really careful. we think financial collapse, the economic downturn, a bailout of the banking system and first and foremost, the dollar volume of car lending in a sub prime car lending isn t enough to wipe out the banks and require a bailout, number one. and unlike the housing boom, these lenders know that the car, the asset depreciates in value. one of the hallmarks of the housing boom and bust was that lend makers didn t think that housing markets would fall and didn t write the loans appropriately. new york times covers a lot of these loans that are made to people where it appears as if the car dealers are filling out paperwork and making up information about people s incomes, where they work, their job histories and getting them into loans that are way more than the value of the car which is illegal, frankly. and it s not covered by the banking industry because this is part of the car dealers, not
what you see in that price frux wags is the perceptions in the market about the value of the dollar or fears or hopes about the dollar. but gold does, it did in the days prior, it fluctuated. the gold standard fluctuated hardly at all unless you were starting to print too many dollars, and that s the virtue of gold that tells you you re starting to print too many dollars, pull back. so that is sort of like a backup backbone for us not to go crazy. absolutely. but steve forbes doesn t like everything the federal reserve has done either to prop up these markets, to send us near these record we re now at another record at the dow and they say that s precisely because of all this easy money. steve forbes shouldn t be whining. well, we wouldn t have had the housing boom and bust. we wouldn t have had the terrible 1970s. we d have an economy much bigger, 50% bigger today. so if a baseball player we d still have resessions, though, right? oh, sure. so how does that mitig
more headlines for you coming up. plus see you back here at 1:00 p.m. eastern in headquarter s news headquarters. back to forbes on fox for you right now only on the fox news channel. david: well, five years after the financial crisis hit, the government is slapping new fines on big banks like jp morgan. regulate torse say it s because the banks helped cause the crisis by pushing loans on people who couldn t afford them. but steve, you say if you are going to prosecute anybody for this, start with a lawmaker. who are pushing banks to approve the sub prime loans. that is right. since the 1990s, and going to the late 1970s, the government is pushing up the sub prime loan, coming up with the quotas and the like. while we re at it, go after the federal reserve. money led to the housing boom and bust. the treasury department did the same thing. it s regulators and lawmakers. in in this case, the bankers from least villains but they are getting the biggest hit.
race right now. no place has been hit harder than the housing boom and bust over the last decade than clark county, nevada. no place inside this county was hit harder than here in north las vegas. the housing prices are just starting to bounce back. to pre-bust levels. but foreclosures are still a real problem in a lot of the middle class neighborhoods. in fact, this part of the county still has one of the highest foreclosure rates in the nation. president obama has been here to the county touting efforts to bail out underwater homeowners and to slow the foreclosure rate with mixed results at best. housing is a big issue here. people want answers. we ll be back after this. oh, that s helpful! well, our company does that, too. actually, we invented that.
eric: arthel, with millions of people out of work, you might be surprised to learn there was one sector of the work force that they say has been persist he wantly strong. according to an m.i.t. economist, that s a personal service job. they re in high demand. now more from anna kooiman. many of the jobs lost during the recession were related to the housing boom and bust. construction finance and manufacturing jobs. demand for service jobs from stylists to food prep workers, to home health care aides actually increased during and after the recession. after the recession from 2007 to 2010, we ve got a graphic there, this is a recent study from the massachusetts institute of technology. the number of middle skilled jobs, most susceptible to being replaced by machines or shipped by machines fell by 12%. high edition jobs fell. but despite the recession, thereof a 2% increase in personal service jobs. we re seeing a shift to