good or sounds great like going to six flags. in october of 2007, i actually i led a demonstration against this group ironically outside of one of their six flags events. i was calling on the public to understand that in august of 2006, this organization again islamic circle of north america was the top donor to a pakistani charity. this is islami s charity. at the same time that the foundation took a delegation to damascus, syria, to give $99,000 to the global head of hamas at his residence and he thanked them for the gift and in turn, he said they would use this money towards more terrorist attacks against israel and so i would say joe, i m sorry. we ll have to leave it there. we re running out of time.
people buy it back. our revenues for the year 2007, in that space, residential mortgages, was less than 1% of the revenue of the firm and in 2008, in the same asset class, little bit higher credit, but in residential mortgages, we lost $1.7 billion. by the way, that was a great performance when you think of the tens of billions of dollars that other people were losing, but we were gearing ourself to avoid taking big risks. as far as in hindsight, do you recall when the highs of the stock market were in 2007? when you think of the market, the cracks and housing? i think the high in the equity market was in october of 2007. we re talking about the spring, march of 2007. let me tell you, in hindsight
it. keep in mind, by the way, the high for the market was just north of 14,000 back in october of 2007. so obviously, we re well off those highs but better than where we were. so like i said, let s hope that we continue to go higher. it could take a long time to get back to those highs. for this earning season, last night was important. alcoa the first company on the dow to report and they came in and you know, it wasn t as terrible as it could have been. look, it s an lumen company. they always have a lot of challenges. people were worried you would have a big bomb drop. doesn t seem to be the case. we re going to have a pretty lackadaisical open and start hoping that some of the other companies deliver the goods, companies like general electric. that s friday. that s friday. so be ready for that because if they hit it out of the park, then you might be justified in having is your party. you know, willie, last quarter, 25 of the dow 30 companies did better than anybody thought. th
there. now we re going to open at 10,969. yes, it is only fair to say that the high, of course, was in october of 2007 and it was just north of 14,000 for the dow. so we re climbing along, a long, long mountain back there. today you re going to have ben bernanke speaking at 1:0. everyone will be watching that. it seemed from yesterday s news in the middle of the day from the fed that they have no intention of raising rates anytime soon. they are much more concerned about deflation and having too much capacity in this economy. very painfully so. then at 2:00, the one man in the fed who is worried about inflation and does think rates maybe need to go up sooner rather and that later, tom ho anything will be speaking. that block very important today and alan greenspan will be testifying this morning on what went wrong at fannie, freddie and citigroup. there s a lot today to talk about. pat, your question for erin. erin, is 11,000 on the dow a
investing joins me. great to see you. a recent forecast suggests that the stimulus package also the feds low interest rates have helped the economy. for how long? how long will this sustain? another question, a thing thrown out there was, are we trading a private bubble for a public ? can you explain what that means and talk about the sustainability for right now? i think we can sustain the rally. the market is still 22% below where it was in october of 2007. some of the big i am puts that effect the market are big inputs that effect the market, earnings . we also see the economy improving. and the federal reserve those are all three factors that will move the market higher. when you talk about the private bubble and public bubble. there s a big shift of get that was issued held by individuals insurance