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Okay, quickly and simply let’s just tell that story again from three different points of view.

A little bit different grammar, just notice the changes. Don’t think about it too much. Let’s imagine it’s already happened.

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So Heva and Chim-chim bought a bank. They bought a bank. Chim-chim was bored. He was bored making salsa and selling it to people. He wanted something bigger and more difficult and he wanted to make some more money. He needed a bigger challenge, so they bought a bank.

They bought a bank and they had $1 million dollars in the bank and then they loaned out – how much – $100 million dollars to lots of different people and Heva was worried about this. He said “Oh, I don’t think this is good. We only have $1 million, but we’re loaning $100 million.” Chim-chim said “No worries, it’s called fractional reserve banking.

Heva, you don’t understand anything, just relax.” And so they loaned out $100 million dollars.

Fortunately, they made a lot of subprime loans, less than great loans. So they made a lot of high-risk loans, a lot of subprime loans to lots of people who didn’t have any money. Well, of course, later a lot of these people defaulted on their loans. (We can use this as a verb ‘to default’. ‘Defaulted’ is the past.) A lot of these people defaulted on their loans. They did not pay them and so Heva was worried. He said “Oh no, we will go bankrupt.” Chim-chim said “Oh, don’t worry Heva. We can get a bailout.” So Chim-chim went to the government and he told them “Our bank is going to go bankrupt unless you save us” and so the government gave them a bailout, saved their bank. In fact, the government gave them $300 million dollars, so they actually made $200 million. Chim-chim turned to Heva and said “See, banking is easy.”

Okay, that’s version one of our story. Let’s go to version two. Just notice the changes.

I’m not even going to talk about the grammar at all this time.

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Okay, so in the past Heva and Chim-chim bought a bank. They bought a bank because Chim-chim was bored. Now, since they bought the bank they have made a lot of terrible loans. They have made a lot of bad decisions. In fact, they have made a lot of subprime loans. Over a long period of time they have made bad loans, bad loans, bad loans and this has made Heva quite nervous.

Heva has said to Chim-chim almost every day “Chim-chim, maybe we shouldn’t loan more money” and every day Chim-chim has said “Heva, please. I told you, stop worrying about this. This is called fractional reserve banking. It’s very normal and respectable. You obviously know nothing about banking.”

Well, Heva has continued being nervous, but every day still they have continued to give out loans, give out loans. Unfortunately, not only have they given out more money than they had, but they have also made a lot of subprime loans, meaning less than highquality, meaning high-risk. So they have made a lot of subprime loans since they bought the bank.

Well, eventually a lot of people defaulted on the loans. They stop paying the loans. They did not pay them back. So they defaulted on the loans and Heva said one day “We’re going to go bankrupt, oh no!” (Did you hear that? One day.)

So one day he said “We are going to go bankrupt” and Chim-chim said to him “Oh, Heva, no worries. We’ll just get a bailout.” And so Chim-chim went to the government and told them their bank would fail unless they got a bailout and, of course, the government gave them $300 million dollars, so they actually made $200 million dollars and they were wealthy and happy.

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And that’s the end of version two. Version three, as usual, we’ll practice the future. As I always tell our new members, you’re going to hear ‘gonna’. I’ll say gonna. ‘Gonna’ means going to. It’s casual for the future. We use it a lot when speaking. We do not use it when we are writing something more formal. Okay, so gonna, going to and will. The future is quite easy, we just use those three.

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Okay, so in the future Chim-chim will be bored. He’ll be bored. He’ll be bored of running his salsa company and he’ll want a new challenge and he’ll convince Heva to buy a bank. So together they’ll buy a bank and after they buy the bank they’ll loan out $100 million dollars. Unfortunately, they’ll only have $1 million dollars.

So, of course, Heva is gonna be nervous about this. Heva is gonna be worried. He’s gonna say to Chim-chim, “Chim-chim, wait. We only have $1 million dollars and we’re loaning out $100 million dollars. This is bad.” Chim-chim will look at Heva and say “Heva, ah. Do I have to explain this again? Look, this is called fractional reserve banking. It’s totally normal and respectable.”

Well, they’ll continue making bad loans and, even worse, they’ll make a lot of subprime loans, low-quality loans and, eventually, one day a lot of people are going to default. A lot of these loans will default or the people will default on the loans and when that happens Heva will say “Oh no, we’re gonna be bankrupt!” Chim-chim once again will say “Heva, you just don’t understand banking.”

And Chim-chim will go to the government and he will get a bailout from the government and he’s gonna come home and say “Heva, no worries. We got $300 million from the government. We have made – how much – $200 million dollars.” So they’ll both be happy. They’ll both be super rich.

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And that’s the end of our story. That’s the end of our third version of the story and the end of the point of view. As usual, just listen. Don’t think about the changes too much.

Don’t think about and analyze the grammar too much. Just listen to it again and again and again and it will become more natural and more easy for you each month.

All right, I will see you again next month. Have a great day, great month. See you again, bye-bye.