38,416.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/164","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that they knew to be insolvent,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=416.01,417.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/165","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if they determined that was in the national interest.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=417.66,420.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/166","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Basically, they don't wanna be constrained.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=420.11,422.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/167","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They wanna be free.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=422.97,424.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/168","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But anybody who goes to classroom, you can 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students.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=429.12,432.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/171","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You don't have to come to my class,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=432.36,434.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/172","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I don't care if you talk, read the paper,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=434.31,436.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/173","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"whatever you do, I don't know what kind of class I'd have.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=436.47,439.101"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/174","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Will I have people in it?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=439.101,439.934"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/175","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Or if I did have people in it,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=439.934,441.3"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/176","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and how much noise they would make.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=441.3,443.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/177","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Basically, we have to discipline people","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=443.02,446.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/178","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in a process, and I believe in market 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discipline.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=454.48,456.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/181","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It takes, breaks the link between what assets can earn,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=456.88,460.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/182","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and what depositors can get through financing those assets.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=460.81,463.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/183","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that's what we've got to restore.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=463.89,465.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/184","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we've got to put an obligation on authorities","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=465.86,467.704"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/185","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to pursue that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=467.704,469.267"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/186","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I think really, that would make me persona non 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hypothesis.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=480.37,484.483"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/191","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Wally?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=486.99,487.823"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/192","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e In other developed countries, are there similar problems?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=490.083,492.344"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/193","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I know in lesser developed countries,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=492.344,493.683"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/194","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there's normally a big problem with incentives,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=493.683,495.485"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/195","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and politicians with lots of corruption.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=495.485,497.944"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/196","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Japanese, the Germans,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=497.944,499.642"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/197","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"do they have similar pressing problems?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=499.642,501.841"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/198","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Well look, I'm not as well informed","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=501.841,504.467"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/199","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about individual other countries.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=504.467,506.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/200","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Clearly, Japan has terrible problem of corruption.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=506.39,508.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/201","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They have,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=510.05,510.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/202","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they had a huge recruit scandal,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=514.33,517.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/203","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"corporation that bought a great deal of the top politicians.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=517.05,520.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/204","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think the best protection is really","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=520.25,522.37"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/205","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the degree of education of the public,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=522.37,524.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/206","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the level of discourse in the press.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=524.53,529.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/207","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Canada had a deposit insurance problem","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=529.72,531.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/208","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about the same time we did,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=531.45,532.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/209","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in fact they basically built","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=532.95,534.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/210","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a system that was copied on ours.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=534.1,535.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/211","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But they did fix their system in the 1980s,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=535.91,538.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/212","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the face of these problems","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=538.82,540.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/213","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of institutions having been allowed","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=540.39,543.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/214","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to be totally bailed out,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=543.24,544.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/215","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or the insurance limits weren't enforced and so on.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=544.76,547.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/216","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They did build a better system, they did.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=547.28,549.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/217","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I think that's probably","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=549.56,550.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/218","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because their press really identifies the problem","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=550.82,553.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/219","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and talks about the real problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=553.11,554.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/220","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What I get offended by is to hear people say things","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=554.73,557.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/221","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"like, \"Throughout this mess,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=557.32,558.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/222","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that nobody's ever lost a nickel in FSLIC.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=558.32,560.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/223","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Or the person, Mr. Bluster running the FDIC today tells you,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=560.63,565.387"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/224","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"We can handle everything, there's no problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=565.387,567.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/225","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Don't worry about it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=567.8,568.633"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/226","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We're not really sure,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=568.633,569.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/227","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we could use a little more money, but we're not insolvent.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=569.82,572.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/228","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And he gets very angry when people say they're insolvent,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=572.65,574.99"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/229","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"he has people write letters to newspapers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=574.99,577.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/230","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to say how foolish it is,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=577.64,579.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/231","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that this analysis is being put forward.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=579.29,582.023"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/232","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We are at the stage of denial.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=585.04,586.37"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/233","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Instead of talking about how to solve the problem,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=586.37,589.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/234","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you have to continually argue about","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=589.13,590.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/235","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that there is a problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=590.43,591.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/236","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I never get to discuss with any of these things,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=591.9,594.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/237","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"anything but whether there's a problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=594.51,596.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/238","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that's a crime because it is a problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=596.77,598.657"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/239","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And if we just get beyond that problem,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=598.657,600.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/240","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we can then try to work out a solution.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=600.9,602.59"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/241","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So I don't know if you've ever had anyone","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=602.59,604.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/242","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in your family get cancer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=604.15,605.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/243","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the first thing is you got to get","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=605.25,606.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/244","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"right past the denial stage and say, \"Okay, it's cancer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=606.95,610.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/245","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What do we do about it?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=610.16,611.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/246","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What kind of therapy do we have?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=611.02,612.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/247","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Do we have an operation?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=612.27,613.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/248","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Do we have radiation therapy?\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=613.38,614.85"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/249","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And if you don't do that, it gets worse and worse.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=614.85,616.99"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/250","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that's just the way","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=616.99,617.823"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/251","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the deposit insurance thing has been.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=617.823,619.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/252","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But every debate I have in Washington is about denial.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=619.41,622.803"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/253","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's about whether there's a problem,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=623.928,626.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/254","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"whether this analysis that any economist can make","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=626.0,629.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/255","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is true or not.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=630.433,632.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/256","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Whether there's something being missed.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=632.5,633.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/257","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the point, you say,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=633.94,635.252"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/258","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"Suppose if there is something we missed","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=635.252,636.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/259","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the calculations?\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=636.71,637.543"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/260","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Suppose there's a few $100 million or more","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=637.543,640.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/261","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in some of these insolvent big banks,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=640.69,642.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/262","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it isn't enough to save them.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=642.18,644.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/263","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They're still insolvent, the consequences are the same.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=644.07,647.329"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/264","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But you are continually dealing with the wrong questions.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=647.329,651.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/265","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that's part of the art of illusion.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=651.07,652.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/266","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's just to get people to worry about the wrong thing,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=652.61,656.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/267","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"rather than the right thing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=656.4,657.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/268","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I think that's almost the heart of politics today.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=658.669,660.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/269","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's sometimes defined as","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=660.6,661.949"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/270","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"not telling the truth without really lying.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=661.949,664.643"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/271","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Yes.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=668.47,669.303"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/272","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e (indistinct)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=670.226,672.809"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/273","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Well, I think the access to credit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=676.18,678.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/274","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"gives us more opportunities to pre-commit ourselves","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=678.75,682.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/275","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in ways that we regret.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=682.65,685.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/276","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's hard for me to measure it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=685.26,686.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/277","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I haven't studied that precise point.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=686.4,689.483"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/278","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But it does go back to the idea of not being disciplined.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=690.41,692.85"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/279","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There's nothing wrong with having opportunities,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=692.85,694.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/280","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think it's great.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=694.83,695.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/281","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"When I went to school, I borrowed some money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=695.93,697.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/282","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for my first year of graduate school.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=697.65,699.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/283","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It was great that I could borrow some money.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=699.75,701.943"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/284","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But we really need to instill in ourselves more concern","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=704.589,709.233"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/285","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for putting off some things","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=710.2,712.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/286","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"instead of trying to have everything at an early age.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=712.55,715.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/287","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I remember, and I think a lot of it","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=715.46,718.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/288","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is really parents giving things to their kids","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=718.07,720.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/289","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to live through their kids and having those.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=722.343,723.2"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/290","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I remember when my oldest child turned 16,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=723.2,725.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/291","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"one of my colleagues","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=725.24,726.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/292","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at Ohio State University said to me,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=726.69,728.597"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/293","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"What kind of car are you giving Laura for her birthday?\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=728.597,732.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/294","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I said, \"What?\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=732.09,733.703"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/295","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(audience laughing)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=733.703,735.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/296","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He said, \"Well, that's what everyone does in this town.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=735.29,737.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/297","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I said \"Well, everyone but one at least.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=737.31,739.767"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/298","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I believe very strongly that cars and apartments and so on","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=741.08,744.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/299","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are things that people, kids, must give themselves.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=744.06,748.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/300","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That getting it for yourself is good.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=748.63,750.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/301","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Learning that you can do that for yourself.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=750.7,753.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/302","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And to be given this much,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=753.76,755.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/303","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"actually weakens you, softens you.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=755.46,758.417"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/304","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so I think we really have used credit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=758.417,762.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/305","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in order not to have to decide what we want and don't want,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=762.29,766.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/306","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"not to make decisions over time,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=766.33,768.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/307","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the way that should be made.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=768.13,769.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/308","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It may well be","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=769.67,771.042"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/309","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that people will be educated from this experience,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=771.042,772.579"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/310","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and won't keep making the same mistakes.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=772.579,774.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/311","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But ours is a culture of marketing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=774.96,777.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/312","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"trying to sell us on things we don't need.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=777.05,779.763"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/313","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we have to learn to say no","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=780.84,783.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/314","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for more reasons other than we just don't have the money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=784.15,786.423"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/315","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or credit available to buy it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=786.423,788.563"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/316","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But I think that your view is that that's","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=790.34,792.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/317","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"an important part of the low savings rate.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=792.02,793.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/318","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I think the evidence is consistent with that,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=793.74,796.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/319","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but I haven't seen any detailed statistical studies","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=796.64,800.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/320","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on that specific point.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=800.11,801.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/321","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Yes.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=801.88,802.713"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/322","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e You mentioned that technical things that (indistinct)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=804.125,809.125"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/323","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Oh, yes.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=812.71,813.623"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/324","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There is a...","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=815.23,816.063"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/325","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well first, there is the book,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=817.749,818.582"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/326","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"The S\u0026amp;L Insurance Mess: How Did it Happen?\",","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=818.582,820.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/327","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"1989, Urban Institute Press.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=820.53,823.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/328","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You can get that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=823.97,825.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/329","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They don't have in the bookstore,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=825.77,826.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/330","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you can order or call the publishers,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=826.79,829.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/331","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"area code 301, 459-3366.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=829.33,834.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/332","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the paperback is $10.95.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=835.55,837.723"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/333","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There is a little talk that I put out","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=839.36,842.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/334","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that you can get free, free,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=842.18,845.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/335","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from the Washington University in St. Louis.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=845.07,848.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/336","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's from their Center for the Study of American Business.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=848.36,851.983"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/337","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Washington University, St. Louis.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=853.74,856.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/338","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it's called \"The S\u0026amp;L Insurance Mess\".","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=856.01,858.657"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/339","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm having trouble remembering the title.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=859.992,861.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/340","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so I keep calling it a mess.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=861.12,862.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/341","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And this was Issues Series Number 41,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=864.973,866.823"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/342","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Contemporary Issues Series Number 41,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=868.48,870.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/343","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it was published in February.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=870.01,872.062"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/344","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that does describe it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=872.062,874.2"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/345","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Or you can send a note to me at my office at Ohio State,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=874.2,876.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/346","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I can send you some stuff too.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=876.92,878.523"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/347","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Yes.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=881.283,882.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/348","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Would it be wise to eliminate federal deposit insurance?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=882.58,885.48"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/349","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Well, If we could eliminate federal deposit insurance,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=886.58,891.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/350","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I would think it would be a good solution.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=891.18,893.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/351","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But I believe that all we would do","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=893.25,894.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/352","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is eliminate the explicit fund.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=894.98,898.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/353","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We wouldn't eliminate the bailout propensities","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=898.63,901.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/354","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of government officials.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=901.8,902.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/355","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So when the thrift industry gets in trouble,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=902.93,905.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/356","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they would still be rescued.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=905.35,907.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/357","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But we would not make accountable authorities","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=907.75,911.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/358","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for developing losses.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=911.09,912.14"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/359","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So we'd even have more of this sudden movement","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=912.14,914.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/360","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from being okay to having a big billet or tab.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=914.02,917.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/361","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I can support this","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=917.83,919.577"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/362","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from several foreign countries' experience.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=919.577,920.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/363","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In fact, every foreign country I've looked at in detail.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=920.51,923.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/364","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There have been several big cases in states","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=924.922,926.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/365","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in Australia this year,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=926.84,929.787"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/366","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"within the last year,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=929.787,931.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/367","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"where big thrifts got into trouble.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=931.27,935.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/368","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There was no deposit insurance.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=935.04,937.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/369","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Politicians said, first when the run started,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=937.49,940.737"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/370","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"Oh, don't worry about it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=940.737,941.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/371","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's okay, I've taken a look.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=941.91,943.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/372","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Then the run continues, although slowed.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=943.78,946.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/373","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And then finally they closed it,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=946.4,948.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/374","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and said, \"Well, tough luck depositors\",","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=948.0,949.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/375","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and depositors scream.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=949.83,951.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/376","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Then the politicians change their mind","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=951.54,954.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/377","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they are bail out at least the small depositors,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=954.29,957.437"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/378","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they pose a little bit of delay on the large depositors.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=957.437,961.59"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/379","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's what we're seeing in Rhode Island,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=961.59,963.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/380","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's probably gonna be the solution","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=963.08,964.007"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/381","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the trouble there this year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=964.007,965.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/382","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We had a situation in Switzerland where","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=965.9,969.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/383","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a large thrift in one of the cantons,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=971.972,973.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/384","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which is equivalent to a state there,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=973.21,975.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/385","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"failed within the last year, I believe.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=975.25,978.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/386","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And a canton-owned commercial bank merged it live,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=978.88,983.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/387","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"without killing its contracts, without imposing any losses.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=985.5,988.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/388","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So the taxpayer got hit with it, but it doesn't show.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=988.16,991.343"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/389","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"No fund took a hit.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=992.614,994.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/390","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The state-owned institution absorbed it,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=994.41,998.863"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/391","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as if at market value for the book values.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1000.72,1003.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/392","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so the loss is passed to taxpayers,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1003.22,1005.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/393","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but they never see it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1005.19,1006.893"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/394","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"'Cause there's no stock in the state-owned institution,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1008.134,1009.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/395","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there's no market signal as to what that costs.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1009.68,1013.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/396","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And they chose that method, you can,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1013.01,1015.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/397","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that's one of these methods that really appeals","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1015.11,1016.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/398","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the government.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1016.81,1018.054"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/399","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"As you probably know, last week the Treasury proposed","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1018.054,1020.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/400","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that the bank insurance funds hole at the FDIC","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1020.7,1024.912"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/401","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"be taken care of by allowing them to borrow","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1024.912,1027.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/402","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from the Federal Reserve.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1027.55,1028.833"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/403","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And this is a kind of tricky thing that appeals to them,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1030.01,1033.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/404","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because that means it's not taxpayer money, right?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1033.05,1035.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/405","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Why isn't it a taxpayer money?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1035.54,1037.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/406","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, because the Federal Reserve","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1037.11,1038.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/407","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"isn't supported directly by the taxpayer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1038.45,1041.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/408","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's a government-owned enterprise.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1041.04,1043.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/409","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And in fact, it pays its surpluses in","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1043.28,1045.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/410","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"every year to the Treasury.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1045.39,1046.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/411","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's been running over $20 billion a year in recent years,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1046.97,1049.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/412","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so it can give a lot of support.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1049.73,1051.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/413","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the idea is that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1051.49,1052.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/414","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it doesn't affect your tax rate directly.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1052.38,1055.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/415","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You can't link it up cleanly.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1055.22,1057.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/416","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So that's the kind of thing that the government wants to do.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1057.0,1059.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/417","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So I think this would be better","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1059.15,1060.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/418","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to have the fund explicitly there","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1060.76,1063.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/419","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and impose accountability","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1063.63,1065.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/420","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for minimizing the losses to that fund,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1065.15,1067.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/421","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"rather than to pretend that we don't have a fund.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1067.88,1069.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/422","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In fact, what's really irritated me","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1069.64,1071.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/423","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about the Australian solution in the state of Victoria,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1071.53,1074.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/424","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the first one that had the mess in Australia.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1074.61,1076.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/425","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They said, \"Well, this shows","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1077.82,1079.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/426","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that there are a lot of problems in the thrift industry,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1079.41,1081.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/427","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and therefore we cannot possibly have deposit insurance.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1081.61,1085.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/428","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So they won't have deposit insurance, but they will.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1085.31,1088.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/429","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They'll bail 'em out.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1088.53,1089.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/430","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But they won't have deposit insurance.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1089.69,1090.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/431","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They won't have responsibility","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1090.87,1092.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/432","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to monitor and enforce in a timely fashion,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1092.57,1095.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/433","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"taxpayers' interests.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1095.43,1096.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/434","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But they will continue to have the political incentives","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1096.71,1099.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/435","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to bail out depositors when there's a spectacular failure.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1099.18,1102.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/436","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So I think it would require a different world.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1102.88,1107.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/437","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If we straightened out the political incentives,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1107.4,1108.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/438","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in many ways,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1108.95,1109.783"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/439","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if we made people promise not to bail out","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1109.783,1112.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/440","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and made penalties for bailing out.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1112.78,1114.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/441","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But Congress isn't willing to straighten out","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1114.56,1116.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/442","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the running of a sensible enterprise","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1116.69,1118.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/443","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"let alone take on such restrictions on itself.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1118.35,1121.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/444","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Yes.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1121.97,1122.803"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/445","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Probably we are on the same line but,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1124.492,1127.742"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/446","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I understand your argument, but I guess I have a problem,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1129.43,1131.442"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/447","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"how do you protect the small person?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1131.442,1134.205"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/448","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"'Cause even if you did all these things,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1134.205,1135.825"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/449","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you got good accountability","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1135.825,1137.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/450","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we became more knowledgeable about what's going on,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1137.11,1141.693"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/451","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you're still gonna have people, (indistinct).","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1143.089,1148.089"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/452","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So I guess I'm not clear as to how are you gonna protect","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1151.842,1154.529"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/453","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the small depositor, I guess?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1154.529,1156.946"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/454","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Well, first, the point is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1157.92,1159.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/455","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I am gonna protect the small depositor.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1159.18,1161.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/456","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I wanna leave deposit insurance.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1161.43,1162.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/457","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I didn't get into this point, but I believe it's sensible","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1162.78,1165.48"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/458","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to have insurance,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1165.48,1166.313"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/459","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"whether it's privately written or government written,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1166.313,1168.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/460","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to protect small depositors","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1168.47,1169.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/461","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because they can't afford with small amounts of money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1169.89,1173.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/462","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to go to all the trouble","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1173.09,1175.444"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/463","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of assessing the condition of banks.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1175.444,1176.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/464","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I believe large depositors not only can but should","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1176.88,1179.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/465","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"make those determinations.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1179.96,1181.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/466","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They should be deciding","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1181.24,1182.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/467","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"whether to put in the stock market","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1182.11,1183.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/468","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or mutual funds or bonds, whatever.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1183.56,1186.373"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/469","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So I do wanna see small depositors protected,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1188.065,1190.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/470","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and if we didn't have government deposit insurance,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1190.32,1192.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/471","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I would hope we would have some kind of private system.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1192.26,1194.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/472","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So I'm not trying to...","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1194.97,1196.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/473","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's not the depositors I'm worrying about.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1196.09,1198.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/474","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm saying they will be taken care of.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1198.0,1199.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/475","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm worried about the taxpayer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1199.92,1201.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/476","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The taxpayer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1201.56,1203.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/477","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"See, the threat in deposit insurance","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1203.04,1205.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/478","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is not to depositors and never has been.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1205.23,1207.653"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/479","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In fact, large depositors","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1208.625,1209.964"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/480","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"have been picking our pockets as taxpayers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1209.964,1213.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/481","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"When someone ships money off to the highest bidder,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1213.79,1218.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/482","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"among insolvent thrifts,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1218.46,1219.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/483","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"somebody paying 100 basis points","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1219.94,1222.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/484","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"over the Treasury yield curve for funds,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1222.04,1225.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/485","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that's taking money out of our pockets.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1225.65,1228.545"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/486","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's legal and I'm not saying anything about it,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1228.545,1231.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/487","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"just saying that that's the facts.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1231.16,1233.265"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/488","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If they bought a government bond,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1233.265,1234.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/489","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which would be more or less identical in the risks,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1234.94,1237.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/490","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they would get much less money.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1237.5,1239.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/491","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's because we've got","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1239.09,1239.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/492","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a badly run deposit insurance system,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1239.98,1241.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/493","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they get another 100 basis points.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1241.81,1243.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/494","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But we're paying it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1243.26,1244.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/495","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"As the taxpayer, on average, we're paying it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1244.74,1247.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/496","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Few institutions win these gambles","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1247.87,1249.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/497","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but on average, the taxpayer loses.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1249.57,1251.683"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/498","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Yes.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1253.58,1254.923"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/499","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e The printing of money--","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1254.923,1257.006"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/500","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Could you talk just a little bit louder please?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1258.705,1260.822"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/501","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Yes, is the printing of money (indistinct)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1260.822,1263.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/502","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"solution to the deficit?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1264.582,1266.582"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/503","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Well, the printing of money is more generally","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1269.38,1272.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/504","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a question of allowing a money supply expansion,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1272.97,1275.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/505","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which could involve additional deposits.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1275.04,1276.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/506","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I mean, is that what you're saying?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1276.92,1278.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/507","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Expansion of the money supply.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1278.51,1279.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/508","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And cash is only a small component of money supply.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1279.5,1283.126"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/509","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e The money is sold to someone.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1283.126,1285.366"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/510","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And in this case it's sold to the FSLC or the FSL","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1285.366,1289.449"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/511","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or some federal insurance company.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1291.425,1294.258"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/512","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If they are going to retrieve their funds,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1296.679,1300.945"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/513","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"would they work hand in hand with the Fed?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1300.945,1304.646"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/514","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Is there any possibility that some of that money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1304.646,1308.844"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/515","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"will trickle down?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1308.844,1310.124"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/516","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Well, I guess what we can say is that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1310.124,1311.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/517","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you can finance a deficit at any government enterprise,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1311.56,1316.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/518","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"either by taxes, by borrowing in the debt markets,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1316.5,1319.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/519","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or by printing new money, what what you have in mind.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1319.91,1322.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/520","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, each of those has slightly different consequences","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1322.95,1326.406"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/521","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the macro economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1326.406,1327.345"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/522","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the Federal Reserve is supposed to balance","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1327.345,1328.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/523","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the macroeconomic consequences","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1328.76,1331.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/524","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the money supply behavior.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1331.75,1334.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/525","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So again, inflation is every bit as much of a tax","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1334.29,1338.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/526","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as an increase in the income tax.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1338.86,1342.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/527","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It just isn't as clearly acknowledged.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1342.91,1345.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/528","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Vietnam War was partly financed by inflation,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1345.43,1348.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/529","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which still, because the government's a big debtor,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1348.75,1351.593"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/530","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"made the government better off","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1352.65,1355.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/531","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and enriched it in terms of being able","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1355.38,1357.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/532","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to finance its expenditures.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1357.09,1359.3"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/533","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But it's not an answer to anything.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1359.3,1361.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/534","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The hole is still there.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1361.01,1362.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/535","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Taxpayers are still paying.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1362.34,1363.313"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/536","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's just how they pay.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1363.313,1365.686"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/537","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Will they paid with an explicit tax, the income tax?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1365.686,1368.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/538","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Will they pay with an implicit tax, the money supply?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1368.27,1370.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/539","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Or do as we're doing now, we're just borrowing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1370.69,1373.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/540","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We're borrowing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1373.6,1374.966"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/541","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Some of it's explicit and some of it isn't even explicit,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1374.966,1376.828"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/542","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"some of it's unfunded.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1376.828,1377.661"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/543","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But we're still borrowing, we still owe it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1377.661,1379.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/544","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's like a credit card bill that hasn't come to us yet.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1379.32,1382.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/545","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The credit card company hasn't processed the slips,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1382.93,1385.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/546","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but the obligation has been incurred.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1385.79,1388.063"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/547","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It looks like you're out of questions.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1390.43,1392.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/548","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Thank you very much for attending.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1392.15,1394.604"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/549","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(audience clapping)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1394.604,1397.604"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/550","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Thank you very much for coming.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1403.126,1403.959"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/551","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It was a great talk.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=1406.006,1407.673"}]},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027","type":"AnnotationPage","label":{"en":["English [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28027/annotation/552","type":"Annotation","motivation":"subtitling","body":{"type":"TextualBody","value":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/028/027/original/AV204004_The_Continuing_Savings_and_Loan_Insurance_Mess_b.vtt?1622637709","format":"text/vtt","language":"en"},"target":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/028/027/original/AV204004_The_Continuing_Savings_and_Loan_Insurance_Mess_b.vtt?1622637709"}]},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28028","type":"AnnotationPage","label":{"en":["AV204004_The_Continuing_Savings_and_Loan_Insurance_Mess_b.txt [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122/transcript/28028/annotation/553","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"- How can we persuade them to do these things? Well, the first part maybe is easy, what we want them to do is to repair the bad incentives. And I've got a technical program for that you can read some other time. But the key point is really that we have to give them a reason for doing this. They're not doing it on their own. and as long as we return 95% and 96% of the incumbency run to Congress, despite their having fleeced us in this and other ways, then it's not surprising that they don't reform the system. So we've got to penalize them for the mess, and I think that means we must vote against incumbents in 1992 and 1994 until the perverse incentives are fixed. This is a very hard prescription. It's hard for a couple of reasons. First, most of us find that the congressmen and senators we know are prepared to do things for us and have helped us, maybe to get a ticket to the White House, to see the White House at some point as a tourist, or to get a passport in good order, maybe helped in dealing with some agency. But we also we have to relax this, when it's clear that the opposing party is putting up a distinctly lesser person. We obviously, we don't wanna replace a dog with a cat. But if we don't send the message that imposes accountability for such losses, and if we don't lessen the advantages of incumbency, we're not gonna get adequate reform. I think Congress' view of the problem is nicely illustrated by a Calvin and Hobbes cartoon from last summer, and I think most of you know of Calvin and Hobbes. Calvin's mother comes up to him and says, \"Calvin, I asked you to clean up your room.\" He's out in the backyard in a swing. He says, \"I did.\" She says, \"Well, you didn't do a very good job then. It looks as messy as it did before.\" And she says, \"You should take pride in what you do, and always do the best job possible.\" I'm sure you've all heard that from your mother. And he goes back to the room with Hobbes. It's a complete mess. He's looking around and he says, \"I don't need to do a better job. I need better PR on the job I did.\" And I can get it another way. This is a very strong statement that I think the message is really reflective of the deep economic problems that are besetting our country. First is the low savings rate, which I think basically testifies to our impatience. We want everything now. And that's part of the trade here, these short-run benefits for long-run costs. Secondly, we've lost some of our moral edge. We don't really know what's right and wrong anymore, and we're prepared to tolerate some of this behavior. Third, we have an embarrassingly large body of an ineptly educated managers and workers, and as part of the educational establishment, I have to take some responsibility for that. And finally, we have a laziness about understanding what the government is doing, that is when people just take the attitude, we don't have to study these hard things. And you can see this in the paper. When the S\u0026L mess was developing, Zsa Zsa Gabor got more press for slapping a policeman and going to trial and on what kind of clothes she was wearing, than the S\u0026L Mess was getting. And clearly this just bespeaks to our concern to be amused rather than educated. Now, one of the hopes I have is basically that in the literature of the youth of today, there is a recognition of these problems. And one of my favorite, they're not such a youthful group anymore, is the Rolling Stones. And in one of their songs, \"The Salt Of The Earth\", they sang at a number of their stops in the tour last year has a passage which is really stunning in its sizing up of the political problems facing Western countries. First it says, \"Let's think of the wavering millions who need leaders but get gamblers instead.\" You see I'm saying they gamble on these firms getting well and really long shot ways that are bound to cost taxpayers money on average. \"Spare a thought for the stay at home voter. His empty eyes gaze at strange beauty shows\". And if you remember the campaign television commercials we saw last November, that's what they're really talking about. We have the shallow content of the modern political campaigns. No one identifies an issue, no one takes any stance on an issue like cleaning up something. They instead throw mud at their opponent for filing a tax return inappropriately, or going through a red light or something. And it ends up by saying, \"A parade of gray suited grafters.\" I'm wearing a gray suit. \"A choice of cancer or po-olio.\" Po-olio is really polio. You understand that we need this extra syllable to make it come out. Alright, well I welcome your questions if you have any.\r\n\r\n- Suppose you were to run for political office. How would you win?\r\n\r\n- Well you know the old joke that when Norman Mailer, I think, or was it Buckley, ran for mayor of New York, said, \"What would you do if you won?\" He said, \"I'd demand a recount\". There's no chance that I could run for office or that I could be elected. Because I really believe that no party will put up someone they can't control. And so if I were to run, it would probably be indicative of the fact that I had already become undesirable. That's very mean to say, but I think it is, there's a filtering process that goes on, and I see this in terms of appointments to top regulatory positions, even. These people are proven, they're willing to stand up for the party in tough times, and this is great for the party, but it isn't great for the taxpayers. And I think the only way we can do it is the same way we deal in other matters, we have to have better information and more obligations on the people who serve to do better. I mean, there's just a ridiculous amount of freedom and discretion for dealing these troubled institutions. And the Treasury put forth a plan for deposit insurance reform two weeks ago, no, I guess it's just a month ago now. And they wanted to preserve every bit of discretion they had before they rearranged it. But basically they were gonna be free to ensure all the deposits of institutions far beyond the $100,000 limit, when they chose to be able to resolve the insolvency anyway they wanted, even though there would be a test for what would be the cheapest way. But if they're determined that that was better to do something else, they could do it. And of course, the way they would calculate what was the cheapest way was very manipulable. And finally, they could also even keep institutions open that they knew to be insolvent, if they determined that was in the national interest. Basically, they don't wanna be constrained. They wanna be free. But anybody who goes to classroom, you can imagine if I had to teach a class, we told people, I believe in freedom for students. You don't have to come to my class, and I don't care if you talk, read the paper, whatever you do, I don't know what kind of class I'd have. Will I have people in it? Or if I did have people in it, and how much noise they would make. Basically, we have to discipline people in a process, and I believe in market discipline. And what goes so wrong with deposit insurance is an undoes market discipline. It takes, breaks the link between what assets can earn, and what depositors can get through financing those assets. And that's what we've got to restore. And we've got to put an obligation on authorities to pursue that. And I think really, that would make me persona non grata in Washington. Certainly, I'm invited less to speak about deposit insurance now that my analysis has been proven right, than I was before, when it was still hypothesis. Wally?\r\n\r\n- In other developed countries, are there similar problems? I know in lesser developed countries, there's normally a big problem with incentives, and politicians with lots of corruption. The Japanese, the Germans, do they have similar pressing problems?\r\n\r\n- Well look, I'm not as well informed about individual other countries. Clearly, Japan has terrible problem of corruption. They have, they had a huge recruit scandal, corporation that bought a great deal of the top politicians. I think the best protection is really the degree of education of the public, and the level of discourse in the press. Canada had a deposit insurance problem about the same time we did, in fact they basically built a system that was copied on ours. But they did fix their system in the 1980s, in the face of these problems of institutions having been allowed to be totally bailed out, or the insurance limits weren't enforced and so on. They did build a better system, they did. And I think that's probably because their press really identifies the problem and talks about the real problem. What I get offended by is to hear people say things like, \"Throughout this mess, that nobody's ever lost a nickel in FSLIC.\" Or the person, Mr. Bluster running the FDIC today tells you, \"We can handle everything, there's no problem. Don't worry about it. We're not really sure, we could use a little more money, but we're not insolvent.\" And he gets very angry when people say they're insolvent, he has people write letters to newspapers to say how foolish it is, that this analysis is being put forward. We are at the stage of denial. Instead of talking about how to solve the problem, you have to continually argue about that there is a problem. I never get to discuss with any of these things, anything but whether there's a problem. And that's a crime because it is a problem. And if we just get beyond that problem, we can then try to work out a solution. So I don't know if you've ever had anyone in your family get cancer. But the first thing is you got to get right past the denial stage and say, \"Okay, it's cancer. What do we do about it? What kind of therapy do we have? Do we have an operation? Do we have radiation therapy?\" And if you don't do that, it gets worse and worse. And that's just the way the deposit insurance thing has been. But every debate I have in Washington is about denial. It's about whether there's a problem, whether this analysis that any economist can make is true or not. Whether there's something being missed. And the point, you say, \"Suppose if there is something we missed in the calculations?\" Suppose there's a few $100 million or more in some of these insolvent big banks, it isn't enough to save them. They're still insolvent, the consequences are the same. But you are continually dealing with the wrong questions. And that's part of the art of illusion. It's just to get people to worry about the wrong thing, rather than the right thing. And I think that's almost the heart of politics today. It's sometimes defined as not telling the truth without really lying. Yes.\r\n\r\n- Well, I think the access to credit gives us more opportunities to pre-commit ourselves in ways that we regret. It's hard for me to measure it. I haven't studied that precise point. But it does go back to the idea of not being disciplined. There's nothing wrong with having opportunities, I think it's great. When I went to school, I borrowed some money for my first year of graduate school. It was great that I could borrow some money. But we really need to instill in ourselves more concern for putting off some things instead of trying to have everything at an early age. And I remember, and I think a lot of it is really parents giving things to their kids to live through their kids and having those. I remember when my oldest child turned 16, one of my colleagues at Ohio State University said to me, \"What kind of car are you giving Laura for her birthday?\" And I said, \"What?\" He said, \"Well, that's what everyone does in this town.\" And I said \"Well, everyone but one at least.\" I believe very strongly that cars and apartments and so on are things that people, kids, must give themselves. That getting it for yourself is good. Learning that you can do that for yourself. And to be given this much, actually weakens you, softens you. And so I think we really have used credit in order not to have to decide what we want and don't want, not to make decisions over time, in the way that should be made. It may well be that people will be educated from this experience, and won't keep making the same mistakes. But ours is a culture of marketing trying to sell us on things we don't need. And we have to learn to say no for more reasons other than we just don't have the money or credit available to buy it. But I think that your view is that that's an important part of the low savings rate. And I think the evidence is consistent with that, but I haven't seen any detailed statistical studies on that specific point. Yes.\r\n\r\n- You mentioned that technical things that\r\n\r\n- Oh, yes. There is a... Well first, there is the book, \"The S\u0026L Insurance Mess: How Did it Happen?\", 1989, Urban Institute Press. You can get that. They don't have in the bookstore, you can order or call the publishers, area code 301, 459-3366. And the paperback is $10.95. There is a little talk that I put out that you can get free, free, from the Washington University in St. Louis. It's from their Center for the Study of American Business. Washington University, St. Louis. And it's called \"The S\u0026L Insurance Mess\". I'm having trouble remembering the title. And so I keep calling it a mess. And this was Issues Series Number 41, Contemporary Issues Series Number 41, it was published in February. And that does describe it. Or you can send a note to me at my office at Ohio State, I can send you some stuff too. Yes.\r\n\r\n- Would it be wise to eliminate federal deposit insurance?\r\n\r\n- Well, If we could eliminate federal deposit insurance, I would think it would be a good solution. But I believe that all we would do is eliminate the explicit fund. We wouldn't eliminate the bailout propensities of government officials. So when the thrift industry gets in trouble, they would still be rescued. But we would not make accountable authorities for developing losses. So we'd even have more of this sudden movement from being okay to having a big billet or tab. And I can support this from several foreign countries' experience. In fact, every foreign country I've looked at in detail. There have been several big cases in states in Australia this year, within the last year, where big thrifts got into trouble. There was no deposit insurance. Politicians said, first when the run started, \"Oh, don't worry about it. It's okay, I've taken a look.\" Then the run continues, although slowed. And then finally they closed it, and said, \"Well, tough luck depositors\", and depositors scream. Then the politicians change their mind and they are bail out at least the small depositors, and they pose a little bit of delay on the large depositors. That's what we're seeing in Rhode Island, it's probably gonna be the solution for the trouble there this year. We had a situation in Switzerland where a large thrift in one of the cantons, which is equivalent to a state there, failed within the last year, I believe. And a canton-owned commercial bank merged it live, without killing its contracts, without imposing any losses. So the taxpayer got hit with it, but it doesn't show. No fund took a hit. The state-owned institution absorbed it, as if at market value for the book values. And so the loss is passed to taxpayers, but they never see it. 'Cause there's no stock in the state-owned institution, there's no market signal as to what that costs. And they chose that method, you can, that's one of these methods that really appeals to the government. As you probably know, last week the Treasury proposed that the bank insurance funds hole at the FDIC be taken care of by allowing them to borrow from the Federal Reserve. And this is a kind of tricky thing that appeals to them, because that means it's not taxpayer money, right? Why isn't it a taxpayer money? Well, because the Federal Reserve isn't supported directly by the taxpayer. It's a government-owned enterprise. And in fact, it pays its surpluses in every year to the Treasury. It's been running over $20 billion a year in recent years, so it can give a lot of support. But the idea is that it doesn't affect your tax rate directly. You can't link it up cleanly. So that's the kind of thing that the government wants to do. So I think this would be better to have the fund explicitly there and impose accountability for minimizing the losses to that fund, rather than to pretend that we don't have a fund. In fact, what's really irritated me about the Australian solution in the state of Victoria, the first one that had the mess in Australia. They said, \"Well, this shows that there are a lot of problems in the thrift industry, and therefore we cannot possibly have deposit insurance.\" So they won't have deposit insurance, but they will. They'll bail 'em out. But they won't have deposit insurance. They won't have responsibility to monitor and enforce in a timely fashion, taxpayers' interests. But they will continue to have the political incentives to bail out depositors when there's a spectacular failure. So I think it would require a different world. If we straightened out the political incentives, in many ways, if we made people promise not to bail out and made penalties for bailing out. But Congress isn't willing to straighten out the running of a sensible enterprise let alone take on such restrictions on itself. Yes.\r\n\r\n- Probably we are on the same line but, I understand your argument, but I guess I have a problem, how do you protect the small person? 'Cause even if you did all these things, you got good accountability and we became more knowledgeable about what's going on, you're still gonna have people, . So I guess I'm not clear as to how are you gonna protect the small depositor, I guess?\r\n\r\n- Well, first, the point is I am gonna protect the small depositor. I wanna leave deposit insurance. I didn't get into this point, but I believe it's sensible to have insurance, whether it's privately written or government written, to protect small depositors because they can't afford with small amounts of money to go to all the trouble of assessing the condition of banks. And I believe large depositors not only can but should make those determinations. They should be deciding whether to put in the stock market or mutual funds or bonds, whatever. So I do wanna see small depositors protected, and if we didn't have government deposit insurance, I would hope we would have some kind of private system. So I'm not trying to... It's not the depositors I'm worrying about. I'm saying they will be taken care of. I'm worried about the taxpayer. The taxpayer. See, the threat in deposit insurance is not to depositors and never has been. In fact, large depositors have been picking our pockets as taxpayers. When someone ships money off to the highest bidder, among insolvent thrifts, somebody paying 100 basis points over the Treasury yield curve for funds, that's taking money out of our pockets. It's legal and I'm not saying anything about it, just saying that that's the facts. If they bought a government bond, which would be more or less identical in the risks, they would get much less money. That's because we've got a badly run deposit insurance system, they get another 100 basis points. But we're paying it. As the taxpayer, on average, we're paying it. Few institutions win these gambles but on average, the taxpayer loses. Yes.\r\n\r\n- The printing of money--\r\n\r\n- Could you talk just a little bit louder please?\r\n\r\n- Yes, is the printing of money solution to the deficit?\r\n\r\n- Well, the printing of money is more generally a question of allowing a money supply expansion, which could involve additional deposits. I mean, is that what you're saying? Expansion of the money supply. And cash is only a small component of money supply.\r\n\r\n- The money is sold to someone. And in this case it's sold to the FSLC or the FSL or some federal insurance company. If they are going to retrieve their funds, would they work hand in hand with the Fed? Is there any possibility that some of that money will trickle down?\r\n\r\n- Well, I guess what we can say is that you can finance a deficit at any government enterprise, either by taxes, by borrowing in the debt markets, or by printing new money, what what you have in mind. Now, each of those has slightly different consequences for the macro economy. And the Federal Reserve is supposed to balance the macroeconomic consequences of the money supply behavior. So again, inflation is every bit as much of a tax as an increase in the income tax. It just isn't as clearly acknowledged. The Vietnam War was partly financed by inflation, which still, because the government's a big debtor, made the government better off and enriched it in terms of being able to finance its expenditures. But it's not an answer to anything. The hole is still there. Taxpayers are still paying. It's just how they pay. Will they paid with an explicit tax, the income tax? Will they pay with an implicit tax, the money supply? Or do as we're doing now, we're just borrowing. We're borrowing. Some of it's explicit and some of it isn't even explicit, some of it's unfunded. But we're still borrowing, we still owe it. It's like a credit card bill that hasn't come to us yet. The credit card company hasn't processed the slips, but the obligation has been incurred. It looks like you're out of questions. Thank you very much for attending.\r\n\r\n- Thank you very much for coming. It was a great talk.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/43274/file/116122#t=0.0,1413.552"}]}]}]}