Bailout 1: Liquidity vs. solvency발음듣기
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Bailout 1: Liquidity vs. solvency
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In the next series of videos, I'm going to give my best attempt at trying to get a handle on the bailout and the financial crisis.발음듣기
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But the big picture really is that there's a lot of fancy terminology being thrown around, but the underlying concepts really aren't that fancy.발음듣기
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And you could watch some of the videos that I did before the whole financial mess on the balance sheet and that'll give you good primer, but it doesn't hurt to review it here.발음듣기
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So a balance sheet is just a snapshot of what you have and what you owe and the difference between, and the difference between is kind of like your wealth.발음듣기
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And let's say everything else, I'll call it other, my furniture, my TV and everything else, is another $5,000.발음듣기
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Let's say that I have an $80,000 mortgage on that house, so essentially I borrowed $80,000 from the bank.발음듣기
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Just to make this realistic relative to I think a lot of households out there, let's say that there's $5,000 of credit card debt, although for most households right now, this house is a lot more and this mortgage is a lot more.발음듣기
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So the difference between these two, my assets minus my liabilities, this is essentially my net worth.발음듣기
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If I just liquidated everything tomorrow, if I sold all of this and paid off all this, this is what I would be left standing with.발음듣기
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In the context of a house, it's just the asset of the house minus the liability, but I'm talking about in the context of my personal balance sheet, not that these are the actual numbers.발음듣기
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You'll meet people with a $100,000 house or a $1 million house, and they say, oh, I am worth $1 million.발음듣기
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And you're like, well, you're not really worth $1 million unless you own that house outright and you could actually sell that house for $1 million.발음듣기
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If you take an MBA, they'll write it down, and it looks like an equation, but it's assets is equal to liabilities plus equity.발음듣기
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And if this number is negative, then there's no really good reason for me, maybe to preserve my credit score, but other than that, if we take that out of the equation, there's no good reason for me to continue living this existence.발음듣기
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Let's say that my house is only worth $100,000, but for whatever reason, I owe $120,000 to the bank.발음듣기
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So in this situation, there's really no reason for me to continue living like the way I am, at least financially.발음듣기
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But you wouldn't want to live like this financially anymore, so there's no reason not to go seek bankruptcy protection.발음듣기
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And bankruptcy protection is admitting I am insolvent, which means that there's no way that I'm going to be able to unwind all of my liabilities.발음듣기
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They're going to take all my assets, all my liabilities, and they're essentially going to take these and divide them up amongst the people that I owe stuff to.발음듣기
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And I want to highlight the word insolvency because that's a word that we're going touch on when we actually talk about the credit crisis.발음듣기
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So insolvency means there's no reason for you to continue with this type of a financial situation.발음듣기
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Actually, let me take a better situation because if I'm talking about tuition, it should have shown up on liabilities.발음듣기
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And it could be for anything, but let's say it's to satisfy part of one of these liabilities.발음듣기
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So if you look at my equity, if you look at my assets minus my liabilities, I clearly have $11,000.발음듣기
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And if I could liquidate all my assets and all my liabilities overnight, I would have $11,000 in cash, and then I could pay that $5,000.발음듣기
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But in this circumstance, if I just look at my situation, let's say that student loan payment is due tomorrow.발음듣기
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And then I look at everything else, and I'm like, boy, can unload any of these assets overnight?발음듣기
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Maybe I could find someone who would buy it for $50,000 tomorrow, but that wouldn't help my situation.발음듣기
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Maybe I could sell it at a super low price for $4,000, just to kind of make this payment, but I don't want to do that either.발음듣기
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You have a positive net worth, assuming that you're not lying about what's going on in your balance sheet.발음듣기
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Well, someone has to give you - we could call it a bridge loan because they're giving you a financial bridge from here to where you need to go.발음듣기
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Let's say your dad says, OK, Sal, or my dad, I guess, I'll give you a $5,000 loan for the next two months.발음듣기
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And that loan wouldn't be a bad idea because if this person isn't lying about their balance sheet, or I'm not lying about my balance sheet, then I actually am good for the money.발음듣기
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On the other hand, that loan be a bad idea if I had insolvency because it would just be throwing good money after bad.발음듣기
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I'm not able to pay my current loans, and you're just giving me another loan that I wouldn't be able to pay.발음듣기
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