Management 306

Week 10

Hi everyone. So, this is the lecture the Margin Call paper you're going to write. It's that movie paper. The link, instructions, the template example, research, there's a number of links for this particular item, this particular day in our class. So, what I'd like you to; I'm going to go through each one of them a little more individually, but I just want to kind of give you the highlights. The "Margin Call" movie itself is there. That's the link, you can stream it off the website or you can download it. It's a very big download. It's a big movie, but either way, the instructions are there that explain what it is you need to do, the paper and so on. There's a template. It's in a Word doc. It's there as well. By using the template you're going to end up with the correct amount of words, so I encourage you to use that. There's an example of a successful "Margin Call" paper up there. So, you can take a look at that. I'll go into details on that. And then finally, there's a number of other links, Crisis of Credit, Research 1, 2, and so on. I'm giving you some additional material that I have found or other students have brought in and mentioned so that you have some more material to look at when you're putting together your paper. I'm not really going to go into the specifics of both. The Crisis of Credits are pretty cool little videos actually. It sort of helps you understand what happens. There are other movies out there that address the same period of time. I believe one was called "The Big Short." There have been some others, so there have been some good movies. This has been handled pretty well, you know, in Hollywood and there is some good research and there's been some good articles up there. And finally, there's an explanation of how to format things correctly in MLA. You are required to follow MLA format. The template itself is correct MLA format. I have a little video there for MLA explaining what it is and how to do it. If you bring in outside research beyond the movie itself and you can, you don't necessarily have to, you do need to cite everything correctly in MLA including citations, intact citations and a Word cited section, and then finally, there is the departmental slides on plagiarism. These, everything you write in this class, if I haven't said it before I'll simply say it now, needs to be in your own words. You can't use somebody else's words. That's pretty basic for any writing class at any level, especially in college. I generally don't see many problems with people, but still I just want you to be aware there is a departmental policy. It's in the syllabus and then there's the slides for you to review on your own. Alright, so that is the sort of highlight of the links. Now let me get a little more specific. I'm going to save my discussion of the movie for the end. Let me talk about what you're going to write first then I'll go back and talk a little bit about the movie and then you hopefully will be ready to go. First of all, it's an hour-and-49 minute length movie. Please watch it. If you haven't watched it you might want to pause or stop this recording, listening to me right now and go watch the movie, because I will be talking about the movie and how to write the paper and so on and it will be a lot easier for you if you've already watched the movie. Now, if you click on "Margin Call Instructions", the assignment says "Write a paper responding to one of the following prompts; Paper 1; For the final paper discuss the actions of the main characters in the film. What were their motivations, their options, how did their world view influence their decision-making? Do you agree with their choice or not and why? Analyze their predicament and discuss the merits of their actions. Now, paper 1 is the paper that pretty much everyone does, and when I say pretty much everyone, I really mean like 99 plus percent, you know everyone. So, feel free to do paper 1. A couple of things you should be aware with paper 1 is it does not require you to understand the business aspects of the movie which can be a bit confusing, especially if you're not a—don't have a business background and we have lots of students who come into this class from other departments because it's university policy. Anyone can take any 206, so what I've done is setup the assignment the so that even though yes it does have business in it and it might be a little confusing, I'm not requiring that nor do I look for that and that does not factor into your grade in anyway. And many, many students who have no understanding of the finance that they were talking about in this movie set in a Wall Street trading firm, it does finance, have done very well in this class. What I look for is the quality of your writing. It helps if you understand the movie because it helps you express yourself more clearly, but you don't need to. So, let me boil down what paper 1 is. It's a book report or in this case a movie report. All you have to do is watch the movie, take notes, you know, it's an hour-and-49 minute movie, so I'd say watch it and pause it and take some notes. You know, keep like a notepad or Word doc open and then at the end after you finish the movie, you should have enough notes to then go ahead and write a 5-page paper where you simply tell me who did what and what happened. Even if you don't quite understand what they were talking about, you're not clear on what a mortgage backed security is, collateral and so on, that's okay, because that I don't look for. What I'm looking for is did you watch the movie? Do you, you know, are you writing down correctly what people said and did? And then the other thing, which I encourage, is for you to give me your own opinions. You know, most people that have watched the movie understand it at least on some level enough to sort of get a sense of what's going on even if they don't quite follow the details. So, add that in, include that in your paper. I know what happened in the movie. You don't need to, you know, do 5-pages to simply reciting the movie. I expect you to put in a little bit to sort of clue me in as to, you know, what part of the movie you're addressing, but then I would like you to express your own opinion. What do you think? What do you think about how they acted and what they did? What happened to the various characters, the choices they made, the decisions? What they did or did not do? What's your opinion of any of that? If there's a part you understood and you have an opinion on that, feel free to write that down. I'm looking for the writing. I need a longer piece of writing than say a short memo to assess and to see how you're writing skills are, because the class is now winding down, so here is something that goes fairly quickly. It's only an hour-and-49 minute movie and then, well it will take you some time to write the paper. It will give me a better sense of how you handle, you know, more than a page, you know, going out to 5 pages. And that's all that's required for paper 1. It's a book report. You know, that's it. Now, paper 2 is actually much more difficult. It's, which is probably the reason nobody ever does it, and I don't want to say absolutely nobody, I'll just say very, very, very rarely. Let me read paper 2 to you. For this paper, discuss how the decisions made by the main characters influence the real world. What did their action do to the other Wall Street firms? How do they influence domestic and global banks or markets? What effect did they have on the evaluations of securities? How do they influence lending mortgages and retirement accounts? And finally, what effect did they have on capital allocation and formation? Now, at this point, if I'm in the classroom reading this, most people in the room their eyes have glazed over, because they just don't know what the heck that says. You know, if you're not familiar with the phrase "capital allocation and formation" than you don't know what the equity's market is, it's the secondary stock market. And don't worry about it. You know, it's not a concern. You don't need to do that paper. I can tell you very briefly how this came about the second prompt. I was teaching an MBA/MPA class and I created this prompt for them and they didn't want to do it either which I was surprised, because to me, you could boil this prompt down to what caused the Great Recession? Actually the prompt they ask you for a little bit more obviously, but really boil it down to say what caused the Great Recession? And a business major and an MBA student or an MPA student, should want to know that and should want to be able to describe that. Nevertheless, it is a writing class. It is not a finance; a finance class is not a graduate level finance class. So, that was no problem at all. So, paper 1 is what most people turn in. Now, the sample that's on the website and I'm going to get to that in a minute, is paper 1. So, you can see what a good paper 1 looks like. Scrolling down through the assignment page itself, I have a couple of reviews from like The New York Times, The L.A. Times [inaudible]. Then I have the list of characters and their job titles; Sam Rogers is the [inaudible] floor head. He was played by Kevin Spacey. Will Emerson he's the head [inaudible]. He's played by Paul Bettany and so on and you can see Zachary Quinto who plays Mr. Spock in Star Trek and Simon Baker played Jared Cohen. He was the mentalist. Stanley Tucci was in the Hunger Games. He was the guy with the, you know, flamboyant hair, right and he was on the stage. Demi Moore, very famous actress. She plays Sarah Robertson. So, you have a list of the characters. You have their name, you have their job title, and so when you refer to them in your paper, you already have that information. And then finally, I have MLA formatting guidelines. These are the specific items, also the link to the Purdue Writing Lab, the Purdue Online Writing Lab, OWL or [inaudible]. It's sort of a standard place that English teachers send students. You don't need to know that in particular, because I've already created a template for you that is in the correct format. So, if you use the template you're fine. But here it is in case you wanted to see it. Okay, so think paper 1, that's typically what people do. So, now after the instructions, you click on the next link it says template and that's just a Word doc. You're going to replace all of the words that are in there except you want to keep the very, very correspond the work cite section and then keep and put your name in there and so on and then you want to use that and just stick with that formatting. Don't change the formatting. People have in the past decided that they could write less by changing the formatting. It doesn't work. I spot things like that. So, just write the 5 pages and stick with the formatting. If you actually click on it and you open up the Word doc, and you know, usually people are able to open up a doc export easily you can open it up on the school computer certainly if you don't necessarily have that. You will see that I actually write in the very first paragraph, "This template contains basic MLA formatting, and notations, margins, font, and line spacing. A 5-page paper" and that's what you're required to write, "totals approximately 1500 words not including the header and work cited." So, you're going to be writing about a 1500 word page paper. I can actually designate a word count instead, that would be easier for people, but really 5 pages is fine. You know, you stick to the format you're going to end up about where I need you to be. You know, that's my goal here is that it's consistent than when I say 5 pages everybody does about at least the same amount. Now, click on the next link and that's says "Margin Call example", and as you see, there is a sample and there are names of three people across the top. You can write this paper in a group if you would like. This is of the final two assignments, this one you can do in a group, the other one the final one where you can't. But this one you can. What I ask is that if you are in a group, all people in the group put their name across the top and also that everybody in the group post a copy when you put it up to Blackboard, because these last two assignments are going on Blackboard. You're not coming to class you're putting them on Blackboard. So, very important that you everybody post a, it will be the same essay, so everybody post a copy and then I can see who's in the group. Whatever the paper is graded as everybody gets the same grade, but I like to have everybody put a copy up just in case something happens, you know, or there's some issue with Blackboard or whatever technical issue whatever comes along, so that I can see who's in the group and the paper you wrote and the redundancy is fine. Now, if you go down through the paper, if you read it, I'm just going to jump from one paragraph to the next and you can look at this and see the same thing, but I'm just going to jump and you're going to see that the first paragraph is your intro paragraph. It sort of explains things. Then the next paragraph starts out talking about Peter Sullivan. The one after, that talks about Seth, then Jared, then Sam, then Will, then Tuld, then Eric Dale, Sarah Robertson. Each paragraph talks about a different character, and that is a perfectly legitimate way to work through this paper. There are plenty of characters in the movie that have lines and actions and so on. It's a long enough movie that with enough characters and enough going on, you can easily amass 5 pages of material that for your paper where you just describe what each character says or does and then give me your opinion on what you think that is correct or not correct for their actions, and that's really a straightforward way of doing it. Are you required to follow this example? No. You're free to generate your 5-page movie paper with whatever ideas you have that respond to the assignment, and since this is a movie report, lots of different ways to do that and will respond to the assignment. The only, the reason I put this sample up here is so that you can have a way in. If you, nothing occurs to you and you're not really sure or maybe you're a little lost of what's going on in the movie, well, here's a very effective way to accomplish the paper. You know, just write one paragraph per character and there are more than enough characters for you to easily fill-up a 5-page paper. Part of the paragraph on each character will include what they said or did and then part of it will be your opinion of what you think about that. And that's a great way to get through the movie and your paper. So, I have this sample up here, again, you can't take it the same as with the homework you can't copy it directly, but you can imitate the structure. If you want to go in a different direction, be my guest. Have a good time. That's fine with me. The most important thing is that you, it's your words. So, what do you want to do is you want to watch the movie and then you want to look at the instructions and then, and hopefully when you're watching the movie you take notes or go back and watch it again and take notes, and then start to organize your material into a 5-page paper. Be sure to put in the template so you know when you've reached 5 pages. Okay, now that's been the instructions for the paper itself. What I'm going to talk about now a little bit is the movie and hopefully by now you've watched the movie so you know what the movie is about. I think I've seen the movie something like 80 times and I'm not exaggerating. I really have seen the movie an awful lot of times, so I have a whole parts of the movie memorized unfortunately, dialogue memorized. But there's just a couple of things I want to pass on to sort of help you with this paper, okay? First, you know, this movie is probably opposite. It's set in an environment where people are trading and they're very, they're very aggressive business people and it's probably the opposite of the university. In other words, the university is a place where people are sharing and working together in a way that's cooperative and this movie is set in an environment where it's not cooperative at all, you know, they're very much about you know beating the other person and winning and winning money. What I like to describe a Wall Street trading firm is that, you know, there's no, money is not being created, you know, there's nothing printed in the basement. There's no factory. For a trader to make a profit, somebody else has to make a, have a loss, because money isn't just being created out of thin air. In other words, the money is trading, is changing hands so for every profit there's a loss. And that's what they do. Their goal is to make money, make profits, and somebody else has to have lost. That's how traders work. So, it's a very, very I call it capitalism really aggressive capitalism, but it is a part of the business world. So, the reason I like to use this movie, it's not an environment necessarily I would want to work in, but the reason I like to use this movie is to expose you to this. This is part of the world. What do you think? You know, you're watching a lot of very well-paid people in very nice clothes fight over money. Does that appeal to you? If it appeals to you, than think about working on Wall Street. If it doesn't appeal to you, than don't go to Wall Street. So, I like using this movie in this class because it's a great way for people to be exposed to a very different environment. The movie itself is, was nominated for an Academy Award for best screenplay. It's very well written and I'm assuming it's very, very accurate, or very, very close to accurate in terms of and if you've read all the reviews and read the articles and so on about them you'd see that lots of people have come to that same conclusion. This is a very realistic view given that it is a movie, this is a very realistic view of what it can be like in those environments, including you know, the misbehavior and some of the discussions and everything else and then they're acting. So, it's not necessarily my choice of how to spend my day, but it might well be yours. And if it is, think about this could be a place for you to spend your life; if it's not, then now you know where you don't want to go which is also an important decision to make. So, it is a very aggressive capitalistic environment, and yes it's very male-oriented. That is unfortunately, that is the reality for that kind of environment, so just be aware of that as you're watching the movie. The, another thing I want to talk about—about the movie itself is you might not be real familiar with what they're actually doing. So, let me just give you sort of a short, quick, you know, putting things back into English explanation of what they're doing so that, so you have some grasp of what's going on in the movie. So, you may not have ever, you may not be old enough or you may not, this may not have occurred, you know, occurred in your life yet where you buy a house. So what I'm going to do, because that's what a mortgage is, it's a loan for a house, but and of course you heard all through the movie they're talking about these mortgages and mortgage backed securities. So, what I'm going to do to explain them is, you know, go with something that people are little more familiar with in a college class. Buying a car, specifically if you want to buy a car and you can't afford the car you're going, you know, legally I'm not talking about illegally, legally you would then go look for a car loan. You know, the dealer probably would have some finance companies who would loan to you and so on. So, you would, so one way this process would play out is you take out a loan, you know, you sign the loan papers, then you're given the keys to the car and permit and registration and then you get to drive off the lot with this car. Now, you have to start making payments right away unless the loan arrangements are there's delayed payments or balloon payments or whatever, but you typically have to start making payments right away of however much, you know, whatever the loan firms were. If it's a few hundred a month or more, you know. If you get a very expensive car the monthly loan payments can be pretty high. But, typically you have to start making these loan payments and for a new car the loans; I mean the loan can be like 3 years, 4 years but there is usually, it's very common that you have like a 5-year new car loan or a 6-year new car loan, something along those lines. So, let's say its 5 years. That's a very common new car loan. So, you go onto a dealer, you see a car you like, your credit is worthy enough, they deem you somebody that can they can loan money to whatever the finance company they're working with, so you get, you get the keys, you get a registration, provisional registration and you drove off the lot and now you have to start paying every month for this car. You don't actually own the car. The finance company owns the car. They paid the dealer for the car and now they own it and then you're paying back the finance company. So you're not only paying for the price of the loan itself, but presumably there's some interest attached to loans, you're also paying a little bit extra for the opportunity to borrow money, you actually have a car before you actually had the money saved up for. If you stop making payments before the loan is paid off, the car company, I'm sorry the lender, the finance company has the legal right to repo the car and there's a TV show on about Repo Man, right? Repo people. And that's a great show. It's a fun show to watch because they repo more than cars, they repo like planes and boats and all kinds of things. There was one episode where they were, you know, going all over the country looking for a plane it was hidden they were trying to repo. Anyway, the reason that the finance company has the legal authority to come and take the car back, is because you never had the title. You never actually officially owned it. The finance company owned the car. They were letting you use the car as long as you kept making payments towards paying off the loan. Now, it works and then when you finally payoff the loan you actually get the title and it will come to you in the mail, you know, you'll actually get the title. It's electronic title here in California, but you get you know, you get a letter. So, the key here is that it works exactly the same way for a house only unless it's like a mobile home we're assuming houses don't move around like a car, and houses we're just talking a much, much bigger amount and usually it's the land as well as the house versus with what a car is. But, the same principle is in place. When you want to, you know, buy a house and you don't happen to have the incredible amount of money a house would cost, and I can say that typically for most people, a house is the largest purchase you will ever make in your life. You're going to go to a mortgage lender. A mortgage is simply another name for a house loan just like a car loan, and you know auto loan for cars and house loans for homes and they're just called mortgages. But, you're going to go to a mortgage lender and they're going to you know check you out and look at your income and employment and so on, and they're and then the price of the house and how much you can put down and presumably if you qualify, they will offer you a loan and there are, there's lots of competition among different mortgage lenders to give you a loan for a house. Now, you have the exact same situations with the car. You get to use this piece of property. You get to live in the house versus get to using the car, but you don't actually own it. The lender owns it. The finance company owns it and you're simply allowed to use it as long as you continue to make payments. So, this movie discusses these mortgages. Something you may not have known and this is really what's going on inside the movie itself, is that your loan that originated with, you know, a particular finance company or a particular lender, doesn't necessarily stay with that company that loans you the money. They can sell it. They can sell it to another company and, in fact, in the real world, loans are bought and sold all the time. This is extremely common. Your loan can be sold to another company then buys it and sells it to another company and so on and they can move around quite a bit. You may be aware of this happening or you may not be. Where you actually send your check might not change, that's called a servicing bureau and they may, that may be the same address and the same place, but the owner of your loan could move around. Why do companies buy and sell loans? For a huge number of reasons, obviously there's money to be made in doing that or they wouldn't do it and that's exactly what was going on in a, in prior to the Great Recession was there was a tremendous amount of mortgages being bought, put together and grouped together with other mortgages and then sold. And in fact, that's what is referenced in the movie and that's what they're talking about. Specifically, there's a couple of a scenes, one is where Peter is explaining the problems to Will and Seth when he first discovers them and then again later in about the, it comes about right about the middle of the movie, the Boardroom Scene, where Tulc has Peter stand up and explain what's going on and he does. Basically, if you kind of caught on to what they were talking about, they're and even he says at one point "It's just mortgages." And that's really what's happening, they're simply buying up mortgages, so there are people in houses all over you know in the United States and this is their loan and they're buying their loan and then they're turn, they're grouping them together and then they're turning around and selling them off and he says, the problem and he actually uses the phrase, "The problem is that it takes a while." I'm actually starting to repeat the dialogue from the movie now, but he goes, "The problem is that it takes a while." So, they buy these mortgages and because they're a trading firm whenever they buy they like to just turn around and sell right away and make a tiny bit of profit, but because mortgages for a variety of financial and technical and legal reasons, it takes them a little more time and the way they're grouping them and selling them, it takes them more time so they're hanging onto them. They don't get to turn around and sell them right away. So, with the movie, the timeframe the movie is set in this day, day-and-a-half or so that occurs in this movie, really is they have a whole bunch of mortgages at that; they happen to have a whole bunch of mortgages at that moment. And it also happens to be just as the economy is going to go really, really bad, because it is set literally right at the start of the Great Recession and things are about to go really bad. So, in the Boardroom Scene, where Tulc is saying "The music is about to stop" he's actually just referring to the economy and he is saying oh my goodness, you know, there's going to be a lot of you know problems, there's going to be a lot of job loss, the market is going to go down, stocks are going to go down, our holdings are going go down, and specifically, the mortgages that they're holding and they are planning to sell but they're not quite ready to sell, those mortgages are going to decrease in value by a lot. And the reason they're going to decrease in their value is because they're just a simple loan, there's a house out there and there's a person living in the house who's making those payments, but the reason they're going to decrease in value is because of some number of those homeowners or I'm sorry of those, you call them homeowners but really they don't actually own the home yet. They're still paying for them. But some number of those people are going to lose their jobs, be unable to pay their mortgages and ultimately they're going to lose their house. That position that point is called "foreclosure" and to tell you just tell you just how realistic the movie is and also how big a problem it is, at one point 25% of all people with homes in the United States were either behind in their mortgage payments or they were losing their house. They were in foreclosure. They were actually physically losing it, because they had fallen behind for so many months that the lending company was taking the house back and kicking them out. That is an unbelievable number of people who are falling behind and losing their homes. We hadn't seen anything like that as a country since the Depression, the actual Depression that occurred, The Great Depression. So, that's why it's called The Great Recession, because it was the worst recession in our country's history. The only thing worse was actually The Depression itself. So, that's what was going on. This company happened to be trading tons and tons of these mortgages and the mortgages were about to go bad and they're realizing that. They're realizing this company is going to fail. We're all going to lose our high paying jobs because we have so many of these mortgages and they were also doing things like using what's called leverage where they borrow money to buy even more mortgages. It's very, very risky. It pays off if prices go up, when prices go down it really just crushed you and that's, they were also engaging in financial maneuverings like that which actually made everything worse. So, they were literally realizing, this is what Peter uncovered and it worked its way up to the Boardroom. They were literally realizing that the company was going to fail, because of the huge holdings in mortgages that were going to go bad and very quickly. So, as you know from watching the movie, hopefully before you listen to my lecture, they made the decision to have a fire sale, to literally unload all of these mortgages in one day. And if you recall from the movie where they were selling it at first and when the trading first started they were doing pretty good on pricing, but as the say went on, people got angrier and angrier and they were getting less and less on each mortgage and they were really losing money, but their decision was to sell it, get out of them before anybody else because the market was going to go down, all these mortgages were going to become, if not worthless, pretty close to worthless and everybody was going to lose money and that's in fact what happened. They turned, they did okay in terms of a company that survived, because they didn't take as big a loss as other companies that had bought from them. The other companies were holding mortgages that were worth even less and so they lost even more and that's the kind of I want to use the phrase, it's a cliché "Doggy-dog world" that being on Wall Street is. That's exactly the kind of environment it is and if it appeals to you, I say absolutely go for them. But just be aware that this is what was going on in the movie. So, really what are watching when you watch this movie? Well, you're first of all in the United States to be in the top 1% you have to be in an income of like somebody looked it up and said it was 490,000 dollars a year. So not many people, 99% of Americans don't earn that. And if you remember from all of the numbers that were mentioned, because they mention the pay quite often especially Seth, Seth was really, really fascinated with what people earned and he only earned what was it like a quarter of a million of dollars as a 24-year-old, but the others were all earning substantially more. So, it appears that you're watching a movie of highly paid people, 1%ters all fight to keep their 1% income coming in and not have the company fail. And that's, that's pretty much what the movie boils down to. I believe that's one of the big reasons why the movie did not do a lot of box office. In other words, it kind of, it was a well-made movie, it was a well-written movie, well-acted. It drew a lot of famous actors and actresses, very well directed, excellent script; everything about it was terrific except when you're watching the movie, who do you care for? In other words, who do you want to see you know succeed, because it does come across at least to me, as someone who's watched it many, many times, as it's a lot of very wealthy people who are just fighting to get even more money or to keep getting a lot of money. And you know, does that really connect to you on a satisfying emotional level? You know, seeing people fight over money tends to not have that same effect. You know, it's not a movie about a love, it's not a movie about you know a joyful, you know, celebration of life. I mean, it's about a bunch of people who want to keep making money and they're fine with you know having other people lose so they can make money. So, that's a problem. I don't believe that kind of philosophy is going to get a, and this is just my opinion, I don't believe it's going to get a widespread, widespread you know, you know audience who are looking, who think it's brilliant even though it is a terrific business movie, but that is the business world. So, needless to say, I'm not in the business world now. I am at a university, so I think I can look at it and a little more objectively since it's not my workplace, but I am familiar with it. I have spent time in a corporate life and I do recognize some of these, some of the things that were in the movie as being pretty realistic about what happens and what goes on. So, if you didn't particularly like the movie or if you didn't feel you were hooked into the movie or if you didn't feel like you could connect to it on like an emotional level, that's you're fine. Don't worry about that. That's not unusual at all. If you did happen to like the movie and if you thought that was a pretty fascinating movie, it is fascinating, it is interesting to watch. I think it worked more, this is again my opinion, I think it works more on an intellectual level with a satisfying intellectual level than saying a satisfying emotional level. That's just an impression I have. That's why, as well-made as the movie is, it's just you know it didn't do huge box office, but it is a really; movie that did better box office by the way set on Wall Street was "Wall Street", the original Wall Street with Michael Douglas and Charlie Sheen which you may not have seen. I don't assign that movie to the class primarily because it is now quite old and, and I think people will just get a kick out of it, but I don't know if they'll take it seriously. Like for example, if you see them in the movie use a cell phone. The thing is like the size of your, you know, a giant box. I think the technology sort of dates that movie pretty good, but it is a pretty good business movie as well. Other really good business movies out there like "Enron; The Smartest Guys in the Room" [inaudible] there's a bunch of them that are good. There's also some really terrible ones out there. The other, probably the last thing I want to mention about this movie and the reason I like it, is it doesn't take a position. In other words, it's not pro-business or anti-business. It, the movie itself just shows people just, you know, fighting for money really which is you know fairly accurate depiction of the business world, but what it does, you know, you see some parts of the business world. But it doesn't, the movie doesn't espouse a particular point of view, political point of view. You as the viewer get to make your own point of view. And I like that a lot because I like to use this in a class where people can draw their own conclusions from having watched it. Well, that's about it for my comments for the movie. I hope you feel a little bit less lost. Take a look at the research material that may help you as well. Watch Crisis of Credit and if you have no interest in doing any of that, you know, all I need is a book report. That will work just fine. Okay, thank you.