Stocks sold off on that news, as investors worry the fed might taper off its stimulus program, sooner than expected, and before its goal of seeing a big pick up in the job market. The fed has been buying 85 billion of Mortgage Backed securities and treasuries every month to pump up the economy. Heres what those fed minutes revealed many policymakers voiced concerns about potential costs and risks from more bond buying. Others said that the easymoney policies might encourage excessive risktaking and that could have adverse consequences for Financial Stability policymakers also noted positive developments in the economy, as more businesses are optimistic about the economic outlook. Nervousness about the feds next moves pulled down stocks the dow lost 108 points, closing below the 14,000 level. The nasdaq was down about 50, the s p lost 19 points. Tom before the Federal Reserves notes on its last meeting were released this afternoon, we saw a mixed report on the housing market. Constructi
Budget cuts, due to begin in nine days, on march first. Defense secretary leon panetta notified his entire civilian work force that employees could be sent home without pay. The warning was aimed at Defense Department workers at the pentagon and around the world. Secretary panetta sent them a written message, as he left for a nato defense ministers meeting in brussels. In it, he said there are limited options for coping with the looming acrosstheboard cuts. And, he said on our civilians it will be catastrophic. Woodruff within hours, top pentagon officials were out, saying employees could lose one day of work per week for 22 weeks. Civilians will experience a 20 percent decrease in their pay between late april and september. As a result, many families will be forced to make difficult decisions on where their financial obligations lie. Reporter the furloughs could start in late april and save roughly 5 billion. Uniformed personnel at war would be exempt, but in a letter to congress, pan
And now weve got the proof on camera. A party that spits at its leaders listens only to the loudest, angriest person in the back row. Boehner is nothing to this crowd. It never heard of kantor. Mitch mcconnell, a nobody. What matters to the republican far right are the few to dare to be even further right. Now the Huffington Post editorial director. The 2013 version of john mccain version took on his constituents who looked like a room full of right wing 2010 mccains with their antiimmigrant build a fence talk. Heres a bit of his exchange, if you want to call it that, with angry right wing tea partiers. Why didnt the army go down there and stop em . Because the only thing that stops em, im afraid to say, and its too damn bad, but is a gun. Thats all that will stop em. The border is 2,000 miles long, sir. I dont know how many troops and army people you think would have been required. I dont know how many you think would be required, but ill give you expert information that shows you tha
We have some clear skies, blustery conditions, Higher Elevations along the coast, compared to yesterday it was an active great weather day, today will be sunny, breezy and cool with a lot of upper 50s, here is sal. Traffic looks good coming to the willow pass grade and also the morning commute looks good if you are driving on westbound 92, it is 5 00 lets go back to the desk. We are starting with developing news, two blocks on north beach are without water, there was an overnight water main break, Claudine Wong is right there in north beach, you have new information you just received from supervisor, what are they saying . Reporter well the supervisor is going around turning off valves because there are several pipes running underneath this street. There are big developments in the last half hour and you can see a gentleman trying to clear out the cable car tracks and Cable Car Service is affected and they are running a shuttle but certainly they want to get the cable car back here so
Reporter overall, homes sales are up more than 10 over last year. And builders are picking up the pace. They are now on track to build around 900,000 homes this year, but by the end of the year, the National Association of realtors expects the pace to pick up to an annual rate of 1. 1 million starts. Thats great, but keep in mind a normal year for Home Construction is closer to 1. 8 million. The outlook for apartments and other multifamily construction is also good, even though those starts dropped last month. Rents rose 4. 5 last year and researchers at zillow expect a similar increase this year. Thats why investors are pouring into the market and building new apartments. Assuming you can buy the property cheaply or build it cheaply and rent it out, then you seeing 4. 5 growth in your top line numbers for what you are able to rent it out for looks attractive. Reporter but the outlook varies depending on where you live and how strong the job market is in your area. The market will be u