Richard Shelby actually said...

So while the bank crisis grew underneath their feet, they continued to sleep in a sense or look the other way.

we do not have an implicit guarantee, we have an explicit, because Fannie and Freddie are sitting in the taxpayer's lap right now.

They had it but they did not use it, right.

the less people have in the game, the less skin or money they have in the game, the chances are toward a default?