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House will not be able to agree on extending a number of provisions that expire at the end of this year that might help the recovery. there s a $100 billion or so in payroll tax cuts for workers, $60 billion in unemployment benefits, $50 billion in accelerated writeoffs for companies that purchase equipment, and that totals more than $200 billion, more than 1 percent, of gdp. now, without those, one former fed economist thinks that it means more stimulus from the fed in the form of another round of purchases of long term bonds to help push down long term interest rates on mortgages in particular to help the housing market, and it could be big. my guess is if by january, they haven t extended this or taken some other comparable action, the fed will certainly move, if the payroll tax cuts are not extended and nothing else is done, then i think you re thinking of more than a trillion, as much as ....
Leland vittert. thank you for that report. jenna: now fox news business alert. wall street is waiting to learn if fed chairman ben bernanke will take a move to boost the economy. the federal reserve finishing up two days of meetings in just about two hours from now, analysts think ben bernanke will announce a plan to lower rate for mortgages and loans. reporter: wall street is expecting the fed will announce an economic stimulus move it has not tried in 50 years. manipulating the $2.8 trillion balance sheet by selling some of its shorter term securities to buy longer term securities. that could pull down interest rates on longer term loans like mortgages. one former fed economist says this plan needs to be really big to really move interest rates lower. you have to do what we learned, i think is that to have a serious impact you have to do large amounts, like many ....
Policymakers in washington and on capitol hill during the financial crisis the fed launched a lot of federal programs and polices that pumped trillions of dollars into the financial system and helped to save a lot of the banks, but also, a lot of people out there were confused by these polices, didn t understand them and in fact outright opposed them, and then we have some members of congress and members of the tea party who actually went to reign in the fed and perhaps even abolish it, so this press conference is an effort by the fed chairman to try to explain the fed more, to educate the public and congress more about what it s trying to do. and one of the questions he s likely to get is the impact of fed policy, all this easy money and low interest rates, on oil prices, the fed has been printing money to try to help keep oil prices low, it s flooded the world with dollars, oil trades in dollars and when the dollar falls the price of oil goes up, so we expect him to be asked about th ....