The economy. The other thing is, if you act too soon and you decide, oops, we acted too soon, you get you put yourself in a position where you have a zigzag policy and you will face criticism from that by people i know. Second, if you then want to go in the other direction, you only have a quarter point to play with. If you hit the brakes too soon, you dont have gas. With that in mind, im concerned about the effect raising Interest Rates now would have on the real estate recovery and i would ask you what you would think the impact would be of raise zing Interest Rates on the housing recovery and would we squeeze credit worthy borrowers out of the Housing Market and create a negative feedback loop with prices going down . So, you have made very large number of very good points and indicated many relevant considerations that the committee is trying to weigh and balance and has been taking into account. With respect to the Housing Market, of course the level of Mortgage Rates is relevant
If its my friends at the fcc, first of all, i wouldnt be shocked. And second of all, maybe thats a pretty fair thing. Have you done what you need to do to get this regulation, required by law, simply to allow us to know the incentive that is are involved and to prohibit inappropriate incentives that did help lead to the 2008 debacle. Have you done your job . We have tried to work constructively with the other agencies. I love when chairs never give answers. We have done i think the fed has done a pretty good job. Im not complain 00 the fed. But this is long overdue. Each regulator that comes before me, im going to ask. I dont say do a specific item, i dont care how much they make. Do it so the american person doesnt get on the hook again. On an item that we have already identified as a problem that everybody agrees was a problem and that should be relatively easy to fix. I agree with your assessment, that it was an important problem, that it is essential to address it. And as i said, i
Not credible, thats a problem. I know youre in the process now. Do you have any idea what the time frame might be when youre nto the Second Chance . So last year working jointly sent very detailed evaluations the living wills to the firms. And directed the firms to take action to improve their resoveability that were quite specific. And quite detailed. Weve received those plans. Were evaluating them jointly with the fdic. And we will be making decisions in the coming months. The time of the gentleman has expired. The chair now recognizes the gentleman from michigan,. Thank you, mr. Chairman. I am happy to rescue you from the hostile questioning my democrat friend over there. Dont take it personally. He is that way with everybody. But i do actually want to kind of follow on on something that he had point of interest and frustration for a number of us speed g to do with the or lack thereof where there has been some very specific things that were laid out for the fed to do and specificall
Talking about Migrant Workers tried to escape. When we say we are facing new slave traders, we are not exaggerating tried to imagine what happened three or four centuries ago. The same thing is happening north of the african coast. Cory up to one million refugees in libya right now are waiting to flee to europe. President Obama Meeting with the crown prince of abu dhabi at the white house. Security issues in the release are topping the agenda including negotiations to limit Irans Nuclear program. The unrest in libya, and yemen. New york fed president says he is relatively optimistic that a rebound of the u. S. Economy will want raising Interest Rates this year. He is not as confident about the inflation climate. The Unemployment Rate is still too high, and the inflation rate to low. Because the Economic Outlook is concerned about directly with normalization will occur. The timing is data dependent, so we will have to see what unfolds. Cory he says hes optimistic about the yesterday for
Cory still to come, whatsapp since its site on one billion users by the end of the year. We talk about the deal that never was. Some interesting comments from it you elon musk. But first, a check of your top headlines. As this could be valued at 1 billion despite world gas prices. According to people with knowledge in name matter. A company in canada they have been unloading gas assets to focus on heavier distillates and Oil Petroleum products. A strong earnings profit in the first quarter, just under 10 billion. Here is Ceo James Gorman on the earnings call. James gorman we continue to execute against the benchmarks previously established to and will remain focused on them for the duration of 2015. Cory he has been relying more and advising what we clients. Well, the fugitive who claims he has been owning half of facebook has been denied his claim of half of phase. Whatsapp now has 800 million users. It now has more users than any other messaging app including facebook messenger, but