congressional appropriations process. democrats who had 60 votes to create the bureau last year cried foul. they lost. it is unprecedented. it s almost gorilla warfare to say well, then, we don t like the agency though it s in law. bureau would regulate nonbank lender like payday lenders who often charge interest rate of more than 100%. student loan providers and mortgage lenders. the law says the agency must have a director to begin in oversight that mr. obama noted was a reaction to the 2008 market meltdown. i don t think there is any american out there that thinks we got in financial mess we did is too much regulation of wall street or the financial services industry. at the same time, republicans say they outline the changes they want in a letter to the white house much earlier this year. the president knew about these concerns months ago. and he chose to dismiss them. actually, the republicans biggest concern this year was
but we re not going to have a market meltdown. the market is pricing in but in terms of the last time around we had a downgrade, we had all sorts of crisis with s & p. the washington monument almost closed. precisely. we re not going to have that again. so the assumption is it s going to be some sort of can kicking down the road. yes. and if they fail to get a deal you ve got that sequester that would kick in that would cut money from the pentagon and from social programs. defense cuts. but it doesn t come until 2000123. that s a year for congress to figure a way to get out of that. they could do that easily in a year. the curious coincidence of this is the bush tax cuts expire at the end of 2012 so not actually happens until 2013 which means the deadline isn t next week. the deadline is further away. it s the lame duck session. and like all good writers or maybe fifth graders, which i ve been called in my time, the only
to lone loan money to home buyers may need a bailout. vice presidential gone into default during the housing downturn and thought audit warns there is 50% chance the agency will run out of cash next year. wendell goler is live at the white house tonight. wendell, how serious is the f.h.a. s money problem? could be tens of billions of dollars, shep. even before private lenders started pulling back after the market meltdown, the fha was stepping up. their market share has gone up 600% over the past five years. the aei s edward pinto says the foreclosure rate is higher than average. they now have over a trillion dollars of mortgages that they guarantee. they have got 635,000 of them are seriously delinquent. and that s about almost 9% of all of their loans that they ensure are currently seriously delinquent and will have very large losses. now, experts say without the fha loan guarantees. houses prices would have
very interesting this is getting, right? all right, not so much fun to sort of think about and debate is this, as we wait for the option bell to get underway, those numbers are just spinning out of control because the market is not open yet and we re waiting for nup steep selloff, folks. futures are down, pretty much across the board, the latest market meltdown was $1.1 trillion in market cap. just over the last two days. that has sparked the fears and the discussion that we are either in a double-dip recession already, or that we re headed for one, and a lot of economic pain out there, especially across europe this morning. stuart varney of the fox business network and host of varney & company joins me now. stuart, you have communicated to me earlier this morning, today, thought we were going to be okay, and now due to this news out of greece t. looks rough. three hours ago it looked like we might have stability, two hours ago we got knews from greece and that sent the american st
have not been implemented because of the holdup while people like harry lindstrom and his banking buddies reap the benefits. they want to undo the progress made by a democratic president and return us to the conditions that gave us a market meltdown, wiped out millions of jobs, released billions of retirement savings and let financial institutions abuse their investors. i guess you could say that s the republican platform for 2012. breaking news from the hill tonight. the president will make a speech in the rose garden tomorrow to announce his push for a new transportation bill. hopefully this is a sign that the president realizes that the federal government must get more involved in job creation immediately. we ll have more on this coming up. stay with us.