Clear winners while the homebuyers, there is less incentive to become owners. Scarlet i wonder if it is a terrible thing to be become like a germany. Joe we do have this history of encouraging homeownership. We got the housing bubble. It hurts renters instead of homeowners. Why not see if it balances out and not give a preference to one or the other . Lawrence the bubble was clearly a mistake and it arose from the subprime lender. From the societal point of view, it will enlarge the middle class , having a nation of property owners. Rather than having a nation of tenants. The fact that we have a solid majority of americans owning a home, and look at the overall wealth situation. Homeowners can only have a net 200,000, while the renters are stuck at 5,000. That is a dramatic difference. In order to a large the middle class, we need to encourage more Property Ownership rather than encouraging renting. Julia could we look at the 2 different bills we have going, whether it is the house or
Really battering sections of the bay area of these pictures are from highway 1 in pacific up area you can see the high winds have torn apart of exit sign there. Bay area bridges are also concerned because of the strong winds. Jet bushs live in San Francisco and dan kerman is a live in San Francisco. Reporter right now is that along Stevens Creek boulevard in san jose. It is a steady rain is falling is about 61 degrees out right now. It was not to reindeer around 3 00 but the wind was blowing in pushing my van along with as i was out on 280. This in areas prone to flooding even under some the bypasses. This should continue delays several hours until midmorning. And several people were without power because of the storm today ruled out picking up the fallen branches and try to get power back up. The raid is starting to pick up here in san jose. The rain pam the strong winds have brought down trees all over the bay area creating dangerous conditions. Jet bushes in San Francisco where tree
Argentina debt crisis. First lets get you to the top stories of the day. Cheers rang out in nepals capitol as rescuers pulled a teenager out alive. He had been trapped since saturday when the eric struck. Meanwhile video of the quake actually happening is out. Here is a portion of it. A socialist from vermont will challenge Hillary Clinton. I believe that in a democracy what elections are about are serious debates over serious issues. Not political gossip not making campaigns into soap operas. This is not the red sox versus the yankees. This is the debate over major issues facing the american people. Hes an independent whoa usually votes with democrats. He could force Hillary Clinton to deal for seriously with the partys left wing or distance herself from it. Catch a big sbeer view on bloomberg. Ted cruss will join our politics. Catch that intersue at 5 00 p. M. Eastern today. Sara is resigning from the new york Federal Reserve. She is head of bank supervision. She will step aside on o
Alcoa kicking off earnings season. Europe was missed and the nikkei was up about 1 . Our road map begins with history in the making. The president set to nominate Federal Reserve vice chair janetijanet i yellen to be the new chairman of the Federal Reserve. If confirmed, shed be the first woman. Young, costco and Family Dollar all down after issuing disappointing results. First up, though, history is about to be made in washington. The president will nominate fed vice chair janet yellen to replace chair ben bernanke. If confirmed, shed be the first woman to head any major world central back. The official announcement taking place at 3 00 p. M. Eastern time in the east room. Jim, its been said theres one less uncertainty that we have to worry about. Breathed a sigh of relief. I felt a sigh of relief because its just nice that something came out of washington that, well, just happened and immediately we saw reaction that, well, corker, my love because he comes on squawk might be against.
10year note. We hear that miners are dragging down the ftse. Data from china was showing a slowdown in Services Sector growth. In germany, manufacturing orders below expectations, falling in august. That was the second consecutive month that we saw them. That surprised me. Lets get to our road map. Schultz is urging fellow ceos to turn up the heat. And jcpenney said its seeing signs of a turn around or that its strategy is working. And the long goodbye. Were going to read you excerpts from Steve Ballmers letter. Its a goodbye now. The Government Shutdown and the debt limit battle also now dominating wall streets attention. President obama continues to call on the thousands vote immediately on ending the shut down. House Speaker John Boehner still insisting the government agree to talk about changes in Health Care Reform or the obama care law as its known and also broader budget issues. This is now were nine days away from the debt ceiling deadline. This morning the journal after a conf