Taxpayer Backstop News Today : Breaking News, Live Updates & Top Stories | Vimarsana

hello and welcome to "inside politics." i'm john king in washington. thank you for sharing another very busy news day with us. on notice, six more lenders get put on a watch list following the bank intervengs. new inflation numbers today make the challenge even more complicated. the inflation playbook says raise them again. plus the anterior of reagan no more. gop presidential hopeful ron desantis says russia's assault on ukraine and its democracy is not a vital u.s. interest. it's a flip tlop for the governor that puts him in sync with today's gop. and blame mike pence. donald tru...

Raise interest rates again because raise ing interest rate again, that's a big rate move. raising interest rates so much so fast has put the balance sheets of these banks under pressure. many of them are sitting on mortgage backed securities, very safe long-term securities, plain vanilla assets that have lost value because they have been eroded by the higher interest rates. so now they have this mismatch on their balance sheets and that's what we're trying to work through. the federal reserve board has started a new lending facility that will allow banks to tap into the fed for one year loans....

>> kind of crazy on capitol hill yesterday. these are the sort of omnibus appropriation bills that republicans have hated for years. yesterday republicans passed one. >> but, joe, you have to put this into context. we pass ad budget in the house in seven of the 12 appropriation bills. the only way you go back to order if the senate and harry reid passed appropriation bills. the problem with the harry reid senate they didn't do that work. the only option we had was to do an omnibus bill. this is the last time we'll do it because we'll have a republican senate to deal with in january and hopeful...

Contributor and that's why you have jamie dimon there lobbying and get it through. >> i'll kick wall street every day of the week. i have no problem with that. but when you have manufacturers that need to manage their risk on interest rates, on energy, on currency these are important tools for american businesses that employ their families. >> why do they have a taxpayer backstop. >> what you want those very safe derivatives that help businesses you want them in the banking sector where they are regulated. you don't want to push them into a dark space where no one knows was going on with them ...

This? with us now, fox business network senior washington correspondent peter barnes. peter? >> reporter: hey, jon. maybe the taxpayers end up paying for some of this but listen, supporters say cutting the interest rates on mortgages for millions of homeowners would free up billions of dollars which consumers then could turn around and spend and maybe help the economic recovery. it would be like a big tax cut. >> i am sending congress a plan that will give every responsible homeowner in america the chance to save about $3,000 a year own their mortgage by refinancing at historically low rates. ...