we found freddie mac and fannie mae --these were publicly traded corporations.hey followed wall street into investing in risky subprime mortgages but that was to regain market share and get compensation. i don't think you can go back to a model of having privatized gains and socialized losses. the american taxpayers bashed up the losses. i hope we move to a model where we don't have the up side going into the private sector and downside with the tax payers. tavis: you mentioned the report finds the crisis was avoidable. this report also finds government was ill equipped to deal with them period where this mess unfolded. talk about the fact it was unavoidable. talk about the fact that government was ill-equipped to deal with it. >> there are two phases here. we made a set of decisions to allow a shadow banking system to become even bigger than our regular banking system. the fed sat on its hands while predatory lending practices went on. the government tried to stop states from enforcing fair lending laws. when the crisis head, what was most striking was those wh

the white house to unveil its plan for fixing lending giants fannie mae and freddie mac. and countdown to 2012. conservatives mulled their and countdown to 2012. conservatives mulled their choices for the coming election. captioning funded by cbs >>> good morning, everybody, and thanks for joining us. i'm betty nguyen. this morning egypt appears to be a country on the brink of revolt. enraged anti-government protesters planned a massive rally today following yesterday's defiant stand by president hosni mubarak. the military says it is securing the country and will have an important statement today. terry mccarthy is in cairo. good morning, terry. give us the latest there. >> reporter: good morning, betty. and the crowds here behind me are still digesting that speech by president mubarak last night. if he thought he was going to pacify them, in fact the opposite has happened. it's 11:00 in the morning here and the crowds are bigger than we've ever seen them at this time. now everybody yesterday was expecting president mubarak to step down. the rumors were going around the

could reforming fannie mae and freddie mac shut the door on the american dream? and a neighborhood goes up in flames in allentown, pennsylvania, after a deadly natural gas explosion. captioning sponsored by cbs from cbs news world headquarters in new york, this is the "cbs evening news" with katie couric. >> couric: good evening, everyone. all day long in cairo, the anticipation and excitement were growing. president mubarak was going on television and the anti- government protesters were expecting him to say he was stepping down. he did not. mubarak said he is staying on as president until the september elections when he promised to transfer power to his successor. in the meantime, he said he is delegating power to his vice president, omar suleiman, and he promised to amend the constitution to make it easier for opposition candidates to run for office. he also made it clear once again he wants other nations to butt out of egypt's affairs, and he vowed again, he will die in egypt. the stunned crowd in tahrir square waved shoes in anger and shouted once again for

if egypt is a story that is change big hour by hour, the fannie mae/freddie mac seems to take eons to change. basically this is somewhere about the second or third inning in this thing. for both economic reaso. they don't want to mess up the housing market when it's farajling, and political reasons, they don't want to give an easy target. they put out this 22-page paper that even has three options. no government, some government, and more government in it. and it's really just a beginning of a dialogue. but it does send a very clear signal that the administration is trying to reduce the role of these government-owned giants, fannie mae and freddie mac in the housing market. >> in terms of the market reaction, we haven't really seen much, and do you think it's because people are really not sure what this means, and how this will actually impact the housing market? >> yes. i think basically the markets are saying, wisely, wake me up when you figure out what you guys are going to do. there will be a few near-term changes, though. for instance, in its proposal, the administration says the

fannie mae and freddie mac contributed significantly to the crisis, and that is our view also. these organizations were poorlym managed. they were seeking market share, they were seeking profits and big compensation for their executives. but e want to point out, yes,ri they added helium to the housinr balloon, but they never represented a majority of the purchase of mortgage securitiesl they followed wall street,iu thy didn't lead it. and finally, this is important to note, the value of gse-backed mortgage securities from be january of 2007 to the day before conservatorship never dropped, so they did not cause the financial losses at the big financial firms. they caused huge losses to the taxpayers. that's a fiscal issue. but they were not the cause offi the big financial losses that happened at merrill lynch, at citigroup that began the cascade that led to the bailouts in september. >> could you comment on the lack of knowledge or understanding in be aig? you touched on it, but i recall the hearing we had here, and treasury and many others came, and they asked, first, for 50 b

fannie mae and freddie mac had overstated its in come. -- income. in the outflow of that, the top executives were onion a big scandal at the time. -- were on in a big scandal at the time. they were producing enormous losses for the taxpayer. this is really years before the subprime thing happened, and yet we are still paying these legal bills. host: and you have written about how the lawyers for these executives have received tens of millions of dollars. guest: the former ceo, the former chief financial officer, and the former controller together -- the taxpayer has paid since the government takeover $24 million in their defense. here are three people who were found by the sec and the office of housing oversight to have accounted improperly for the company's results, and yet here we are years later, still being asked to pony up. host: this graphic is from "the new york times." where the money has gone we can see the numbers here -- the cost for the top executives, also the executives, other executives. former and current executives. even 195 non-exe

executives like franklin raines and timothy howard and of course fannie mae and freddie mac. ball a lot of these bad mortgages from these banks as well as part of a huge can because they got a government sponsored entities allows them to play a game the interest rate spread between government securities and government securities here's my prediction i made a list or i'm sticking by it that before the end of this year fannie mae freddie make a five trillion dollars billion america's balance sheet will be bought by the chinese and the biggest landlord in america will be china well they could end up being good short to short china because if bear stearns is correct about their assessment of what is in these mortgage backed securities those are you sure bet on china now with jim china so i think the guy is short of enron he's short china so that could be the basis of and so is it going to get better or worse well look at the chart of the day the housing double dip is accelerating home prices dive one point six percent in november so the trend is continuing down it appears that be

affordable housing goals of hud and believedhey contributed only marginally to fannie mae and freddie mac's losses. we found it was not a significant factor in subprime lending. clearly fannie and freddie were publicly traded corporations with the government guarantee. clearly that model was flawed and broken and not to be returned. i will say majority and the dissent by mr. thomas they did contribute significaly. we say that and say you it clearly. >> there are any specific housing policies you can recommend to this committee we look at to help prevent this from happening again? you said this was avoidable. i think we want to avoid this in the future. >> i think the most important homeownership policies is to make sure we're setting reasonable mortgage lending standards. anything that the government backs ought to be on strongly underwritten loans in terms of quality. that was a major failing. we should never let that happen again. i believe dodd frank helps in that regard. i spent a lifetime on this. i agree with mr. mopthomas. we're not stretching to put people on homeownership who can't

been two and a half years since the federal government took over mortgage giants fannie mae and freddie mac. tomorrow, the treasury department will announce its ideas for reducing the role the two play in the mortgage market and the government guarantees that come with them. nine of every ten home mortgages are backed by the government, usually through fannie and freddie. one likely goal of tomorrow's proposal is to cut this amount, leaving it up to the market to fill the void. greg mcbride is a senior financial analyst with bankrate.com. >> the whole reason that borrowers can get a 30-year fixed rate mortgage at 5% is because of the government guarantees offered by, among others, fannie mae and freddie mac. if you take that away, there's just not an investor appetite to lend money that long at that low of an interest rate. >> tom: according to reuters, another idea that may come tomorrow is to create an insurance fund, like the fdic insurance for bank deposits. it would act like a type of government guarantee for mortgage-backed securities. whatever changes the obama administration propose

. >> tom: in washington today, the focus was on revamping mortgage giant's fannie mae and freddie mac. treasury secretary timothy geithner says it could take five to seven years to unwind the government's role in the mortgage market. geithner laid out that time table as he unveiled options to overhaul the deeply troubled companies. darren gersh examines what a new government role in housing will mean for homebuyers and anyone making a living in real estate. >> reporter: the new direction for housing laid out by treasury secretary timothy geithner hinges on a government that is far more careful about who it helps and how. >> i think it is absolutely the case that the u.s. government provided too much support for housing, too strong incentives for investment in housing and we just took that too far. >> reporter: $150 billion too far. that's how much it's cost taxpayers to support the shaky mortgage giant's fannie mae and freddie mac. in a report today, the treasury laid out three options to reform the housing market to make sure another bail out never happens. they include strictly limi

we don't think fannie mae and freddie mac can be part of that solution. we want to begin a debate in congress how to best enacted that legislation. we want to restore the market but with better protections for consumers, more capital against risk, homeowners holding more equity in their homes, and some protection in a future crisis against picaresque when you have a mild recession turn into a depression. that is a difficult job. we want to make sure these things are phased in gradually because we will not take risk that we will slow the process or damage the recovery. >> one of the statements the president made in the state of the union which i felt was very positive was his desire to address the corporate tax situation. while he did not express necessarily where he felt the rate should be lowered to, it was a very positive statement that that is an issue he wants to work on. do you have a sense of where he was to go from the 35% corporate rate to what level? >> for it to be worth it, you have to move substantially lower. >> into the 20's? >> right now is

>> today, president obama presents congress with three options for the future of fannie mae and freddie mac. the proposals would reduce the government's role in the mortgage market by scaling back or shutting down the companies. bailing them out has cost taxpayers over $150 billion. >>> overseas markets are mixed to end the week. markets in japan were closed for a holiday. hong kong's hang seng rose 0.5%. in london, the ftse opened lower. the dow fell ten points yesterday. the nasdaq ticked up one point. >>> blockbuster is expected to put up the forsale sign soon. the movie chain could not reach a deal to exit bankruptcy protection. it could sell for $300 million. >>> lines for verizon's iphone were not as long as expected on thursday. many customers appear to have skipped the store in favor of internet presales. analysts think the sales will top 1 million iphones by sunday. >>> a new stamp marking the 100th anniversary of ronald reagan's birth has been unveiled in his hometown. crowds gathered to get a look. the stamp depicts mr. reagan during his second term as president at his california

the budget. >> just changing gears, do you know what percent of mortgages held by fannie mae and freddie mac? >> no, it's not that high. look at the mortgages financed today in the market, a substantial fraction are by a combination of fannie, freddie, fha. it's well north of 80%. >> okay. well north. what assurances can we give the american people that we're not going to have a housing crisis? it's not spread out across the economy. it's held into the gse. >> two points. as we said last week, we need to wind them down and bring capital back into the mortgage market. we proposed a series of graduated reforms that will make that possible. that's absolutely essential to fixing. we're not prepared to live with the mess that helped create the crisis. now it is important to recognize that you want to do that in a way that's careful. you don't want to add to mortgage costs, hurting home values. you got to do it carefully. one point about fannie and freddie, the losses that they face today or are the result of the mistakes they made during the boom. on an ongoing basis looking forward, the guarante

. >>> la compañí "fannie mae y freddie mac," ahora respaldada por el gobierno, podrían desaparecer ar la deuda, eso considerando que pasamos una situación bastante difícil, en la economía y desempleo, va a dejar a mucha gente afuera. >>> el aborto nuevamente es tema en el congreso, republicanos quieren cortar fondos federales a clínica que practican aborto. >>> cortar la financiación federal del aborto a través d cualquier programa, para nosotros es importante porque la realidad es que la comunidad lata esta bajo ataque de organizaciones sabor tishts. >>> una organización acusa a la clínica de enfocarse en la comunidad latina dicen que la mayoría de los servicio no son abortos. >>> 97% de los servicio son preventivos como exámenes de cáncer, anuales pruebas para enfermedad de transmisión sexual y tambié por la mayoría de las latinas en estados unidos, esta clínica es la única fuerte de salud. >>> sale a la luz nuevo información con relación al joven que murió atacado por tigre en san francisco, de acuerdo a una investigación, lograron obtener una serie de documento que el tigre fue p

watch for talk today about winding down government-backed mortgage giants freddie mac.uring the housing finance system today. that airline that has the best on time record among the nation's biggest carriers. the stats on united do not include continental which merged with united late last year. if you're flying on virgin atlantic, it has the most attractive cabin crew. i'm jane king with the bloomberg business report. >> 5:54 now. a gas line explosion sent a ball of flames shooting into the sky in ohio overnight. it happened in a rural area near steubenville in the southern part of the state. people saw the flames and said they felt the ground shake. fortunately nobody was hurt and crews were able to stop the fire by turning the gas off in that area. meantime the death toll from a natural gas explosion in allentown, pennsylvania, on wednesday has now gone up to five. earlier authorities said three people were killed and two unaccounted for in wednesday night's blast. officials found the remains of a four-month-old boy and a 79-year-old man while searching through two l

have been arrested but the white-collar crime by the banks and as far as you saying fannie mae and freddie mac created this, no, these complex so-called products which were made to rip off the american people, were created at wall street. by some scientist. that was sitting there, doing mathematical equations for wall street. >> take the scientists on wall street and send them back to the laboratories. next question. >> who was r. emmett tyrrell, sr.? >> my father and he was a salesman in chicago. and, more interesting story, is who was p. d. tyrrell, the u.s. secret service agent, the head of the secret service in chicago, in 1876, he broke a plot to steal lincoln's body and, down in springfield and in my library, i think you have a picture of it, in your archives, in my library, in alexandria, we have a great picture of -- given to my great-great-grandfather, p. d. tyrrell, the u.s. secret service by robert todd lincoln for distinguished service in defense of of his father, abraham lincoln. so i would point out that in a recent run for the mayor of -- recent controversy over rahm emanuel, hi

republicans are looking for even more cuts saying we should get rid of fannie mae and freddie mac. >> it is the music industry's biggest night with legendary artists such as barbara streisand and justin bieber taking stable for the grammy awards. and with more, here is nbc's mark barger. >> reporter: country crossover big time at the grammy awards sunday night. five wins for lady antebellum including song and record of the year for "need you now." >> this has completely changed our lives and we love you all so much. thank you. >> reporter: a back stage celebration also played out for the canadian rock band arcade fire who beat out the likes of eminem, lady gaga and katy perry for album of the year for "the suburbs." another surprise winner shared that feeling. esperanza spalding, the first jazz performer to earn best new artist. the singer and bassist won out over the likes of justin bieber and the hot shot rap artist drake. >> i take to heart essentially and i'll make a whole lot of great music for all of you. it's such a police and an honor. >> reporter: a night that started with te

i am only suggesting this or fannie mae and freddie mac. this would facilitate more refinancing now when mortgage pool rates are low. they will rise by the end of the year. this will put money in their pockets prayed it is like a tax cut and costs the government nothing. this will help quickly. i will stop there. >> this has been very useful. you have given us a lot of good ideas in a very short period of time. senator sessions is now here. i was explaining that the national prayer breakfast was this morning and that was running long. do you want to make your statement at this point? >> i would greatly say thank you for the hearing and thank you for the witnesses for being here. we did have a good breakfast this morning. the president spoke eloquently as he usually does. i have given him a hard time lately about not leaving on the budget and i think that was a valid criticism, but we all have some challenges. we have to be honest and see if we can work our way through this deficit cycled. i appreciate the. inside each of you bring to the ke

one would phase out fannie mae and freddie mac and reduce the government's role in the mortgage market> caltrain passengers will have a chance next week to sound off about plans to reduce service and increase fees. the transit agency is looking for ways to close a budget deficit that could reach $30 million. the first of four public meetings will be held on monday night at san jose city hall. meetings are also planned later in the week in gilroy, san carlos and here in san francisco. >>> a north bay city is among american cities that are dying at least according to two magazine polls. newsweek says vallejo is number 2 just behind new orleans. and forbes calls vallejo the ninth most miserable city in america. vallejo filed for bankruptcy three years ago and it has struggled to attract new businesses. it also has a high foreclosure rate, about one out of every 113 homes. but the chamber of commerce says real estate is turning a corner now. >> it's affordable here. you ask our realtors. they are saying the market is starting to change. people are starting to buy houses. >> he says he want

coming soon, a revamp of mortgage giants fannie mae and freddie mac. on friday, the treasury will roll out a plan that could phase out fannie and freddie and trim back the government's role in the mortgage market. fannie and freddie currently own or hold 9 of every 10 american mortgages. s&p cut new jersey's credit rating because the state has a pension shortfall and a lot of debt. no comment from the garden state on the downgrade. and j.p. morgan chase is blasting charges it knew about bernie madoff's big ponzi fraud. the trustee recovering madoff's assets sued chase, saying the bank ignored warning signs on madoff's accounts there. chase say it didn't break the law, and wasn't required to investigate those accounts. still ahead, tonight's "street critique" has some lessons on investing in small and speculative stocks. hilary kramer of gamechangerstocks.com. >> susie: big merger news here at the new york stock exchange involving the big board itself. the n.y.s.e. says it's in serious talks with germany's stock exchange, the deutsche bourse. no agreemen

reports say if that's a gradual wind down of fannie mae and freddie mac by making the loans they back more expensive. the federal housing administration would then become mainly the soul for government-backed loans. >>> retailers are turning to facebook and twit tore drum up sales. they estimate people will spend about $116 on average this year up 13% from last year. among the promotions out there, mattel is asking you to vote on whether barbie and ken should get back together. remember they split in 2004. on monday barbie's facebook page becomes a virtual store. victoria's secret has e-valentine's to send while mullberry has digital flowers that will wait to bloom until monday, which is valentine's day. scott, back to you. >> can i give you add vice, do not send your wife digital flowers? >> reporter: oh, yeah, i know better than that. >> some guy will do it, but we are older guys and understand how it works. have a great week. >>> a national movie chain could be putting a for sale sign up. blockbuster is preparing to offer itself for sale after its creditors couldn't agree on how to

this administration this week said ultimately the big government agencies, fannie mae and freddie mac should be phased out of existence. do you think the government needs to get oust of the housing market? >> i think the government needs to get out of the housing market. if you look at the bailout, we've spent $150 billion and will spend at least that much more bailing out fannie mae and freddie mac. the obama administration laid out options to go forward. we all know what the options are. it's time to get serious about a plan to phase out fannie and freddie. return them to the private sector. >> who fills the gap? they prop up 90% of the mortgages in this country. there's no money out there to guarantee those mortgages. >> they can do this as private companies. they don't need to have this implicit federal government guarantee. >> you're willing to suffer the potential consequences, which is further cratering the housing market if you privatize these companies? >> the gap that's out there will be filled. remember, the dfederal governmet started to build these organizations 40 and 50

. >>> we are learning this morning that freddie mac and fannie mae, the government- sponsored mortgage giants, may soon be history. the "wall street journal" reports the obama administration could introduce several plans this week aimed at phasing out the two troubled agency. the federal government bailed both of them out back in 2008. >>> wall street this morning looking for eight straight up days when trading begins in two hours. here's ashley morrison with your moneywatch report. >>> reporter: asian markets saw profit-taking after china's central bank hiked interest traits. the nikkei lost a fraction and the hang seng was down more than 1%. ben bernanke testifies on capitol hill today. on tuesday stocks finished higher for the 7th straight session. the dow jumped another 71 points while the nasdaq tacked on 13. shares of toyota jumped 4% after a government investigation found no electronic flaws were to blame for reports of sudden unintended acceleration in its vehicles. the transportation department says the acceleration issues were caused by mechanical problems fixed by previous r

latest on trade and hears the white house's plans for renorming mortgage giants's fannie mae and freddie mac. on thursday tech stocks dragged down the market breaking an eight-day winning streak for the dow. the blue chips lost 10, the nasdaq was up 1. >>> fewer americans apply for jobless benefits last week than in nearly three years. first-time claims fell 36,000 to 383,000, but that figure needs to stay at or below 357,000 to make a significant dent in unemployment. >>> the days of super low mortgage rates appear to be behind us for now. the average on a 30-year fixed loan is now above 5% for in nearly a year. higher rates could further hurt sales ahead of spring's prime time home buying season. >>> and thousands of white collar workers in detroit will soon be getting a bump. gm and chrysler are expected to announce today they are handing out bonuses worth as much as 50% of their base salaries. both companies needed massive government bailouts in 2008 and 2009 to hold off bankruptcy. >>> that's your moneywatch. for more, stay with cbsmoneywatch.com. in new york, i'm ashley morrison. >>> l

fannie mae and freddie mac had overstated its in come. -- income. in the outflow of that, the top executives were onion a big scandal at the time. -- were on in a big scandal at the time. they were proding enormous losses for the taxpayer. this is really years before the subprime thing happened, and yet we are still paying these legal bills. host: and you have written about how the lawyers for these executives have received tens of millions of dollars. guest: the former ceo, the former chief financial officer, and the former controller together -- the taxpayer has paid since the government takeover $24 million in their defense. here are three people who we found by the sec and the office of housing oversight to have accounted improperly for the company's results, and yet here we are years later, still being asked to pony up. host: this graphic is from "the new york times." where the money has gone we c see the numbers here -- the cost for the top executives, also the executives, other executiv. former and current executives. even 195 non-executives.

thanks for outlining the recommendations for how to address freddie mac and fannie mae. >> my pleasure. caller: back to the telephone calls on the g.o.p. and spending. i will show you a couple of articles about it. "washington post" here. that is lori montgomery's piece. on "new york times" g.o.p. leaders yield to push for more cuts. they said they would being a sed to demands of kevin teufrps and dig deeper for billions of savings this year exhibiting the power of the tea party movement and inning changes of the clash. we go to the calls beginning with memphis. caller: hello. host: go ahead. caller: i'm 90 years old and i lived through the great depression and world war ii i was a veteran, recalled into the korean war. in my generation we didn't have what is going on now in regard to free speech. i remember listen ing ing to fa coughlin. you have to remember my father lost his home, job, and there were millions sitting around that radio. that is what instigated a lot of that irresponsible speech. we have it today. you know the quote we have met the enemy and he is us. today rush limba

. >>> new word this morning that fannie mae and freddie mac, the government sponsored mortgage giantsy soon be history. the "wall street journal" reports that the obama administration could introduce several plans this week aimed at phasing out the two troubled agencies. the federal government bailed them both out in 2008. >>> the crisis in egypt will be the focus of a house foreign relations committee hearing set to begin in washington in an hour. this comes as anti-government protestors in cairo occupy tahrir square for the third straight week. today they are upset over a vague ultimatum by the egyptian vice president who said the protestors have two options, dialogue or coup. opposition leaders consider the remarks a dangerous threat. [ chanting ] >> those protestors getting some encouraging words from an executive of mountain view- based google. wael ghonim spent 12 days in an egyptian jail for coordinating an online revolt against the egyptian president, hosni mubarak. yesterday, he told the demonstrators, quote, this is a time for all of us. many anti-government protestors call

. >> geithner called for mortgage reform and says the government needs to wind down freddie mac and fannie mae. >>> general motors paid some of its workers a bonus today. they will get performance bonuses of as much as 15% of their pay. chrysler says they will also give bonuses to their white collar staff. both companies took government bail outs during the recession. >>> almost 2 million baby monitors are being recalled after they were linked to the deaths of two infants. the summer infant monitors can present a strangulation hazard if the cord is placed too close to the cribs. 1.7million summer infant monitors were sold between 2003 and 2011 and were pulled by the company. the cpsc says anyone using the monitor should immediately check their location to make sure cords are out of the baby's reach. >>> many doctors and parents say it, and now new research is supporting it: children who regularly exercise do better in school. researchers are randomly assigned to 100 overweight children. they were divided into three groups. one group did 30 minutes of exercise a day, one 20 minutes and one

two big lenders, fannie mae and freddie mac have not signed on. >>> a study is accusing google of acceptingany ads designed to cheat distressed homeowners out of their man. consumer watch dog called to investigate the ad policies. it demanded google be made more vigilant in its ad screening and wants money generated by deceptive ad to be donated. >> we think google is either turning us -- it's heading the other way, and because they know there is a big revenue stream in this. or they're being unbelievably negligent. >> google tells 7 on your side it's engaged in a continuing wattel with bad actors who try to promote scams. not only bans individual ads and advertisers from appearing google says it takes legal action against those that are repeat offender autos uprising in egypt and a major disappointment for democracy demonstrators. you'll hear from a number of people there as it unfolded. >> and local news airport upgrade transforming this terminal at san francisco international airport into the most modern in the country. >> i can see my friends. we can have fun. >> and dreams of a coastal

by fannie mae and freddie mac and they were encouraged by the democrats. and others did too. as far as dumbing down goes, as far as i can see the entire country has been dumbed down. and with the more intelligent conservative you are welcome to read the american spectator. we will get a copy sent to you posthaste. >> host: featuring one author, and this month r. emmett tyrrell jr. founder of american spectator magazine and author of nine books and editor of a couple more. here are his nine books. he started with "public nuisances" and then in 1984 came the liberal crackup and the conservative crack. "boy clinton: the political biography" in 1996 and the impeachment in 1997. "madame hillary: the dark road to the white house" in 2004. "the clinton crackup" in 2007. best of the american spectator, continuing crisis in 2009 and "after the hangover: the conservatives' road to recovery". you are on with bob tyrrell. >> caller: i would like to ask if mr. tyrrell will write a book about newt gingrich and the positive effect he had in 1984 and beyond. also a comment about republicans,

fanny mae and freddie mac are raising the risk fees.ows will have to have scores of 770 or better and a down payment of 20%. >>> all right checking in on the numbers. the dow started the day at 12,000. the s & p up more than 1300. you can take a look at the big board the dow jones hanging on to a gain right now. there are lingering concerns on just about everything. earnings, jobs, housing, so we do expect analysts expect wall street to test investigators to test the 12,000 level maybe for some time. >>> okay california big cycling race is expected to make a big announcement. >>> good morning, northbound 280 traffic getting busy on the way up to the valley. we will tell you more about the morning commute straight ahead. d thedoctorforyou.com, where you can find a doctor based on criteria important to you. and because it's sutter health, you can choose a doctor from some of the most respected medical groups and hospitals in northern california. find your doctor today at thedoctorforyou.com. sutter health. with you. for life. >>> welcome