Julie Auch

what will happen is the mega banks have used your assets, what you thought were your assets, they're no longer yours under these changes, they have used your assets, or what you thought were your assets, as collateral in a $400 trillion derivatives complex that's going to come crashing down.

And when that happens, one of the, actually the first legislator who introduced a piece of legislation, this was in South Dakota, to try to reverse this, her name is Representative Julie Auch, I had her on my program for the New American Association, And she explained it like this, and I thought it was a real good, simple way for anyone to understand, even if they don't have financial knowledge.

She said, imagine you take your car to the mechanic.

The mechanic takes out a loan and uses your car as collateral to go buy something or to finance payroll or whatever.