first video from the protest on wall street in its second week today. right there on the scene one of the most opinionated men in america, my special guest tonight, michael moore. a happy day for me is when i ll be unemployed when i don t have to make another one of these god damn movies or write another one of these books, when the real people of this country are in charge and i don t have to do this any more. that was my nirvana. that was half an hour ago on wall street and miraculously, you ve appeared on time. a little bit hairy. we knocked you out. i was down there at the protest, but we made it back. do you love stuff like that? is that what do you proper life s about? people on the streets protesting having their voice? does that sum up michael moore? well, i m a citizen of this country. so i first and foremost before i m a filmmaker or anything else, i m a citizen. so i try to, as much as possible, participate as a citizen. what i was saying there, i don t k
per day. analysts are cautious about the rising price of oil because of protests. today the violent protests in iraq have been dubbed a day of rain. 14 have been killed if the under rest today alone. billionaire warren buffet says there is reason to be optimistic about the u.s. economy in his yearly letter to investors. he says he thinks america s best days are ahead. also adds that people should be wary about borrowing money after the 2008 financial crisis. earlier this month, the obama administration laid out a set of options for overhauling the u.s. mortgage system. they included the winding down of fannie mae and freddie mark freddie mac. james rosen looks at the future of fannie and freddie and its impact on home buyers. we need to wind down fannie and freddie and reduce the government s footprint in the housing market.
changing. the obama administration wants to shrink government involvement in the mortgage system by dissolving fannie and freddie over a five to seven-year period. the changes could also mean major changes in interest rates and costs for borrowers. neil irwin is a financial reporter for the washington post and a usual guy with us. good morning to you. good to see you, neil. good morning, alex. these recommendations given by the white house, let s go through them. how do they run? yeah, what the white house has done is a really interesting strategy. instead of laying out the plan and having everybody attack it, they said here are three approaches we could take, and republicans in congress, whichever one you want to buy into, let s work on that and figure out how to work. one of the options is to really take the government out of the mortgage market entirely. there would be almost no role for the government side from some other programs. that s one approach similar to what some
privately held company, its finances are not made public. but businessinsider.com says the top social network made a whopping $600 million last year and it could make a lot more this year, with revenue projected to go as high as $4 billion. fannie mae and freddie mac, two vital parts of our nation s housing market, but that may be changing. the obama administration wants to shrink government involvement in the mortgage system by dissolving fannie and freddie over a five to seven-year period. this could also mean major changes in winter rates and costs for borrowers. neil irwin is a financial wrirt for the washington post and our regular sunday guy. good morning. good morning, alex. take us through these recommendations made by the white house. how do you see them? it s a really interesting strategy by the obama administration. instead of putting out a single plan and saying here s what we want to do and then you get that polarized debate like we saw with health care and fim r
to buy homes. yesterday, they laid out their plan to remake the mortgage market, a big part reducing the government s role in housing finance by winding down fannie mae and freddie mac. timothy dpit ner talked about mistakes made in the mortgage system. it is the case that the u.s. government provided too much support for housing. too strong incentives for investment in housing. we just took that too far. alongside that basic set of mistakes in the incentives we created, we allowed our financial system to take on too much leverage. we allowed a huge amount of basic mortgage business to shift where there was no regulation oversight. we allowed the market to build up really terrible incentives around underwriting securitizaton. we allowed underwriting centers