Look, its a way to make money. They need a headline. Melissa well, the show is called money. All right. We have to go. Thats all the money we have for you today. The c becker tomorrow. The willis report is coming up next. Gerri tonight, the white house planning to use executive power to limit gun owner rights in this country. And the number one goal of american millionaires. The surprising answer to a new survey. Welcome to the willis report. Hello, everybody. Im gerri willis. The Consumer FinancialProtection Bureau rolling out new mortgage rules today, and as we do whenever the government issues new regulations, we take a look at the true impact on you , not the promises. Here are the basics on todays new rules. They prohibit a borrowers total loan payments from exceeding 43 of income. No more of those highrisk mortgages like no Income Verification loans that played a part in the housing bust. Skeptics ask whether these hurt the people theyre trying to protect and damage the delicate housing recovery. Joining me now, resident fellow at the American Enterprise institute and former executive Vice President of fannie mae. And director of Housing Finance and policy for the center for american progress. I will start with you. These rules are crucial. Why . And do they go far enough in your point is you . It seems like common sense that if you are a Mortgage Lender and make a mortgage, youre going to check to see if the borrower can afford the mortgage. That is precisely what did not happen in the runup to the housing crisis which is why we need the rule that the bar has the ability to pay the loan back. Gerri just common sense. I think the problem here is that fha and other Government Agencies are making loans that are irresponsible for years and years, including loans with high debt ratios and will continue to make them under these rules, yet the cftc says they will prevent irresponsible lending. One of the most irresponsible lenders out there. Gerri we agree to disagree. I want to talk about this issue of a 1sizefitsall mortgage because it is clear that is what will happen because of a new rule making. Banks will be more incentive just offer the 30year fixed mortgage. Is that a good thing . First of all, i dont think that is true. You can still make a 15year mortgage, and you can still make adjustable rate mortgages. What you cant make is mortgages that are so risky that most people cannot possibly handle them. Gerri ahead, jump in because i think there are a slew of other mortgages that people who watch this program are fairly welltodo and responsible citizens might want to see. Big problems, for example, with the socalled ninja loans, the very ones that apply to Small Business owners who have uneven streams of income. Do you think we will get in a situation where we are limiting the options of consumers . I think the ninja loans and loans for selfemployed will be difficult to get. Severely abused during the crisis throughout the crisis. The government, again, promoting a lot of those loans in the lead to a tremendous amount of abuse. Suppose to be used for Small Business owners and ended the being used for many, many times, millions and millions of people. The problem that these new rules present is that the cfpb has set up a definition of a prime loan, yet this line can have a zero down payment, can have a 580 fica store store. And you can have a debt ratio of over 50 percent. As long as it goes through a government sanctioned automated underwriting system by fannie, freddie, or fha its a prime loan gerri what about that. No skin in the game. I put down no down payment, and under this scheme i get a big loan. Well, that is not what this is about. First of all [talking over each other] gerri in the text of the rule you do not have to make a downpayment necessarily. What you were talking about is that under a certain definition call the qualified mortgage, which is a special definition within a much larger role, there is no particular down payment requirement, although there are a bunch of other down payment requirements. All this does is set a floor for responsible lending. It does not prescribe the lenders its exactly how. Gerri let me put it to you this way. Lets say their is a lender it decides the floor is where he wants to be and require no downpayment. Is that good policy for the consumer Protection Bureau that is trying to make everybody more responsible . I dont think it makes sense for regulator to prescribe a down payment. In an america where everyone was required to have a 20 percent down payment we would not have much of the Mortgage Market because the vast majority of families cannot possibly do that. Lenders make decisions for all kinds of reasons. Credit enhancements, mortgage insurance, all sorts of reasons that a lender might be able to do save lowdown payment lending. Gerri one of the interesting things about this, it seems to me that it locks the government even more tightly into the Mortgage Market. Instead of saying we will change the rules, mix this up and make the private sector take it over and run this thing. Instead the government is getting more involved. What do you make of that . Absolutely. [talking over each other] on one hand we have the federal Housing Finance agency trying to reduce their footprint by raising their guarantee fees to make them less competitive. On the other hand we have the cftc saying for the next seven years or as long as fannie and freddie are in conservatorship, anything they do under their automated underwriting is acceptable. Well, that will lock fannie, freddie, and they say the same thing for fha. That will lock all of them into the system that relies on the government. You are going to see more reliance on government rather than less, which i believe is probably what the cfpd wants. Gerri julia. Well, you could not have more reliance on government because 90 percent of the market is backed by the government. [talking over each other] gerri in the long run doesnt this new rulemaking seem to make the government even more important and lock it down for years to come . This rule is separate from the need for overall Housing Finance reform. I would love to see some reform, love to see us figure out what to do. I dont think conservatorship [talking over each other] gerri handle all of onetime. Well, it has not been handled. The time was when doddfrank was passed. Conspicuously absent, and so we drove things out over the past four, three years. It continues, and that is what will happen. This is, again, a step in the wrong direction because it is really going to entrench the government. Right now the governments hold on the market is decreasing slowly. The last statistic was 16 percent of lending was not guaranteed by the government, up from 10 . I think with these rules it will push things back through fannie, freddie, and even fha. Gerri the beat goes on. Thank you for coming on. Great to hear from both of you. Thank you for your time. Thank you for having me. Gerri now we want to know what you think. Was the housing bust caused by bad lenders are bad borrowers . Log onto gerriwillis. Com, vote on the right hand side of the screen and i will share the results of the end of tonights show. More coming up in this hour. A weightloss product known to millions of americans. The company responding to accusations it is just as an appearance team. Stay with us. Next, president of lama could use executive order to limit gun owner rights, where does the administration stackup when it comes to trying to do an endrun around congress . Ill break it down. What are you doing . Nothing. Are you stealing our Daughters School supplies and taking them to work . No, i was just looking for my stapler and my. This thing. I save money by using fedex ground and buy my own supplies. Thats a great idea. Im going to go. We got clients in today. [ male announcer ] save on ground shipping at fedex office. Gerri vicepresident joe biden surprised many by suggesting the president would seek his preferences for guncontrol made law through an executive order. The president is calling ted enact an executive order, executive action that can be taken. We have not decided yet, but we are compiling with the help of the attorney general and all the rest of the cabinet members as well as legislative action we believe is required. Gerri all right. Well, the outcry has started almost immediately. Why is it president obama chooses to go around congress and make his wishes known by edict . Doesnt it seem like he overrides are elected representatives we too often . In truth, barack obama is not the biggest issuer of executive orders. Take a look. President obama has 147. Towards w. Bush, 291, clinton, 364. Granted, those were the course of two terms. Again, reagan takes the prize. If you go back further, the biggest order of executive orders was, get this, harry truman, who between 1945 and 1953 issued 8906 executive orders. Successfully challenged when he placed all steel mills in the country under federal control because he failed to act to further a law congress had already passed and instead is to his own policy. The Supreme Court invalidated the move which is so concerned about the idea of the president making lot about guns and gun ownership. We know obama has never been a fan of guns. Remember his statement about people who cling to their guns and religion . That was not a compliment. It was an insult. The idea that the president would car back freedom, set aside in the constitution is simply ridiculous. Any reconsideration of gun laws that would impact the nearly 80 million gun owners in this country should occur with all our elected representatives, not just one. The nation elected him president , not king, not sark. Lets do things the oldfashioned way, democratically. That is what i think. Drop me an email, gerri foxbusiness. Com. Coming up on the willis report, is this a real business or a pyramid scheme . We would get to the bottom of one Global Management weightloss companies during a debate. And could his nomination as the next treasury. I considered resending my offer to appoint him. Covering the rollercoaster handwriting and if it is the worst signature ever. Also, should you spoil your kids or give them tough love . Hear how millionaires are raising their youngsters according to a new survey. We are on the case next on the willis report. [ male announcer ] how could a luminous protein in jellyfish, impact Life Expectancy in the u. S. , real estate in hong kong, and the optics industry in germany . At t. Rowe price, we understand the connections of a complex, global economy. Its just one reason over 75 of our mutual funds beat their 10year lipper average. T. Rowe price. Invest with confidence. Request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. With investment information, risks, fees and expenses you know it even after all these years. But your erectile dysfunction you know,that could be a question of blood flow. Cialis tadalafil for daily use helps you be Ready Anytime the moments right. You can be more confident in your ability to be ready. And the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needingo go frequently or urgently. Tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. Do not take cialis if you take nitrates for chest pain, as this may cause an unsafe drop in blood pressur do not drink alcohol in excess with cialis. Side effects may include headache, upset stomach, delayed backache or muscle ache. To avoid longterm injury, seek immediate medical help for an erection lasting more than four hours. If you have any sudden decrease or loss in hearing or vision, or if you have any allergic rctions such as rash, hives, swelling of the lips, tongue or throat, or difficulty breathing or swallowing, stop taking cialis and get medical help right away. Ask your doctor about cialis for daily use and a 30tablet free tal. [ male announcer ] how do you make 70,000 trades a second. Reach one customer at a time . Or help doctors turn billions of bytes of shared information. Into a fifth anniversary of remission . Whatever your business challenge, dell has the technology and services to help you solve it. Gerri a company that sells nutrition and weight loss product being called a giant pyramid scheme. Details in 60 seconds. Dont go away. Gerri is herbalife, the multibillion Dollar Company it sells nutrition and weightloss products by word of mouth, preying upon the very people it purports to help . Company ceo house swinging after a Hedge Fund Manager claimed the company was the best managed pyramid scheme in the history of the world. Joining me now, columnist for dow jones newswires. Good to see you. Long time no see. Is this company on the verge of collapse . Ha. No, absolutely not. What he is saying is this company derives most of its revenues from recruiting people, people recruiting people rather than selling products i havent seen any solid numbers that shows exactly how the company gets its revenues and thats still up in the air. Gerri the ftcs to get only 9 percent of the server is make gross compensation. The numbers arent that big for individuals your mom and dad sell their products to one. The Company Called holiday magic the ftc said it down. What i was trying to say is that these things have been around for a long time, jerry. Some of them are sustainable like tupperware. Others are, you know, flash in the night. What they do is they did you cannot recruit your friends. Gerri here is. Net sales. This is no small company. Very, very big. They had a lot of success. It sells weightloss supplements virtually all of the planet. You know who i am wondering is the bad guy and all of this, short sellers do not have a good reputation. And William Hackman is out there saying his company is going down. Interesting is that nothing is company sang his stirring the wrong thing. A lot of people out there are saying, hey, this is not fair and is not true. What do you make of that . All those people are selling things you could buy walmart. The a shakes. How many claims are made about diet shakes and vitamins he wants to make money off of it. He says the money will personally making will donate to charity and he is out to expose the company. We can take that for what its worth, but in some ways shortsellers are gods messengers that all is not right with the world. Nobody likes a spoiler, and they come in and spoil things. I dont know if this company is going to be deemed a pyramid scheme by the ftc. That is what he is getting at which is a pretty bold bet. One thing to say this is as Lucky Company based on aggressive sales, and that think it is apparent scheme, but hes saying this stock is going to zero. [talking over each other] gerri let me read a comment. We are confident there will be a legitimate company with legitimate customers. Out swinging. It has gone down a line as of multilevel marketing company. And no one is complaining about avon today. Or to borrow or amway. He confined companies to do well and others to pay a lot of money for inventory and could not sell it. Not everyone is a salesman. That is what it comes down to. Gerri thank you for coming on. Appreciate your time. All right. Does president obama have the authority to raise the debt ceiling without congress . Will he tried to . Our handwriting expert is digitalis about the most talkedabout signature. Will it end up on our dollar bill . Can you read that . From that fox business studios in new york city, its the willis report with Gerri Willis Gerri as the debt ceiling showdown, members of the Financial Services round table now headed by former gop president ial candidate temple in tay are urging congress to raise the debt ceiling. Failure to do so will cause a wire. Will republicans caved . Always great to have you on this show. What do you make of this . These and other Business Leaders of this country who are saying, you have to raise that debt ceiling. A little hypocritical. These Business Leaders of the same ones to say we have to do something about our enormous debt, and what will cause a wire to our nations finances continuing to go around borrowing a trillion dollars year after year after year. The phony issue, people are saying if we dont pass the debt ceiling its a default. That is off the table. The constitution prevents a default on the national debt. Revenues come in even after we pass you know, past the date which we have not passed the debt ceiling. What it means is it is more like a government shut down, not a default on debt. And shame on the media and people. Gerri there are other things that are bad that may happen like a selloff in the stock market. The last time we tested this result of 2,000 points in the stock market, and i think that is what they are reacting to. They dont want to see that happen again, and they dont want to see executive to five executives across the country tie up the purse strings. I think they have practical considerations. What i want to know is if you believe that it would be a mistake to test cutting spending by holding off on this debt ceiling issue. Thats a tough call. I do believe in the rule, and you know it, every dollar of increase in the debt should be tied to a dollar of spending cuts. This is, i think, a financial emergency we are facing, and i think that is very commonsensical, and of the president rejects that, then who is responsible for not raising the debt ceiling . The congress or the president . I guess what i am saying is, lot of this will be determined by public opinion. As the public wants, a blank check to increase debt . If so, that is what the president will get. If they say, this is a real problem and we wont give him a blank check and an unlimited credit card in demand some spending cuts. I am not sure politically how this will play of, but i just dont think the republicans are going to give the president that. Gerri you know, 1 of spending for 1 of tax cuts rule, but he could not keep that rule when he passed the deal for the fiscal cliff. How do you think, for heavens sake, you will be able to do it this time around. That is a fair point. It is a question of whether he can get this through the caucus and whether or not the public will agree with them. I dont think anyone youre asking a question. I dont think anyone really knows the answer. How far are the republicans willing to take this issue . Its almost like astaire down, a game of russian roulette. Who will blink first. Gerri let me read you a letter, just to change it up a little bit. Paul ryan rating to the budget director. Here is what he says. Given the critical importance of addressing our nations fiscal problem im writing to ask whether the president will submit his budget request this year on or will for february 4th. If the administration does not plan to meet the statutory deadline, when do you anticipate the request being made . You know, please, please, please , mr. President , o your job. Right. I think this is another avenue. Its serious. It does have an obligation. He does have an obligation to pass the budget. One of the things that has very much frustrated the republicans, this goes back to the debt ceiling issue. When i talk to republicans, one of the things that they are looking at, we will pass a debt limit extension out of the house , but it is contingent on the Senate Passing a budget. Isnt that interesting . As you know, the senate has not passed a budget, our real budget in four years. Gerri we have a long way to go on this. We appreciate your opinion. A lot of ways that this can play out. When the president says, not going to negotiate on the debt ceiling, i can tell you this, he is going to have to negotiate on the debt ceiling. Gerri many ways to skin a cat. Come back. Thank you quick trip to be with you. Gerri also today, as expected, president obama introducing treasury secretary nominee white house chief of staff jack lew. Taking of the treasury as the white house prepares for the major fight with republicans over the debt ceiling. The rumors began swirling that he would get the nomination. We here at the willis report took a look at who jack lew is and where he came from. His biography, as we mentioned, was chock full of political experiences from his time on capitol hill to his work with the clinton and Obama Administrations. What we did not point out was his brief stint at citigroup. Not something he often talks about. From 20062009 he ran the alternative investment arm. That division made its profits from shorting the Housing Market , betting against homeowners like me and you. While he was citigroup they took in 45 billion from taxpayers under t. A. R. P. Two weeks before he left to join the Obama Administration he took, bonus. Before citigroup payback taxpayers, and it was not too shabby, nearly a million. So more than just a politician and lawyer. He was a banker who took money from taxpayers and that against them in return. That is the whole story. His signature is gaining attention. Even the president could not help taking a swipe at his questionable. He is going to work to make at least one letter legible in order not to debase our currency. Should he be confirmed as secretary of the treasury. Gerri if confirmed, how will he stack up against other treasury secretarys . With more on this, handwriting analyst kathy midnight. Welcome to the show. First of all, give me a couple of details so that i understand what you do, analyze handwriting. Critical things to look at all the loops which there are a lot of the above and below the line. Tommy about that. Exactly. We look at the professional graphologist, upper lips, lower loops, where the eye is dotted, tea is crossed, size, pressure, and many other things that we stuck together. Gerri so lets go. He has a very unusual signature. You have to admit. What does that tell you . Pretty funny. Someone said just a minute ago that the news is swirling about this. The signature looks like a duel. You dont have to be a certified graphologist to realize this is a very unusual signature. Its sort of looks like a slinky or a doodle, and gerri we are looking at it right now. Right. Nothing of it is, whenever you have a signature that is eligible, it means that you dont always know what is going on with the writer they tend to keep a lot of things private. Whenever the other thing that is important is whenever you have a lot of rounded circles, this person has a soft philosophy to problemsolving. One might say they might have a philosophy of saying hugs not drugs. However, he is going along and that long line at trails at the end, that shows both caution and tenacity. Gerri so jack lew is a man with possibly a secret to hide who is in touch with his mattress sexual self. Lets look at can you hear me . I can now, yes. Gerri we have had some issues with sound. One more question about timothy gaggers signature. Tell me what you know about his personality and how he thinks from that signature . What is so interesting about that is he has a very farright slant which means he will be a little more emotional. There is a tendency toward impulsiveness. I love how he dots the i immediately. That shows loyalty, focus and concentration and attention to detail, big attention to detail. Along lower loop which shows a lot of drive and ambition. Gerri interesting stuff. I feel like i know jack lew better now even though i have never met the man. Thank you for coming on. Appreciate your time. Thank you very much. Gerri all right. When we come back, a look at the new year through the eyes of the average investor and the wealthy people spoil their kids . Results of the survey after the break. Gerri the top 2 percent of americans are getting a lot of slack from the far left. What is really going on behind the nations wealthiest . A new survey might surprise you. Joining me with the results, senior Vice President and managing director for pnc wealth management. Welcome to the show. Tell us a little bit about your survey. The survey was really a survey of affluent individuals, 560 responded across the spectrum of geography and age, and it included individuals who had a Million Dollars of investable assets, excluding retirement plans, many had much more than that. Gerri people who are legitimately millionaires. Now, the majority of the nations wealthy said they were not rich growing up, which surprises me. Tell us more about that. That was actually pretty interesting. 75 percent identified themselves as being average when they grew up. 12 percent, actually, consider themselves poor. The same amount, 12 , considered themselves well off or wealthy. Gerri i thought the goals that these people have are fascinating. The most important goal for wealthy individuals is about their kids. Tell us about that. I think it really is interesting because i think what you find with the effluent, much like many americans, is that they are in many ways full of contradictions. For example, 82 percent of those who responded to the survey said they wanted their children to create their round of. 84 percent said that their number one goal was to create successful hard working children. At the same time 91 percent said they want to give more to their children than they received and most of those responded said they received some help, but not a lot. Gerri thats interesting. I would think these people have been impacted by what is going on the economy. What did they tell yo what theyre doing with their money or how they handle the money they intend to give to their children . Interestingly there seems to be in many ways a gap between their aspirations and the practicalities of the economic situation. For example, if you look at those individuals who responded to said, look, i want my children to be hardworking, get their own wealth. At the same time that recognize a couple of things. Number one, the economy is bleak, the job market for Young Children coming out of college is difficult, education costs are really expensive. At the same time they themselves from the affluent do not believe that they will leave as much to their children as they once thought. Many reasons for that the large part, low Interest Rates people have to spend down principal. The fact we dont have defined benefit Pension Plans very much, the vulnerability of medicare and Social Security and finally, and that this cannot be overstated, the foundational jolt that many of these individuals up took with the 2008 and 2009 financial crisis or of a sudden their measurements for success were no longer in terms of beating or not beating the s p or some other benchmark but rather whether or not the companies that they invested in survived at all. Thats really, really important and still is having a large effect. You see that in the survey. Gerri leaving a legacy from a 46 percent said it means being remembered and passing on tradition. Thanks for coming on. Interesting survey. Appreciate your time. Thank you so much. Gerri all right. Its oscar time. Best picture and best director for Steven Spielberg and the Silver Lining playbook and zero dark 30. As we begin the countdown we will your predictions, but sometimes it is just an honor to be nominated. Tonights top five, the most nominated actors and actresses in history. Laurence olivier, youngest actor ever, ten nominations but only one win for hamlet in 1948. Number four, bette davis, a classic Hollywood Beauty also has ten nominations but to wins for dangerous in 1935 and jezebel in 1938. Number three, jack were collected by jack nicholson, 12 nominations, three wins, two for best actor and one for supporting actor. 1983. Number two, no surprise here, Katharine Hepburn may have the second most nominations, but this legendary screen star also has the most wins. Hepburn took home oscar gold for times, winning her first 1932, backtoback wins in 1967 and 1968, a big gap. For the last time in 1981. The actress with the most Oscar Nominations is meryl streep, landslide. Often called the best actress ever. Seventeen nominations supports the claim. Thirteen including last year for her portrayal of Margaret Thatcher in the iron lady. The most nominated person of all time is not an actor or actress. Walt disney with a ridiculous 59 nominations. One last fact, kevin oconnell, a sound mixer, the most nominations without a wind, 20. Still to come, my 2 cents more on another round of a lunch box tops. Will 2013 be another year of an even Playing Field for small investors. What you need to know about your money. Were going to tell you next. At a dry cleaner, we replaced people with a machine. What . Customers didnt like it. So why do banks do it . Hello . Hello . if your bank doesnt let you talk to a real person 24 7, you need an ally. Hello . Ally bank. Your money needs an ally. Gerri the corporate comeback for 2013. Uptodate analysis to Market Analysis and insight for small investors. Stay with us. Gerri new year, new challenges for the small investor, but we have you covered with uptodate Market Analysis to get you off and running. Scott martin scott martin, chief market analyst joining me now. Tell me about your outlook for 2013. Are you optimistic . What sectors are you looking at . I think things look pretty good. The only thing i would caution people about is, it is going to be a bumpy ride. Bring your seat belt, but i like things that are working. Look at cyclical names like industrials, pharmaceuticals, consumer discretionary, if you can believe it. I think a lot of those things go up in 2013 because i think the market goes up. Gerri you sound like bette davis. Fasten your seat belts, its plan to be a bumpy ride. Fourth quarter coming in. Earnings. Up to that in too optimistic were too pessimistic . I think that is a little rich on optimism. Close. I dont think it will be down 1 , but i think over to is all little high. I love bette davis. Tom kearns is one of my favorite songs. How did you know . Gerri youre older than you look. Less talk about dividend stocks because i no youre all about still after all this time and all this talk, still all about the dividend stocks. Why . Crazy after all these years. The funny thing is, you have to be careful about dividend stocks all tell you why, and this is something you bring up on the show that is important that people should listen to. And so many people are into something, thats when you want to be out of it. Look back at the tech bubble of 99 in 2000. You could not stop. It realistic and financials. 20052006, going to the sky. Dividend paying stocks, hotter than a david cairns girlfriend. That isyou want to be careful of because eventually it ends and it is badly. Gerri okay. Thanks for that. Appreciate that. You think it is badly. You getting into that out of this now or are you waiting . Thats a good question. You stay in them because of tell you what, all other things are important. The 10year treasury yield, even though it is raised, still at 2 . If you look at a dividend paying stocks at three, four, 5 , and a crushing the treasury note. Corporations as we now are sitting on a record amount of cash. What are they going to do . Not doing stock buybacks because the markets are at an alltime high. Theyre paying those in dividends. Thats a good reason to all stocks. Gerri small investors who want to move the ball down the field, a little football analogies as he boarded up, but do you suggest they do . One of the takeaways . What should they be preparing for. This could be an ugly couple of months in the economy, and its going to be interesting to see how it plays of the stock market. Your good. There are a couple of dividend paying etf that i like. That is a great dividend paying etf. Gerri dividends. They have been working. Another highdividend paying etf. Youre not picking one. Youre picking a bunch. It is a basket. I like that, especially as you go into a volatile time. Gerri we are in the end zone. Another football analogy. All right. Thank you for coming on. Always great to have you in the show. They do so much. See you. Byebye. All right. Gerri to stay in business back in 1901 that the first major oil well was discovered in taxes. You know about this. The spindle top was discovered by Anthony Lukas with a depth of more than 1,000 feet. Slowed load. It took nine days to capture pulling u. S. Oil production overnight and making the town of beaumont into a black gold boom town. Attracting all sorts of oil workers, investors, and merchants, tripling the population in three months and more than 500 companies. Imagine that , created as a result. Three included humble, the texas company, and Magnolia Petroleum which eventually turned into what you may well recognized as exxon, texaco, and mobil. The cost of a barrel than 167. Today less than 94. The worlds first trillion dollar industry began on this business day, january 10th, 112 years ago today. We will be right back with my 2 cents more in the answer to our question of the day. It was the housing bust caused by bad lenders or bad borrowers . [ woman ] if you have the audacity to believe your Financial Advisor should focus on your longterm goals, not their shortterm agenda. [ male announcer ] join the nearly 7 million investors who think like you do. Face time and think time make a difference. At edward jones, its how we make sense of investing. Woman my first symptoms were. Man constant tingling in my toes. Woman my leg sometimes will go numb. Woman i had double vision. Woman they said, you have multiple sclerosis. Woman well, the beginning is the hardest time. Man i kind of had to get a grasp on reality. Man i had to adapt and change very rapidly. Woman i had to learn how to drive with my hands yeah, that was interesting. Woman i was a dancer. I dont see walking the way i walk any different than doing a dance. It just looks different its a different dance. 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Was the housing bust caused by bad lenders or borrowers . This is what some of your posting. Dan says that i feel that the borrowers deserve more of the blame for getting in over their heads and not understanding what they were signing. Amen to that. David wrote us and said lenders gave out loans to people who cant pay it back. That is also true. 54 said that borrowers. Its an interesting split. Log onto