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In a speech at the Conservative Party Fall conference British prime minister Theresa May positions her party as an advocate for the working class against establishment views. She was critical of smug views that the current situation was acceptable for working class families concerned about immigration and jobs. She also pointed out that the policies of central banks including the Bank of England hurt working class families and savers." She pointed out the development that has also happened in the U.S. economy and other European countries as the Federal Reserve and the ECB cut rates to near zero. "People with assets have got richer. People without them have suffered. People with mortgages have found their debts cheaper. People with savings have found themselves poorer." Her response she said would be to "put the government at the service of those who found themselves poorer as a result of monetary policy." This follows May's first speech at 10 Downing Street where she referred to "the burning injustice."  ...

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Gates experience one rainy night in March, at Dover Air Force Base in Delaware, welcoming 4 dead soldiers who lost their lives to a roadside bomb on a rutted road near Jalalabad, Afghanistan, provides an insight into what he sees as important for the US military. One is to address the realities of the war that is facing the US in the now, not some theoretical conventional war as the Pentagon is overly focused on. This war is fought in insurgencies in Iraq and in the Pakistan-Afghanistan area. And even the takeover of nuclear weapons by Taliban, is not ruled out with the collapse of the government in Pakistan. So he sees reason for doing things quickly. At Dover that night, Gates expressed his anger to his staff, "find out why they had'nt gotten their goddamn MRAP's yet (Mine Resistant Ambush Protected Vehicles). Gates went into the 747 carrying the draped coffins, and knelt alone and prayed for 5 minutes. Gates was President of Texas A&M University, before he took the assignment at Defense during the last 2 years of the Bush administration. He knows the ways of the bureaucracy, and is a persistent and effective when faced with lack of cooperation and delays. When the field commanders in Afghanistan said they needed 40 Predator combat air patrols instead of the 12 they had, Gates went around the bureaucratic delays and had his task force set up and and doing problem solving down to details. They went about getting more flying time, and pilots, and control stations in the air force to support this. He keeps presentations limited to 45 minutes, and inists all slides be turned in the day before, for him to look over carefully. And he is decisive in making changes. The Army Secretary was asked to come to Washington immediately, and fired on the spot, not Gates says for the appalling conditions at Walter Reed Army Hospital, but for not acknowledging that problems existed and taking quick action to fix them. And Gates is using the 2010 Defense budget to steer away from large scale conventional weapons programs, and get more money for the immediate needs of the field commanders in the wars being fought today. He makes it clear in talking with lawmakers, that "listening to our troops and commanders, unvarnished and unscripted, has from the moment I took the job been the greatest single source of ideas on what the department needs to do." In doing this he has to face up to the bureaucracy and set ways of doing things at the Defense Department, things that were never questioned under his predecessor Rumsfeld. In 2008 the generals who run the Army, Navy, Air Force, and Marine Corps formally "non-concurred" with the classified version of Gates's National Defense Strategy, which said it was necessary "to take additional acceptable risk" in the area of conventional war so that the military could improve its ability to fight irregular wars. Gates met with all the defense chiefs to listen to their objections, and decided to draw his own conclusion after thinking it over, that the reasons given "were non-compelling," considering the grave dangers that the military was facing in existing wars. Gates is convinced that its his job to give the troops in the field the equipment and resources they need, and he is not letting the military brass or officials block the way. He does not let the criticism affect him. Gates is very quiet when he listens to arguments presented on the other side that he does not share, responding in a thoughtful and controlled manner. Last week, Jaffe of the WPost says, Gates flew to Afghnistan to ask for the resignation of Gen McKiernan the field commander there, a man he had chosen 11 months earlier, but now felt was the wrong man for the job. During this trip he visited a new base being built in southern Afghanistan, and met four marines whose MRAP vehicle took the blast from a roadside bomb, all survived with minor scratches and injuries, and one broken arm. Gates was mightily pleased. ...

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The Nissan NV 200 designed from scratch as the next taxicab for the 13,000 cabs in New York City. Nissan won the Taxi for Tomorrow contest, and a 1 year contract worth $1 billion. New York's Taxi and Limousine Commission will require all medallion owners to buy the Nissan NV 200 as they replace the old cabs. It costs $29,000 and will be phased in over a 3-5 year period. The Nissan NV 200 was designed from scratch for New York City. It has a French designer working out of a studio in California. The design team went through each detail in great detail. The designer Mr. Farion took a month hailing cabs throughout the day just to get a feel for what the cabs today are like and what needs to be improved. This includes horn sound to the inside of the vehicle and the wear and tear that the cabs are subject to on New York roads. New York roads are rough because of potholes and other problems.

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A day by day account of Secretary Paulson and his handling of the Fannie and Freddie crisis. Secretary Paulson's style of doing things where he'd give marching orders and even before his staff had started he would be checking up on progress and his interest in all the details of actions taken and progress made in carrying out the steps agreed upon. His interest in keeping good relations with Barney Frank and his calling inhis staff and stamping his fist on a marble table so its reported, saying he did not want to be dragged into a " holy war" as the Bush administration wanted to rein in fannine and Freddie and Fannie and Freddie's heavy campaign giving had members of Congress going along with what these companies wanted. Showing ofcourse how for yewars Fannie and Freddie have distorted rational well reasoned policy because of ites built on campaign money with Congressmen. Secretary Paulson looking for Greenspan's home phone number which they finally found and his conversation with Greenspan....

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The view of a Prof. of Finance at New York University's Stern School of Business on the auto industry and the destruction of capital. About $110 billion of destruction of capital between 1980 and 1990 for GM and Ford, and the destruction of $182 billion in capital that was invested in GM between 1998 and 2007. From a Finance point of view this is society's capital that can be better invested. The total $465 billion invested in GM and Ford between 1998 to 2007 says Yermack could have purchased all the shares of Toyota, Honda, Nissan and VW. The job losses overstate the situation he says, as jobs would be created in other auto factories which expand as Detroit contracts, which is already happening as sales decline is less steep at other automakers such as the Japanese. Regarding the proposals to ask the automakers to build environmentally friendly cars with serious fuel efficiency, he says its like asking the cigarette companies finance cancer research, considering their lobbying efforts to gut serious conservation or environment friendly legislation....

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GE's Jack Welch on a preplanned bankruptcy with government financial, and debtor in posession financing including finacially backing all car warranties, as the best solution to the GM and Chrysler crisis. Will it be tough? Jack Welch says this task would be at the outer limit of difficulty and leaders may balk at leading such painful change, but it is necessary. He says for the sake of self-respect, national defense, and jobs, the country needs to keep the auto industry, and even after the loss in market share during the transformation ahead GM and Chrysler could still have 25% of the market. This is the first time a seasoned veteran of American industry of the stature of Welch, who is known for tackling such problems with realism, gives his approach to the auto companies problems. He sees the problem with a bailout with strings attached as simply letting the Big Three heave along basically as they are on life support, because a bailout simply won't enable the transformative change required....

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Mexican president Nieto's poll numbers are at all time low of 24%, according to Reforma newspaper. He took office in late 2012 and has been hurt by human rights scandal of the murder of 43 students in the state of Guerrero, corruption issues, and failure to improve the economy. The invitation to Trump to visit Mexico left even people close to the president surprised, and was criticized widely inside Mexico. It is not clear what Trump or Nieto gained from the trip. As Trump continued his talk about building a wall on the Mexican border and having Mexico pay for the estimated $23 billion it would cost. He did this in a speech to supporters in Pheonix on the same day he met Nieto, showing the use of teleprompters and prepared script was not his way of campaigning. Just as the message to black people that Democrats take them for granted cannot resonate without the basic message delivered with compassion and understanding- such as done by the presidents Bush and Reagan- so also the message to Hispanic people is suffering from the same lack of empathy. Recent polls show only 3% of blacks support Trump. McCain and Romney gained only 4-6% in the U.S. presidential elections of 2008 and 2012. The message of the wall is also baffling as an election strategy. A Gallup poll in July 2016 shows only 15% of Americans opposing a pathway to citizenship for illegal immigrants, and only 24% of Republicans. There is another problem in the strategy. The rhetoric about walls and mass deportations, and the Trump temperament combined with handling of nuclear weapons is not winning college educated women in the suburbs with polls showing Trump lagging behind Clinton by about 20 points or 4 million voters with this group. It is hard to undo the damage done by this kind of rhetoric used in the primary elections as it gains distrust of voters. It would require a bad economy with illegal immigrants taking local jobs, and handling of immigration seen as weak, for such a message to gain some national traction. Both are absent for the most part with a steadily improving economy since 2012, lower unemployment, a tough enforcement policy on deportatons under Obama that exceeded that under Geoge W. Bush, and the talk of a wall comes with illegal immigration having declined steeply since the 2008 financial crisis. The real culprit appears to be elsewhere, the triple hit taken from hollowing out of the manufacturing economy that hurt the Conservatives in Canada, the insecurity created for older whites from the job losses and hits to net worth from the 2008-2009 financial crisis, and the increasing loss of access to health care and educational opportunities with high  costs. About 62 million households or the bottom half of the distribution in the U.S. have a net worth of about $10,000, a quarter of this group having zero net worth, according to the Federal Reserve's Janet Yellen at an Inequality Conference in Oct 2014. Problems no wall is going to solve, problems that built up over 2 decades, problems that will take a generation to fix.  It shows the tech miracle of the last 2 decades as a mirage for quality of life of the middle and working class. Tech as a tool to a goal, not a goal in itself, is the better way forward. ...

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On major issues- her pledge to sign into law the Lankford Biden bipartisan Immigration and Border Bill after Trump blocked it in Congress for electoral advantage,  Cost of Living going up under Trump with his tariff plan, on abortion restrictions, the BBC says what Harris says is True.  Lyrarc has done its own fact check with effort for broad understanding of how her vision differs from Trump's- "As a prosecutor, when I had a case, I charged it not in the name of the victim. But in the name of. “The People.” For a simple reason. In our system of justice, a harm against any one of us is a harm against all of us." Every day in the courtroom, I stood proudly before a judge and said five words: “Kamala Harris, for the People.” And to be clear: My entire career, I have only had one client. The People This is True. It is also most revealing about this candidate regardless of sex, creed, color or race. It tells so much about this person and the influence that Gandhi and the struggles of India for independence have influenced her views on life through the influence of her mother and her grandfather who had great influence on her life and work- mother Shyamala Gopalan and P.V. Gopalan Shyamala's father a senior Indian Civil Service head for India's Department of Labor 1954 who lived and worked with the ideas an ideals of Mahatma Gandhi. On Immigration she makes a pledge to sign the Lankford Biden immigration law the first in four decades that closes the Border with Mexico and fixes asylum policy. "But Donald Trump believes a border deal would hurt his campaign. So he ordered his allies in Congress to kill the deal. Well, I refuse to play politics with our security. Here is my pledge to you: As President, I will bring back the bipartisan border security bill that he killed. And I will sign it into law." Trump blocked it for personal advantage at the elections to use this as an issue which has blocked a permanent solution. Confirming this is a month old interview in NYT by Republican Senator Lankford saying the legislation he drafted would have passed Congress in December 2023 and signed into law by Biden. It came up in Congress in February by this time Trump was made nominee of the party and he blocked it so that he could use the issue in an election. This says a lot about character and more than mere fact checks shifts focus on the characters of the two people running. Steve Kerr coach of the men's basketball Olympic team says decency humility, values and character, a clear authenticity are essential in a leader. People ask yourselves what you would have done in this situation, and what would Kamala have done, would she have blocked a bill that would permanently fix the Border and change US asylum policy?  Biden went on to do this by executive action bringing migrant flow numbers down to where they were under Trump and Obama, and more than that put together a bipartisan bill with Republican Senator Lankford that Kamala can now sign into law.    ...

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WSJ tells the story about Biden being slow to act in 2021 and 2022 to close the Southern Border, without telling the complete story and all the facts. Biden did close the Border in 2024 by executive order- when Trump blocked passage of Republican Lankford's legislation in Feb 2024 supported by Biden to close the southern Border. No mention is made that Biden was faced with a once in a century pandemic, winning the fight for vaccines over skepticism, and on Feb. 22 2022 Putin launching an attack on Kiev, Ukraine, and negotiating to get the crumbling infrastructure of the US rebuilt, funds for CHIPS and Science. On top of this the Venezuelan economy completely collapsed leading to an unanticipated migrant surge. Only FDR and Lincoln faced so many huge challenges and tackled them one by one. Without these facts the result can be to stall the biggest boom in manufacturing under president Biden/Harris that America has experienced since the space race in the 1960's. ...

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Whirlpool's investment of $300 million in new and improved manufacturing facilities in the US, includes a new plant in Tennessee, and it comes after considering overseas sites in Mexico. This reflects a shift to investing in manufacturing facilities in the US. One advantage is to keep the employees who have experience and training in lean manufacturing, something that cannot be easily duplicated overseas, according to Whirlpool's head of North American manufacturing, Al Holaday.

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When asked what projects they wanted to see in Helmand province, ordinary Afghans said they wanted the repair of the main sluice gates that lead to the irrigation canals off the Helmand River. These were built with American aid in the 1950's, and its been 30 years since anyone did any work on that canal. See the link to India and irrigation, only 50% of the land is estimated by experts to be irrigated in India. WIthout irrigation, as the uncertain monsoon rains this year showed, India's agricultural heartland in the Punjab and Haryana would collapse. When other Afghans were asked they mentioned security, they did not want to see the Americans in tents, but in some sort of permanent presence. BUt considering the vast and undeveloped landscape of Afghanistan, one sees several differences from Iraq's insurgent dominated priovince near Baghdad. It has mountainous terrain, with no electricity, no roads, no water, totally desolate in most parts of Helmand and other provinces, and it is a vast country with illiterate people tired of war. Would America's 40,000 troops be enough, or would you need more and more. If McChrystal's strategy shown here is to occupy civilan areas and fight the Taliban, and the Taliban with the help of Pakistan's ISI dissident elements are getting more and more sophisticated with roadside bombs, there will be growing casualties. The Americans could hold their own if there was no outpouring of support because of unpopularity of the Afghan government, but throw that into the equation- something McChrystal has not thought through according to Dexter Filkins of the NYT- and things get muddied. And from his training as a Special Operations commander this is a problem McChrystal is not as well prepared to understand or tackle. Consider the implications if Afghanistan is not Iraq- where Shiites and Aytollah Sistani their spiritual leader formed a core of support that the US always had on its side once it supported a democratically elected government- and no core of support here in Afghanistan except an unpopular government. McChrystal may also not have factored in a key factor of the "allergy" of Afghans to foreign boots on the ground. With a largely illiterate police recruits and army recruits, would the idea of transferring the job become delayed and the American boots end up in an untenable position? See the link to Commander Adams and Khost province, where Adams points out its all about visible evidence of progress. For his 250 paratroopers of the 82nd Airborne this meant delivering on roads built in Khost province, and a spring water system for 12,000 villagers. Here Filkins starts with Afghan villagers asking for the repair of the canal leading to the Helmand river which has not been repaired since the 1950's. McChrystal could only say "it takes time." But the US has been in Afghistan for 8 years and as commader Adams says only fighting "one year wars." The other point Adams says is that an effort in Afghanistan only works by befriending the tribes, because its the tribes who will see that IED's are reported and any insurgents in the area are reported, and only they have the capabilities to do it, which no number of American troops can do. These are serious questions that need answers. See the groups for- Commander Adams, and for Dexter Filkins (the article on McChrystal's Long War), which touch on similiar development issues....

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How melamine a substance that causes kideney damage but also mimics protein powder was added to milk to pass inspection tests for milk for quality. And suppliers of this product did not disclose to dairy farmers what they had inside the packet of so called protein powder. With the relative newness of dairy cows to China many farmers do not know how to feed and care for dairy cows in China so that the quality of milk is low, and thus the need for substances that would help the milk go through tests for companies that tested for milk quality. These farmers were unaware and did not care as long as the milk was not returned, for what they added to the milk. And the big dairies in China like Mengniu Dairy and Nestle did not draw enough attention to this issue so that action could be taken. As for so many things in China today regulators were not on the job and failed to take any action even when suspicions were aroused. In fact for a long time dairy farmers and people in these farming communities were aware of the fact that strange substances were being added to the milk. And factories where melamine scrap was being generated such as the plastics factories in which melamine is used, were aware of increasing interest and demand for this scrap. All this was ignored till about 2300 Chinese children got hospitalized for melamine related kidney problems, at least 3 children died and tens of thousands of others were sickened. The result is that national faith in the safety of the food in China has been badly shaken....

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The Prime Minister's Economic Advisory Council in India lowered the growth rate for the current fiscal year through March to 7.1%. Growth is expected to improve in the next fiscal year to 7.5%-8.0%. C. Rangarajan, the head of the advisory group says he sees the fiscal deficit exceeding the budgeted target of 4.6% of GDP. One panel member says the fiscal deficit target could be exceeded by as much as 1%. Rangarajan emphasized the need to cut subsidies and raise some indirect taxes. India's central bank governor, Subbarao, also emphasized the need to cut subsidies and reduce the deficit in a recent interview with Wall Street Journal reporters Frangos and Jain, Feb. 14, 2012. Lower foreign investment, and reduced credit after the Reserve Bank of India (RBI, India's central bank) increased rates repeatedly, and lower exports due to the eurozone crisis, have reduced the growth rate. The panel expects inflation of 6.5% in March 2012, which Mr. Rangarajan considers to be high. Deputy Governor of the RBI, K.C. Chakrabarty says 7% growth is reasonable under the conditions, as inflation has to be lowered to below 5% to accelerate growth to 9%. Chakrabarty does not see any quick turnaround in growth rates in the next fiscal year with all the headwinds facing the Indian economy....

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Areas in which David Cameron shares the same thinking as Barrack Obama are generating green technology jobs, the importance of the voluntary sector and families all doing their bit so that its not just government that will be doing things. "That society should bring about change, not just government." He diagrees with Obama on the Stimulus and believes that the situation in Britain with the government borrowing 10% of national output already makes it difficult to have an extra discretionary stimulus without people losing confidence in then nation's finances. He makes some other points. Britain needs amore balanced economy so that it is not so reliant on financial services. And in Europe as awhole he says its important to deal with the huge dependence on welfare which is a drag on the economies of Europe. This has to be seen in the light of the huge emphasis placed by recent Labor governments on rebuilding the health and human serivces and infrastructure of Britain. In this crisis the social safety net provided by these services may be the reason that asmaller stimulus is needed in Europe. He talks of capitalism with a conscience, where markets are amean not an end to themselves and morality, ethics and asense of values are brough to bear at every turn. ...

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An interview with Sir Howard Stringer, December 2007 at the 92nd Street Y in Manhattan. Note the reply to the learning Japanese question, direct and saying what it is and has to be in this situation. Its better if the senior Japanese learned English or talked in English because Sony is a copanythats huge in international markets. And it wasn't going to work for Sir Howard because he was'nt going to be conversational better to accept that fact and go on to getting Sony back on its feet as a pioneer which is how it started out under Morita in the sixties. The other response is to the question about closing factories and unprofitable businesses - he asked the senior Japanese staff to look at the numbers, to take a good hard look at the numbers, what did they have to do in all honesty in the light of their situation. Interesting not much else was needed. Refreshing direct and honest approach to the issues. Best is the response to the question about his job, he wonders if he will survive this intact, will he survive this in one piece, which would be a real miracle. An Englishman who is an American in England, an Englishman in America, and a westerner in Japan. ...

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Who is Ed Whitacre? What is he like and where is he from? Ed Whitacre headed Southwestern Bell or SBC, which he merged with AT&T. Bored as a retiree in San Antonio after leaving AT&T, he took the job at GM. He golfs, wishes and hunts with his chocolate Labrador retriever at a ranch near his house in San Antonio. He is impatient by nature and likes to see things done. Managers who worked with him at Southwestern Bell say while they were working on day to day business, Whitacre would be the one thinking ahead, trying to figure out how to compete in the future, and the things that were likely to happen in the changing environment. For a smaller Bell he saw that it was simply whether his Bell would be acquired or whether he would acquire other Bell companies. He is a hands-on guy who like to do things himself, like running a bulldozer around his ranch, one of the things Whitacre likes to do. His beginnings are in small town Texas. The place is a sleepy railroad town called Ennis, Texas, where for 50 years his father was a locomotive engineer. Whitacre says his father had never finished high school, and he did not want Whitacre working for the railroad. Both his parents insisted that he get acollege degree. Whitacre went to Texas Tech in Lubbock, Texas, because the tution was only $75, and landed a job at Southwestern Bell in 1963 as a facility engineer. And he stayed with the company all the way- with 19 moves living in Texas, Arkansas, Missouri and Kansas- till it became the new AT&T. Frost, a retired San Antonio banker and a member of Southwestern Bell's Board in 1990 when Whitacre became CEO, says Whitacre started from the bottom, and literally, even climbing telephone poles. So it isn't surprising that this guy walks around the GM Renaissance Center, talks to GM employees, tries out a Taco at the Food Court at the Renn center (says its OK but not like Texas tacos), and uses all elevators like everybody else, unlike GM executives who equiped elevators so they could bypass floors. And he isn't hesitant to wear jeans and a sweat shirt while visiting a factory, which he says is all the clean clothing he had at the hotel. Now he has an apartment. Works 14 hours a day, 5-6 days a week, and has his phone ringing just when he hopes to leave town to escape for a weekend. ...

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THe Economist says that the efforts of banks like Chase JP Morgan, Goldman Sachs and Wells Fargo to rewrite history are wrong and dangerous. They are wrong because there was acomplete collapse of confidence by December 2009 and these banks benfitted from state guarantees and government efforts to help the banks without which Goldman, and Morgan Stanley and other banks would be in serious difficulty or in danger of collapsing. It is dangerous because it is being used to distort the process of putting in place the right compensation incentives to avoid overleveraging and risk taking, putting in place prudent regulation, and taking all the right steps to prevent a future banking crisis, with the argument that this should apply only to the weaker banks. It is dangerous on two other points. The banking regulations should apply to the entire banking industry, and especially on banks that are too big to fail. These banks now are content to leave the toxic assets on their books where they are and consider government efforts to purchase these toxic loans and securoities or otherwise resolve these assets in some kind of good bank-bad bank scheme, as unnecessary. All this is happening even as the banks themselves remain poorly capitalized, even after raising funds in the capital markets recently, and remain very dependent on the government. The danger is that this may make everyone complacent in the event of a developing new storm....

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The partition of Iraq would have lead to increased ethnic conflicts and civil war which is what all sides in Iraq recognized. Sunch partitions lead to ethnic cleansing and even more hostilities. As Senor says here the partition would have involved expelling Iraqis from their home on a large scale. A bigger wave than the refugee situation before this from ethnic strife as it would now be official. Compare this to the partition of India. Once its official a huge wave of expelling begins and an official kind of ethnic cleansing occurs as hotilities increase and each of these partitioned areas starts to get outside help from neighboring countries and an arms race in the area begins and new fears are aroused. No question things were bad but it its to the credit of all the Iraqi parties and leaders that they had the good sense to act in the right way. As Senor asks what do you do with Kirkuk which is majority Kurdish but has a large Sunni population. Its also to the credit of Bush advisors and General Petraeus that they continued to persevere when things looked very dim. A further inflammation in Iraq would not affect people in Des Moines or Biden's Delaware so when things get really nasty its easy for an expert or politician in the USA or Europe to take some policy action and then leave leaving that region in Asia or Africa to bear the consequences....

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The Group of 20 finance ministers and central bankers meet i Sao Paulo, Brazil. On the side the BRIC countries finance minsters hold their first meeting. Brazilian President Da Silva calls for greater say for the BRIC countries and for countries like Argentina, Mexico, South Africa, Nigeria, S. Korea and other large developing country economies in shaping the new global financial architecture. There is extreme frustration in Brazil that all their efforts to build a better life for millions of Brazilians may come to nought, and the first real sustained growth in decades that came to Brazil may now be cut short abruptly with huge cost to millions or rural and urban poor, a fate shared by all the BRIC and other developing countries. Wall Street source of the crisis remains closed to the BRIC and developing countries in the sense that what goes on there is determinied by insiders from the G7 countries, but the severe consequences of a fallout in Wall Street on trade and credit hit these countries just when there was hope for millions to live a better life. Just as when the Asian crisis and other crises hit in the last two decades there is a lot of talk about global financial architecture with Treasury's Rubin then and IMF's Kahn and World Bank's Zoellick now making statements, but no clue except to accept the need for getting the large developing countries of the G20 to the table for concerted action. ...

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One of the things Blackstone's Schwarzman calls for is principles based regulation. Rather than issue a whole set of new regulations every time things change in financial markets make regulation comprehensive so that no one is excluded not hedge funds like they are today, and all global financial players would have to be regulated under some unifying principle, and make regulation under a unified authority. But also have a set of guiding principles for regulating authority which it will follow. If this was done a lot of the damage that ocurred from extensive leveraging by investment banks could have been avoided, as investment banks would have been required to follow prudent financial practices to limit leveraging. And in other areas like mortgages prudent and safe financial practices would have been required.