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At a time when they re already stretched. charles: right. and, of course, there s the diesel shortage as well which invariably will add to costs. maybe not in time for the holidays, thank goodness for that, gru, but there s a lot of dark crowds out there. well, i look at several things. number one, savings rates have plunged. credit card usage has skyrocketed. in the market we have widest inverted yield curve in many, many years which usually presages a recession. we re now getting, you know, job cuts especially in technology. we got em in the crypto area and the mortgage area for darn good reason. so this had better not happen. 40% of freight, and you don t have enough truckers to cover it, and we re talking food, chemicals, fertilizer, retail, you name it. and hen there ll be jobs. so, hopefully, we get something like 92 the where congress blinked after just two days of a strike and got a binding up arbitration on this and hopefully gets done sooner ....
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Talked about culture changes. oftentimes culture changes in response to the actual conditions of the business, would that rule change a business enough that the culture swro to follow? yeah. i think there s will s something to that. the extent to which the banks can evade the volcker rule still very much an open question. i mean, they you know, people on wall street screamed about the fact that the rule reflected this misunderstanding between, you know, what the firm does and a lot of what appears to be trading and appears to be betting for their own book is market making and it is what greg smith did were not doing enough of. the lines are still fuzzy enough that i think it is probably not going to be a strict enough rule to produce this sort of culture change. exact. i with goldman, the truth is as you were saying in the opening, 2006, when they decided to make this proprietary bet against the mortgage market, that was a proprietary desk in their mortgage area. ....
His own because his jobs agenda is stalled in congress. and in another end-around capitol hill, president obama has appointed the former ohio attorney general, richard cordray, as the head of the powerful new consumer financial protection bureau. republican lawmakers plan to, plan to fight that appointment though. here is abc s cecilia vega with more. reporter: this family nearly lost their ohio home to a predatory lender, who offered to make repairs on their old house, but fled, leaving them $80,000 in debt. with president obama and the country s consumer watch dog czar at their dining room table they became the poster family for everything the new agency plans to change. harassment by debt collectors? gone. sky-high fees on supposedly free checking accounts? gone. an endless paper trail of mortgage documents? gone. what can they see right now? what does it look like? in the mortgage area what nay ....
Questionable loans, economically questionable but politically pal lottable, so they have to be bear responsibility in all of this. neil: we should explain to those who are not as up on this as you are, that the loans in question were to broaden the base so that housing and mortgage lending move from a goal to what amounted to a right for everybody. and lending was expanded to people who were risky on paper, zero document loans. if the executives knew what they were doling out and what they were doing with banks was stupid and wrong, and even just deceitful; that criminal? guest: i think absolutely sit. when the executives go on their conference calls and say, look, we have not really been involved in the subprime mortgage area and it is only a small ....