brian moynihan says the housing market is in some pain but right now american shoppers are keeping the economy afloat. meanwhile, the conference board reports that consumer confidence is at the lowest level since july. people are spending money despite inflation, in part because the labor market does remain strong. the u.s. government is taking new action in the housing market amid the nationwide affordability crisis. mortgage giants fannie mae and freddie mac will raise the limits of government-backed loans to a record level of 2023. the federal house financing agency announced that on tuesday. this means the baseline performing loan limit for 2023 will be more than $726,000. higher cost areas will have a new loan limit. however, one trade group says the higher loan limits will make the affordability crisis worse. in a landmark vote the u.s.
u.s. mortgage applications fell to the lowest level in 22 years indicating maybe a pull back ig in the housing market. and exxonmobile shares rose above $100 up 70% just this year. fears about the climate crisis and loads of debt kept investors away. global oil prices as everyone knows are rising sharply as demand outpaces supply. bad news for gas prices, bad news for consumers, but that is good news for oil companies and their investors. want to show you this, an index of oil stocks up more than 65% this year compared to the broad s&p 500 which is likely what you have in your 401(k) down more than 13%. mortgage giants are taking action to make it easier to buy a home and close the racial home ownership gap. get this, 72% of white americans are homeowners, only 42% of
no, it s not. one of the interesting things has been the participation rate has come up almost entirely because women have come back in the labor force. it s mostly hispanic women. it was also prime-age women who were more educated, but i think it s really interesting that that s good they re coming back. the wage growth, this is something that chairman powell underscored in his conference was the wage growth is at the low end of the wage scale, that s great. but there s nothing in the middle and nothing to graduate up to. we haven t seen that trickle up. the fact that we already seen the high of 3.4% this year even though the labor market is tight, we re not seeing wages accelerate more. this is a small shadow of the kind of wage gains we saw back in the 1990s. the trump administration floating the idea that they want to see mortgage giants go
financial system. bear stearns is rescued from impending bankruptcy by jpmorgan chase in march 2008. six months later the u.s. government takes control of the nation s top mortgage giants, fannie mae and freddie mac. lehman brothers collapses without warning and insurance company aig is seized by the fed, signaling that the entire u.s. financial system is on brink of failure. the government s response to the crisis was peripatetic. problems rolled in and they dealt with them on a case-by- case basis. they were just trying to stop the economy from going into a depression. in an effort to stabilize the economy, congress approves a controversial $700 billion bailout. this is truly a monumental moment in american history. their view was you can t just let it all go down because if the banks go down, then the economy is in chaos. a lot of people lost their homes and a lot of people lost their jobs. and eventually you saw people
bear stearns is rescued from impending bankruptcy by jpmorgan chase in march 2008. six months later the u.s. government takes control of the nation s top mortgage giants, fannie mae and freddie mac. lehman brothers collapses without warning and insurance company aig is seized by the fed, signaling that the entire u.s. financial system is on brink of failure. the government s response to the crisis was peripatetic. problems rolled in and they dealt with them on a case-by- case basis. they were just trying to stop the economy from going into a depression. in an effort to stabilize the economy, congress approves a controversial $700 billion bailout. this is truly a monumental moment in american history. their view was you can t just let it all go down because if the banks go down, then the economy is in chaos. a lot of people lost their homes and a lot of people lost their jobs. and eventually you saw people