where stocks close mostly lower on thursday. the s&p 500 slipping from its record as best buy fell sharply and wall street considered results from goldman sachs and citigroup, geoff cutmore live in london with other headlines. this is decent news about foreclosures, geoff. they say the shadow from the foreclosure crisis is shrinking and for 2013, we have the best foreclosure numbers in the last six years, i.e. significantly lower. the worst year for foreclosures was 2010. the latest numbers are 53% decline. so, clearly, we re moving in the right direction in terms of household income and people not losing their homes here. probably just worth pointing out that there are still some high numbers when it comes to
martin luther king jr. said it was piecemeal. he said the great society has been broken and eviscerated and turned into an idle play thing by a society gone mad on war. i think we continue to see these problems today. we are treating the symptoms, but we continue to sharpen the knife. i see the knife the same as dr. martin luther king did. i also see wall street as one of those knives. it made 10 million people displaced in the wake of the foreclosure crisis. tim, can you document that aspect of it? can we measure how much that dynamic from the left helped? look, first of all, the war on poverty was not supposed to be a top-down operation. the community action part of it involved local organizations, private and public organizations. so, the theory behind this was not big government.
during takeoff and landing. and this could happen as early as next year. home foreclosures have fallen to their lowest level in eight years. cnbc s mandy drury is here with what s moving your money. another sign, maybe, the foreclosure crisis may finally almost be over. we re certainly hoping so, chris. foreclosure activity in november was down 37% from a year ago. and will not derail the housing rebound under way in many parts of the country, according to the real estate research firm realty track. those are the findings. as you say, november foreclosure starts fell to their lowest level since december 2005. that really is before the housing bust began. so hopefully we re in the ninth inning of the crisis. if you want to know the states with the highest foreclosure rate still in the month of november, they were florida, delaware, maryland, south carolina and illinois. but apparently the reason for that is that all of those states require foreclosures to go through the court. so th
will go and whether money is going to be loose or tight, is this huge regulatory role of the fed chair. yes. i mean, you are essential lay the regulator of last resort for the entire industry, right? yeah. let s think, even before dodd/frank, which alexis and i worked really hard on, actually gave a lot more power to the fed and didn t deal with its conflicts of interest, which we would have liked to have seen. before dodd/frank, for 14 years, the federal reserve could have stopped subprime lending in the crisis. it sat on its hands it could have done it. it had the power to do it. it had the power to do it. i won t do this for your viewers, but it had the power, and in fact, was the only real regulator that had the power to regulate subprime mortgages for 14 years, basically could have prevented the foreclosure crisis. and just really quickly, post dodd/frank, the fed has the power to break up banks and split them up into glass-steagall-like entities, if it wanted to.
the debate about the fed chair, this is lost, usually because it comes out of the financial process exclusively and it comes out with traders making bets on which direction interest rates will go and whether money is going to be loose or tight, is this huge regulatory role of the fed chair. yes. i mean, you are essential lay the regulator of last resort for the entire industry, right? yeah. let s think, even before dodd/frank, which alexis and i worked really hard on, actually gave a lot more power to the fed and didn t deal with its conflicts of interest, which we would have liked to have seen. before dodd/frank, for 14 years, the federal reserve could have stopped subprime lending in the crisis. it sat on its hands it could have done it. it had the power to do it. it had the power to do it. i won t do this for your viewers, but it had the power, and in fact, was the only real regulator that had the power to regulate subprime mortgages for 14 years, basically could have pr