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2007 how there was a housing bubble. >> he advocated for it. he thought it was going to solve our problem. >> lots of us naught there was a bubble. >> they also had the financial crisis from when it would burst. >> i mean, i did. i didn't see you out there with me. but, further more, i mean, we had lots of secure ties through securitization, we had cdos and all of these products. and i think it was probably the heart of what caused the bubble. >> well, it was frannie and freddie. >> i don't want to talk about the cause right now. i want to talk about what we can do now. there is this open ques...

Discount rate. banks do not have to loan and take any risk. >> should they raise the rates? >> they could. they could raise the rates or step offering the free money. this is more free money. more free money. >> october of 2008 i remember, and the days when the stock market was sliding, and you had ups and downs and it has gone up and down since august, but ... isn't the fed having to weigh, though, the concern of inflation. >> but this is no inflation so it is not a risk and the contrary argument would be that, in fact, they should raise the rates it troy to drive down unemployment and that w...

Week, but the move by the federal reserve to raise interest rates could put a stop to the raise. >> the fed action was not a surprise, but the timing was. it came after the market closed yesterday. investors had time to digest the news. reaction could be a big selloff, but it looks pretty measures. basically, they said this was going to happen, and the fact that few banks used the emergency rate should keep the markets from overreacting. keep in mind, though, this rate increase will not directly affect borrowing costs for consumers or most businesses, but it's causing the u.s. dollar to rise a...

Convention says you don't invite yourself to the big dance, the romney campaign people may be worried that palin might go rogue if she's allowed to give a speech, we'll all be watching. that's your morning dish of scrambled politics. and now here's your "first look" at how wall street will start. the dow opens at 12,777 after zooming 203 points friday. the s&p spiked 22. the nasdaq jumped 42 and taking a look at overseas trading this morning in tokyo, the nikkei added four points. while in hong kong, the hang seng gained 28. wall street will spend this week wondering what it's been all sum...