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weekend. we go to los angeles now. ryan fidel, senior fellow at clairmont university, good to see you. no deal yet. we wait, we worry. the treasury department is biding its time, trying to figure out the shell game, where to move their money around. officials warn that america's too close to a default and that americans will pay the price for this. we saw fitch ratings downgrade or warn they might have to downgrade fannie mae and freddie mac because they're government-backed mortgage giants. what is your takeaway? >> well, you said the word thankful. i'm thankful that they're talking. i'm thankful that i believe that they're going to get a deal done. but as you know, there's so many variables. things have been going sideways with the flip of a switch. should that switch occur, there is this detrimental effect to
brian moynihan says the housing market is in some pain but right now american shoppers are keeping the economy afloat. meanwhile, the conference board reports that consumer confidence is at the lowest level since july. people are spending money despite inflation, in part because the labor market does remain strong. the u.s. government is taking new action in the housing market amid the nationwide affordability crisis. mortgage giants fannie mae and freddie mac will raise the limits of government-backed loans to a record level of 2023. the federal house financing agency announced that on tuesday. this means the baseline performing loan limit for 2023 will be more than $726,000. higher cost areas will have a new loan limit. however, one trade group says the higher loan limits will make the affordability crisis worse. in a landmark vote the u.s.
u.s. mortgage applications fell to the lowest level in 22 years indicating maybe a pull back ig in the housing market. and exxonmobile shares rose above $100 up 70% just this year. fears about the climate crisis and loads of debt kept investors away. global oil prices as everyone knows are rising sharply as demand outpaces supply. bad news for gas prices, bad news for consumers, but that is good news for oil companies and their investors. want to show you this, an index of oil stocks up more than 65% this year compared to the broad s&p 500 which is likely what you have in your 401(k) down more than 13%. mortgage giants are taking action to make it easier to buy a home and close the racial home ownership gap. get this, 72% of white americans are homeowners, only 42% of
>> no, it's not. one of the interesting things has been the participation rate has come up almost entirely because women have come back in the labor force. it's mostly hispanic women. it was also prime-age women who were more educated, but i think it's really interesting that that's good they're coming back. the wage growth, this is something that chairman powell underscored in his conference was the wage growth is at the low end of the wage scale, that's great. but there's nothing in the middle and nothing to graduate up to. we haven't seen that trickle up. the fact that we already seen the high of 3.4% this year even though the labor market is tight, we're not seeing wages accelerate more. this is a small shadow of the kind of wage gains we saw back in the 1990s. >> the trump administration floating the idea that they want to see mortgage giants go
financial system. >> bear stearns is rescued from impending bankruptcy by jpmorgan chase in march 2008. six months later the u.s. government takes control of the nation's top mortgage giants, fannie mae and freddie mac. lehman brothers collapses without warning and insurance company aig is seized by the fed, signaling that the entire u.s. financial system is on brink of failure. >> the government's response to the crisis was peripatetic. problems rolled in and they dealt with them on a case-by- case basis. they were just trying to stop the economy from going into a depression. >> in an effort to stabilize the economy, congress approves a controversial $700 billion bailout. >> this is truly a monumental moment in american history. >> their view was you can't just let it all go down because if the banks go down, then the economy is in chaos. >> a lot of people lost their homes and a lot of people lost their jobs. and eventually you saw people
>> bear stearns is rescued from impending bankruptcy by jpmorgan chase in march 2008. six months later the u.s. government takes control of the nation's top mortgage giants, fannie mae and freddie mac. lehman brothers collapses without warning and insurance company aig is seized by the fed, signaling that the entire u.s. financial system is on brink of failure. >> the government's response to the crisis was peripatetic. problems rolled in and they dealt with them on a case-by- case basis. they were just trying to stop the economy from going into a depression. >> in an effort to stabilize the economy, congress approves a controversial $700 billion bailout. >> this is truly a monumental moment in american history. >> their view was you can't just let it all go down because if the banks go down, then the economy is in chaos. >> a lot of people lost their homes and a lot of people lost their jobs. and eventually you saw people
right. where were you eight years ago and where are you now. >> here is the thing. personal incomes are going up, spending is going down and savings have gone up. main street is worried about something and i don't know that a politician can convince them otherwise. >> we'll take a quick break enin the next segment we'll bleep out the words it will be easier. davey, what have you got coming up? >> can hillary clinton win over everyday americans when she's being called a crony capitalist by some of her own? mortgage giants dishing out the perks for first time home buyers. does anybody remember what happened the last time we did ta? we'll see you at the top of the hour. >> thanks. first the president waging a war on coal and one ceo says it will cost hundreds of employees their jobs. is it going to cost you next? we'll say it without cursing, next. so what about that stock? sure thing, right? actually, knowing the kind of risk that you're comfortable with
president obama did make policy proposals during his housing speech tuesday. he threw support behind a bipartisan effort to scale down fannie mae and freddie mac, the mortgage giants that guarantee 77% of all new mortgages last year. >> for too long, these companies were allowed to make huge profits buying mortgages knowing that if their bets went bad, taxpayers would be left holding the bag. it was heads we win, tails you lose, and it was wrong. so the good news is right now there's a bipartisan group of senators working to end fannie and freddie as we know them. >> the only thing i dislirk more than irresponsible homeowners than shutting down fannie and
he was the first lawmaker on the ground in libya. went to tripoli days after the terror attack. he is coming up at top of the next hour with more on this. >> mortgage lenders and bankers not so sure about the president's plan to deal with the housing market. president obama wants to do away with government-backed mortgage giants, fannie mae and freddie mac. but people in the industry say that could be devastating. stu varney is the heavy of "varney & company" on the fox business network. so, what say you, stu? what do you think? >> first off, heather, let's sweep away the jargon. let's get right at what the president wants to do. as you said he wants to sweep away fannie and freddie. those are government housing agencies. he wants to bring on the private banks. he wants private banks to play a much bigger role in granting mortgages. the president also wants more loans to poor credit borrowers. he wants more cheap refi loans and he wants more affordable