freddy and oscar make it. >> freddy and oscar make it. >> jon: oh, thank god. ( applause ) how long hady been filming when oscar's mother went missing? >> they had been filming for about a year. it's a british film team. they do things like living planet and frozen planets and all these amazing, you know, wildlife movies. they wanted to make a chimp film. we talked about it about five years ago. it's amazing. it's expensive. it's hard, hard, hard work. i hope everybody who sees it understands that this does. >> jon: i can't even imagine. they're living in really the jungle. >> thick, thick rain forest. they have to carry these incredibly heavy cameras and tripods and the sound recording equipment. there's vines. >> jon: did they think, we're going to pull the project"? how long did it take for freddy to realize, ", no, no, the picture must go on. >> it was like that. they had to stay a bit. i can't remember why. they noticed that, first of all, it was interesting footage. they were trying to reach out to the females. they had their own kids. >> jon: motherhood hard work. there's a lot o

we talked about that for fannie mae and freddie mac clones. it is a very big important step, the largest federal-status settlement in history but also one step with and all the other steps we're taking in the administration. >> in january, 2009, you are coming in and knowing everything you have been for the past three years, what are two or three things you might have done differently when attaching the housing crisis? >> maybe the most important thing we have learned is how difficult it is to get the service service and all the various players in our housing market to move to helping homeowners. >> would you have required them to do certain things? >> we would have put more requirements and as for the settlement is important. the president and i realized we had an opportunity through the enforcement action. we could force servicers to do things we had provided incentives for. we learned that there were many barriers in the market to being able to help homeowners. the conflicts between mortgage insurers and those who held the loan, the conflic

taking that as it is, fannie and freddie if we need a zip code level house price data fannie and freddie today have 2.5 or 2.6 million loans that are what we call deeply underwater. the current loan to value ratio is above 115%. so 2.5 million or two.six million. of that approximately two million of them are still paying their mortgage every month. so the group that is delinquent whether it is 60 days delinquent or haven't made a mortgage payment in two years in the order of 600,000 borrowers said is the universe of folks we're trying to reach right now with the various loss mitigation full live talk about in my speech but it is the two million who are deeply underwater and current that we are concerned about and why the changes we made to the h harp are so important to help people continue to pay their mortgage. >> we will take questions. we have time for a few questions. i think there is a microphone. if you introduce yourself. we are limited on time so keep it to questions. >> i won't stand up. two thirds of all fannie mae loans in nevada are under water and half of them have flown va

even if this is constrained to fannie mae and freddie mark, -- freddie mac, it could happen here. all lenders can do the same thing. or they are going to try. we have no evidence in the long run that it will work. we are going to force private entities to do this. it is dangerous policy even if it works. even if he thinks it works -- we have done panels before. we know each other as talking points quite well. it is a dangerous precedent that we are asked to consider. it was not 7 trillion in household an equity loss. my other last point is, whatever we did to lose $7.40 trillion in equity and get into this disastrous mess we are in, can we change economic policy to push this down the cliff? thank you very much. >> i will start out with a few questions. i want to start with something i talked about what mr. demarco. on the moral hazard issue, the change of behavior -- the way to deal with that is to base it on historical delinquency. if you were dealing with previous to the day, you can qualify -- qualify. the incentive payments are much smaller for people who have not paid their m

taking all of that as it is, for fannie and freddie, if we use a code level data, fannie and freddiee about 2.5 to 2.6 million loans that are what we call deeply under water. the current loan to value ratio on these mortgages is above 115%. 2.5 million, 2.6 million. of that, approximately 2 million are still paying their mortgage. the group that is delinquent, whether it is 60 days delinquent or they have not made a payment in four years, it is on the order of 500,000 borrowers to 600,000 borrowers. that are the -- those are the people we are trying to reach right now with the various laws- navigation tools that talked about. it is -- the various loss- mitigation tools that i talked about. these can give people a better opportunity to continue to pay their mortgage. >> we will take questions. we have time for a few questions. i think there is a microphone. please introduce yourself. we are limited on time. >> i will not stand up because of the camera. 2/3 of fannie mae's loans in nevada are under water. at of them have loaned the value of 125%. hmap mods are -- hamp mods are temporar

freddie you could need new shoes. >> kimberly: i'm telling you.ing up, a was we mentioned our pal rush limbaugh has a beef with this guy. he is taking him on. we tell you what rush said and juan will give it back to him. don't forget to e-mail us at "the five" at thefive@foxnews.com. we'll be waiting. ♪ ♪ let me tell you about a very important phone call i made. when i got my medicare card, i realized i needed an aarp... medicare supplement insurance card, too. medicare is one of the great things about turning 65, but it doesn't cover everything. in fact, it only pays up to 80% of your part b expenses. if you're already on or eligible for medicare, call now to find out how an aarp... medicare supplement insurance plan, insured by unitedhealthcare insurance company, helps cover some of the medical expenses... not paid by medicare part b. that can save you from paying up to thousands of dollars... out of your own pocket. these are the only medicare supplement insurance plans... exclusively endorsed by aarp. when you call now, you'll get this free in

freddie you could need new shoes. >> kimberly: i'm telling you.ing up, a was we mentioned our pal rush limbaugh has a beef with this guy. he is taking him on. we tell you what rush said and juan will give it back to him. don't forget to e-mail us at "the five" at thefive@foxnews.com. we'll be waiting. ♪ ♪ four walls and a roof is a structure. what's inside is a home. home protector plus from liberty mutual insurance, where the cost to both repair your house and replace what's inside are covered. so your life can settle right back into place. to learn more, visit libertymutual.com today. i meet the new definition of durability: the john deere select series. with endless possibilities, what will you create? ♪ learn more about the new select series x310 with power steering at johndeere.com/x310. ♪ ♪ >> dana: welcome back to "the five." so, president bill clinton made a daring prediction this morning on "good morning america" with jake tapper. take a listen. >> you turned it around. can he? >> i doubt it. mr. romney has a different challenge than i di

but fannie and freddie have been problematic. taking the side that is contrary to our longer-term interests, and supportive of the banks. can the white house pick up the phone and direct them to change that. >> i think they can put a lot of pressure on them. but i think what will make it change is public outrage. a growing sense that the economy won't get fixed if they don't do it. and we're going to go into the congressional districts and do the math. fixing the mortgage crisis would add this many tens of millions of dollars into your neighborhoods. it's about people staying in their homes, jobs, fixing the economy, fannie and freddie need to fix it and not get in the way, and we're going to see this becoming more and more popular and more pressure to do the right thing, not the wrong thing. >> steven i

we'll give that to the fannie and freddie.because main street is saying we used that money to bail out wall street which was at the heart of the mortgage meltdown. >> i don't believe fannie and freddie were the problem. it originally originated with larger banks. people were also having -- bankers are peddling these very, very, very sketchy mortgages to them. the bottom line is if you are going to look at the larger banks, then, yes, that's a separate issue. megyn: the thing about the banks is they paid us back. are fannie and freddie mortgage pairs going to pay us back. >> if you are not evicted out of your house, you don't have neighborhood blight. it's part of a larger economy. >> why is it not acceptable to accept there are speculators and people with money who would go fan buy up houses and rent them to people who are evicted and why can't we accept that the free market might actually work? >> you have places in florida and nevada where you have neighborhoods that are blighted. >> the argument -- foreclosure -- prices wou

fanny or freddie would get $20,000 to the upside. there is a disincentive for strategic default because the homeowner would be losing the left side. but enough of an incentive to stay with making the payments because i am not giving up all my upside. the kind of thing we talked about in the hearings and stuff. is that being considered? >> what i was trying to say was a shared appreciation mortgage, we get a principal forgiveness modification and run a shared appreciation agreement that is a new instrument that doesn't exist today. we would have to figure out what the basis for the shared appreciation would be. operationally this would be harder to track over time and the ability to take this loan and probably end up having to be on the balance sheet of fannie and freddie which we are trying to shrink so operationally different complexities and judgments about share appreciation feature. this would all have to be worked out. the system, the operational system, that are in place today already allow for principal forbearance so there is

he dlab collaborated with freddie w., on the back of the snowmobile. freddie w.th most popular youtube channel. 3 million sub vibers. he saw the post and decided to join the shoot. >> so devon didn't ask freddie, freddie saw the post -- >> he was in the neighborhood and said i'm going to stop by and be part of your video. >> you want like a ton of snow balls thrown at you because that means you get more screen time. >>> mechanical engineering students at georgia tech have created this little gadget. watch what it does. no. i wanted to invent this years ago. >> well, you're not an engineering student. >> i could have -- when i worked as a waiter at pizzeria uno at new york city, at the end of the shift, we had to do this, roll like 75 silverwares, and it would take 1 million years. and it's right when you want to go home. and i would say someone ought to yooib vent a machine where you can put forks, spoons and it's done. >> they say machines like this exist, but they're costly, they're large. the students wanted to invent something that was small and affordable fo

freddie "boom boom" cannon joins us. hey dad.carrots i grow make that new stouffer's steam meal so tasty. actually, the milk from my farm makes it so creamy, right dad. ah, but my carrots have that crunch. it's my milk in the rich sauce coating the chicken and the pasta. boys! don't you think stouffer's steam perfect bag should get some credit? my carrots. my milk. my carrots. my milk. [ female announcer ] new from stouffer's. farmers' harvest steam meals for one in the steam perfect bag seal in all the goodness. they taste so good, we'll bet the farm on it. nestle. good food, good life. carrots! creamy! mcallen, texas. in here, heavy rental equipment in the middle of nowhere, is always headed somewhere. to give it a sense of direction, at&t created a mobile asset solution to protect and track everything. so every piece of equipment knows where it is, how it's doing or where it goes next. ♪ this is the bell on the cat. [ male announcer ] it's a network of possibilities -- helping you do what you do... even better. ♪ you're probab

which is critical, because for fannie mae and freddie mac, they own 60% of the loans in our state. 60% of people have their loans bond by fannie mae and freddie mac, so if they are not doing principal reduction, there are a whole lot of people who will not get the benefit of that remedy, so i am hopeful of the leadership that the h.g. is taking and that we can find a way to work together with the san francisco county supervisors, and i again thank supervisor avalos for his help. supervisor avalos: 54 your presentation and for your work and for the attorney general's work on this problem that we have. just a few questions that i have. one, in particular, to start off with, talking about a settlement in san francisco. $18.10 billion. is that correct? >> that is the expectation. 12 billion in principal relief and other money. supervisor avalos: given the foreclosures are a statewide problem, and that there are places that are very hard hit, even greater in terms of concentrations on whole cities and communities that are impacted, how do you see san francisco benefiting or getting services

freddie sanchez is out here, along with all kinds of kinds from the south bay.e are learning about today is a perfect day to be out in the elements. we have improving conditions. we are noticing a few breaks in sun in san jose. moving along, your highs today, on the cool side. limiting sunshine. 60 in oakland. 59 in san francisco today. high pressure on the way. high pressure will bring back that gorgeous spring-like weather that we enjoy here in the bay area. tomorrows the 70s, mostly cloudy start, making way for weekend plans. we will jump up from 62 today, 72 on friday, 81 on saturday, and 83 degrees, great beach weather, baseball weather. i wanted to point out a very familiar face, mr. freddie sanchez, signing autographs for the many fans that get to watch your own christina lorren to throw out the first pitch. we are having a good time. i will bring you back to the youngsters, we have an anchor man in training. get the camera back over here. who are we sending it back to? me. >> john and marl a. >> i didig the mohawk. >> thank you, you guys, it will be a go

he was the guy proposing reforms to fanny and freddie and he was shut down bypass the republican led congress. all gree it is needing to be cut back. but the idea that we would not paint the walls and mow the grass and increase their value is silly. that only hurts the taxpayers and destroys the market. >> hoos it >> johnathon? >> you heard it. collectivist greater good. why do we have it greater good. why does the government own property and the greater good. the price did fall and meanwhile we are spending half a billion painting houses that. is an insult to cher individuals who pay their mortgages and take care of theiroin - their own properties. and commercial real estate is doing great right now. >> i tell you what, trace, on the flip side of this, neighborhoods decimated by one or two homes and the values would fall. that is the other side of the argument and trying to tanglewood resort properties incorporation up the neighborhoods. >> they are trying to tanglewood resort properties incorporation it up. stop it already . you see it in rent. you can see the rent prices going thr

paulson guaranteed 100% of fanny and freddy that we would never have to pay a single time. that was his karn tee coming into this congress. >> i doubt he said that but the situations are not comparable. >> i know, it's just the american consumer is going to get stuck again. i have a vague belief. >> in this context. >> as we consider people not paying their taxes, there's documented over 100,000 people working for the federal government who haven't paid their taxes. has the administration done one thing to start collecting that? >> i would be raep to provide in writing to the congress. >> could we get a list of the people who haven't paid. i think the american people would like that information because there is a category who believe they are beyond paying taxes just like in degrees, i think weitz one of the things that people are fed up with. you talked about saudi arabia. and increasing the output. why is the u.s. not increasing its output, in other words, the president's going to my district tomorrow to talk about oil and gas production, in the very three county area whe

but this is one of freddie's buddies that died in freddie's arms because, again -- and i won't say it was carelessness, but it was a lapse. a mental lapse. so we talked an awful lot about that. now, again, the rest of the guys went back, 2nd of the 7th, 1st of the 7th went back to thanksgiving dinner and whatever. and we got back and my battalion commander said, we have another operation. and it's in -- we weren't back very long before we were out in bong song. but i think a better unit because i didn't have to tell them. make sure you've got your water. make sure you've got your ammunition. your weapon is ready to fire. you don't need to be smoking on a trail so these guys can pick you out. you need to make sure security is out. once burned, you become a better unit. and i think they became a better unit as a result of that battle. >> what was your morale like? >> low. really low. because again, i had lost people. and i think all of it -- the only time after the war, the only time i was seeing hal moore break down is when he talks about this feeling he had as a commander that he surv

secretary, fanny and freddy, their losses are close to $200 billion, and this dwarfs all other direct losses associated with the 2008 bailouts. if the gentleman in front of me would step aside. if the gentleman would step aside. and the gentleman in front of me would step aside. thank you. i believe that number would be a lot harder if it wasn't for the work of mr. dimarco over at fha and the efforts he's done and i believe the american taxpayers owe him i think a debt of gratitude for not allowing some of the entities seeking to exploit freddy and fanny as cookie jars to take money out. you know the administration has pushed forward its own idea, some not so effective, some i would say counterproductive as far as housing initiatives. and you recently announced that more may be under way. a month and a half ago the president anouchbsed the taxpayers to essentially pay for people's mortgages. and mr. dimarco releaseded reports how taxpayer paid principle reductions would be a net loser for the gse and there's also great concern wls the programs about a moral hazard as well. affecting t

freddie is the story. can he win again? >> can i win? yeah, i believe i can.to come out tomorrow and not be too edgy and hit a good tee shot on one. if i have to make a five-footer you have to make it. >> yeah, he can win again. hockey, the capitals planned the first-place rangers tomorrow in new york. at the skate around, they were not talking about a possible playoff matchup with the rangers were possible southeast division title, they were talking about the task at hand. they still have a lot to play for. >> there is a little relief. there is a lot of excitement. now the real fun starts. >> nba stan van gundy is looking for a new team to coach and ted leonsis ought to talk to him. the wizards lost tonight. the defense still a problem. darren williams had his way. dialing out from long distance, trying to shake off the lingering effects of the flu. too much for the wizards 110- 98, new jersey. baltimore, opening day for the orioles, minnesota in town. nick market thisakis he gets all of this souvenir, two-run home run. it was 2-0 birds after 1 baltimore wedn

this is freddy and angela robinson from the cocker spaniel rescue and i love cockers.hey got such a great demeanor. >> we really try and cocker spaniels especially freddy, he has such a nice calm personality it's hard to believe he was found as a stray. he's housebroken. he walks is nicely on a leash: -- walks so nicely on the leech. he loves his tennis ball and he -- he really enjoys snuggling up with you on the couch. if he's invited up. if you've not invited him on the furniture he doesn't get up on it. so well behaved it's hard to believe. >> he's got a hearing issue. >> he does. he did come in severely any protected and he's ondy -- neglected and he's deaf but the medication keeps him from having pain with the ears because of the infection. >> this is because he was neglected. >> absolutely and we can tell that from coat. we have him on hypoallergenic food and he loves it and we've already seen improvements on the coat and i think the only reason he hasn't been snagged yet or adopted is because he's deaf. >> but he does know some commands with hands motions and th

freddie couples at 52 tied for the lead.orting life right now. >> working for us 50-year-olds. >> i wouldn't know yet. [ laughter ] >> he's been one of the driving forces for legalizing marijuana in california. why he's now taking a back seat in the fight. >> we'll have that tonight at 10. schenectady? des moines? okay. okay. okay. i can't always be there to weed my petunias. so now we use miracle gro shake 'n feed plus weed preventer. it feeds plants and prevents weeds for up to three months. so my plants grow bigger, more beautiful, without all the weeds -- guaranteed. [ cellphone rings ] with miracle gro shake 'n feed, anyone can have a green thumb. [ cellphone rings ] everyone grows with miracle gro. it's nice having u-verse, isn't it? see back in my day, we didn't have these newfangled wireless receivers. fangled? no, we watched march madness in the living room... that's where the tv outlet was. what is he talking about? and if mom was hosting her book club that day, guess what...you missed it! we couldn't just move the

the idea is freddie and fred -- fannie and freddie and taxpayers could make more money if they avoidoreclosure and fire sale of the property, but deer marco is expected to push other types of loan modifications like lower interest payments before allowing these fannie and freddie customers to qualify. >> well, the real danger here is that borrowers who are current but under water are going to discover that they can save tens of thousands of dollars by defaulting on their mortgages and getting principal reductions. that's the moral hazard here, and that's what could really cause taxpayers a lot of -- cost taxpayers a lot of money. >> while freddie and fanny have millions of loans on their books, he anticipates only thousands will be able to participate in this net fore-- debt forgiveness program. jenna: we're going to take you overseas to where new violence in syria is spilling across two borders, killing a cameraman in lebanon and injuring at least five people in a refugee camp in turkey. the bloodshed leaving u.n.-backed peace plan on the verge of collapse. leland vitter is live in

remember, fannie and freddie own 60% of our mortgages. in turn, it means you and i and the taxpayers own our own debt, if that makes any sense. so the good news is we're actually negotiating a debt restructuring, theoretically, with ourselves. make no mistake, unless this housing debt is restructured, the housing market and the economy will never fully recover. delaware attorney general beau biden is one of 11 that has sent a letter to the federal finance housing agency. beau, what's your proposal? >> well, this is a letter led by martha ckl as we a my other colleagues, harris in california, le illinois, real leaders on these issues. what we're saying, fannie and freddie, now run by the faha, should begin to do and consider doing more fundamental production of homeowners' mortgages. it's good for the economy, most importantly. it's not just good for the borrower, it's good for the neighbor of that bar rorroroweb it's better for the taxpayer. quite frankly, i'm stunned they haven't pursued this in a more agressive fashion than they have th

freddy cannon appeared on "american bandstand."a hundred times, is that correct? >> that's correct. thanks, brooke. >> i understand our brooke booker call youed and she broke the news to you minutes ago that your friend dick clark has passed. >> i'm shocked by this news. i didn't -- it just -- i'm just doing a little interview with a newspaper here in los angeles, and i'm really shocked. this guy was the best. i mean, he helped me from the very start of my career through all of the way through the '80s into the '90s, and he's going to be missed a lot, believe me. he was an icon. he was a great rock 'n' roll legend. he loved music, and he loved my era that i was in. i can't believe it. i'm lost for words. i just -- he'll be missed by me and my family loved him and knew him. >> freddy cannon. when was the last time you talked to mr. clark? >> i talked to dick maybe a month and a half ago on the phone. it wasn't very long. it was a short, just to say hello and he congratulated me on my book. i have a new book out called "where the act

serving as a conservative of fannie mae and freddie mac. going into conservatorship, he has cost taxpayers $185 billion and counting. previously, he served as the chief operating officer and deputy director of the office of federal housing enterprise oversight. he also served as assistant deputy commissioner at the security administration. prior to that, a director at the u.s. department of treasury. before that, he worked at the general accountability office. perhaps you are noticing a pattern here. it is safe to say that he has dedicated his professional life to public service. this is something he takes very seriously. which leads us back to his present position. at the wall street journal editorial pages yesterday, he is a career as simple -- servant who drew the short straw and ended up as he acting chief of the federal financing agency. he sits here at the center of a controversy, having been labeled the nation's top obstacle to economic recovery as well as being called america's most dangerous man. with some members of congress calli

obviously, fannie and freddie under the conservatorship and under the direction demarco has to play. and diane pointed this out earlier, it has to play more of a role in principal write-downs. we have a lot of work to do there. it does seem to me that could be something that would really stabilize the market and not necessarily sink the banks at the same time. >> go ahead. >> i'll start with that. despite the fact that i wasn't a fan of it at the time, t.a.r.p. was supposed to buy mortgages, mortgage-backed securities, and modify them. obviously, that's not what was done. but beyond that, i think one of the core problems you touched upon is the mortgages are on the books of institutions that carry them at par, you know, 100 cents on the dollar, and therefore they don't want to recognize any loss on it. so i do think moving and getting these mortgages to institutions who do buy them at a considerable discount, their incentives are far different. they will modify in a way i think the larger banks will not. i think that's an important part. >> but we have to have a standard that goes al

minimizing further cost to all other homeowners and taxpayers. >> indeed, roughly 80% of fannie and freddieare current on mortgage payments. tim geithnerial urged demarco to take another look at the math. arguing the writedown estimated to cost taxpayers $100 billion would spur recovery and offer net gain for treasury. >> we think there is a set of cases where it's clearly in the interest of the taxpayer for them to do principle reduction upfront. not overwhelming number but where it make sense we should do it. >> congressional democrats support the write-down. >> how do we get fannie and freddie to run the same play as the rest of the economy? >> conservative analysts call it election year bail-out. >> it's costly for taxpayer and are dead last in terms of priorities in what we should be doing here. >> there is no evidence by the way that they'll work. >> secretary geithner has offered director demarco and the fhfa the use of leftover tarp funds to underwrite the proposal. demarco made clear he is still studying the math. in washington, james rosen, fox news. >> bret: the south carolina st

>> if you forced fannie and freddie -- >> dodd was the biggest -- he got more money from fannie and freddieen you had -- >> would it be possible to have that conversation without it being political? >> how is it not political when the reform is dodd frank and you have barney frank says i'm willing to throw the dice. >> how about it we approach the issue of what to do in the context of what would be best. >> that was the spirit of the renlg question. if you were trying to solve the financial crisis, how come fannie and freddie weren't involved in. >> and i would argue it should be addressed in some meaningful way. >> instead of sterilizing the government's complicity in the whole -- >> denying it in fact. >> and you had like -- >> as you both look at me as if i am the government. as if i am the representative. >> five minutes ago you were the cuban government. >> so this is a step up. this is really something. i got an e-mail from barack, i got to go. >> someone gave money in my name -- i mean, plouffe messages me, every other second i look down and i go, oh, no. john kerry messages me. >> s

. >>> according to freddie mac, the average rate for a 30-year fixed mortgage is up just a tenth of a point to 3.9%. but that's still hovering pretty close to the record lows. the federal housing finance agency is also putting in new rules in place for you to make short sales live up to their name. you know they are not short and they don't always result in a sale. that's because the bank that holds the mortgage, they must agree to accept the offer that will be less than what a homeowner owes. and the deal is often fallen apart, while the other parties wait for the bank to make a decision. and now the federal agency over seeing fannie mae and freddie mac says that lenders need to review and respond to the short sale requests within 30 days ask can and make a final decision within 60. >>> well, the picture is a little fuzzy, but they sent us this photo of the line outside the washington convention center this morning. and these are all homeowners looking for some help. the sound of the clapping plastic hands means that someone just sured a new affordable mortgage payment. >> and it sav

while oscar may be the star here, freddy is most definitely the hero.der of the chimp group takes oscar under his massive arms and becomes a father, a teacher and a lifeline. world famous dr. jane goodall has studied chimps for 50 years. >> i've never seen a fully grown male adopt an unrelated infant. so, for me, that was very moving, actually. >> reporter: and likely the first time it's been captured on film. documentary crew spent more than three years shooting the movie, braving the elements and rough terrain. to capture the all-too-human aspects of life. their routines, battles and family bonds. decades ago, there were more than a million chimps in africa. now, only 300,000. humans hunt these animals for food and destroy the forest they call home. the conservation battle continues, but the hope with this movie is that viewers leave with more understanding of these animals, more sympathy. and above all else, a sense of connection. >> they are more like us than any other living creature. and it helps us to realize that we are part of, not separated, f

fannie mae, freddy, credit ratings, the investors who all of this stuff over the last decade are still in a toxic waste dump. so short-term reals as an arbitrage i think across many mortgage reits are an unbelievable investment. long-term a little more difficult. rates are going to go up. indexing is important. inflation no doubt will be here. and you've got to be cautious. >> joe terranova, difficult segue from talking frogs to you. take no offense. where do you see things on today? this is shaping up to be a potentially pivotal day for the markets. is this going to be a deeper correction that is beginning now today, or is this a one-day thing you can see the markets have already come off their worst levels here? >> well, you know, i think we're talking about something that's a little bit slow -- faster than what tom was talking about. we all highlight it today in terms of the adp coming out and the expectation of what that could bring us on friday for the actual jobs report. i think it's warranted to take some things off the table ahead of earnings season next week. you see the small