and fannie mae and freddie mac were brought onto the u.s. government be a conservative ship and quick understanding the market is that if mortgage is not bad, the government would step into back of the market that has been fortunately, made arguably in the last ten years so these are the types of things and talking about there'se a whole range of other ones as well but also really the point is,nt the u.s. government sees private liability debt they say this is too big to fail and we are going to backstop it. and are more numbers than what has been reported. >> including william, pfeiffer democrat, good morning. >> good morning john. i don't know, i thank you so a politician i think they should keep their hands out of the national debt. it's just a shame that this could be a great country but no, our politicians has done everything in the world to try to keep us away from and and john i am 86 years old, i have always voted democrat except one time, i o voted for one republin in my lifetime and thinking about it is continuing because all we ha

everybody assumed fannie mae and freddie mac would have the back of the bond holders. many of them overseas. many of them in china that, that they would bail out the system. i think it was a confucius who once said, never smoke your own belly button lint, i think was a confucius famous saying, you know, this is an example of what's called your grasp it exceeding your reach. right? what is being attempted to grasp is well beyond the reach, right? you? there is only so many pounds of trash can fit into a 5 pound bag of trash and the spot more than 5 pounds. and it just hit the physical woman's. it's, it's a tilt til game over this things. the suckers are going to happen in a way, you know, think oil is easier to sell than something that's real. reality is harder to sell than the fiction. because you can make up stuff with the fiction. if, if the proof is right there, like it's harder to sell something that's not there. so in terms of like this, this, the economic miracle or the, the boom times of china is like this city lou on which, where ever grand built extensively, t

fannie mae and freddie mac were on the conservatorship and there's a complicit understanding in the market of the mortgages went bad it's made arguably explicit in the last ten years so these are the types of things and there's others as well but ultimately the point is the government sees a private debt and liability and say they say this is too big to fail we are going to backstop it and those are not counted in the actual numbers for the treasury debt. william on the first line for democrats. good morning. >> it's just a shame politicians do everything in the world to try to keep it away. i am 86-years-old. i've always voted democrat except one time. all we have is brooks, the lobbyists and then a government, it is a given. i feel so sorry for my great grandkids and the political system. >> who was the one republican you votedti for in your lifetim? thank you much. >> too much federal politics around the debt. >> i sympathize with his concerns but i hope that the issue we are facing here is important enough that can be described as nonpartisan not necessarily a small government or big g

fannie mae, freddie mac, there was already an implicit understanding that of mortgages look bad, the government would step in. that is been unfortunately made explicit in the last 10 years. these are the types of things. the point is that the u.s. government sees some sort of private liability and says this is too big to fail. we will stop it. those numbers are not counted in the actual numbers of treasury debt. host: caller plenty of callers, including william, democrat. caller: i think the politicians should keep their hands out of the national debt. it is a shame that way this could be a great country, but politicians does everything to try to keep it away. i am 86 years old. i have always voted democrat except i voted for one republican. i am thinking about discontinuing, because all we have is crooks, the lobbyists who line politicians' pockets. we are supposed to have a government. it is a shame. i feel so sorry for my great grandkids. it is corrupt -- they have a chat i don't know -- this corrupt political system. host: who was the one republican you voted for? caller: thank y

fannie mae, freddie mac there's an implicit understanding in the market that the government would stand in to back up the market that unfortunately made arguably explicit in the last 10 years. and there's a whole range of other ones as well but ultimately u.s. government sees some kind of private liability and they say this is to big to fail and we are going to backdrop it. those aren't the eshelman risk. >> host: a caller waiting to talk to you including william of personal line for democrats. good morning. >> caller: good morning, john. i think they politicians to keep their hands out of the national debt. it's just a shame the way that it could be a great country but no, politicians do everything in the world to try to keep it -- john i'm 60 years old and i've always voted democrat except the one time i voted for a republican in my lifetime. all we have is crooks and that's obvious. and we are supposed to have a government? it's just a shame and i feel so posorry for my grandkids. >> host: william before you go who's the one republican you voted for in your lifetime? >> caller: nothi

according to freddie mac that's the highest rate since april. the 15 year rate rose to 15.3%.butter ball is recalling 14,000 found of ground turkey after reports of blue plastic was found in the meat. the recall items include a 2 1/2 pound of farm to family butter ball, all natural ground turkey with a sell-by date of october 18th. and 3 pound trays of kroger ground turkey with an october 17th date. so check those in your fridge if you have them. >>> the defending world series champs advance in the playoffs after knocking off the giants thanks to a questionable game-ending call. andy scholes has it all covered in this morning's bleacher report. hey, andy. >> got to feel bad for giants fans this morning. they won 109 games this year, best record in baseball. but their season comes to an end on a very questionable call. so, the game was tied at 1 into the 9th inning. codi bellinger batting 165 comes through for the dodgers with an an end to an amazing season for the giants. >> it's a tough way to end it. there's no -- especially right now, there's no need to be angry about that.

so you can also draw a parallel with the government sponsored entities like fannie mae and freddy mac. >> because of what was happening in the great depression with the housing market and erg else they started to use taxpayer money to incentivize banks to make home loans to households. and lbj wanted to adopt that model for student lending. so what ended up happening, in the name of reduing federal spending. he and congress increased federal spending. because in order to get banks to make loans to student, not only did he say taxpayers would repay or the government would, but they had to guarantee a profit. you're guaranteeing losses and they're saying we'll pay you for every loan you hold. so it ended up becoming very expensive in the long run. when you're passing the federal budget each year it looks like a smaller kit in that year because the losses when students don't pay don't show up at once, they show up in the long run. it looks cheaper and it created a lot of problems. >> it was a heads i win and tails you lose system. >> goodness, so, first of all let me just say this. can i

. >> host: it's expanding access to lending so you can draw parallels with fannie mae and freddie mac. >> guest: exactly and that is a good point. there was already a model that existed going back to the great depression where the government because of what was happening in the great depression with the housing market started to try to use taxpayer money to incentivize things, to make home loans to households. so there was already this kind of model and lbj wanted to adopt that model of lending. so what ended up happening in the name of reducing federal spending, he actually he and congress increased federal spending because in order to get things get banks to make loans not only did he have to think taxpayers would cover the loss when students failed to repay, iris had to guarantee banks a profit . so it was like sort of a double form of insurance. not only are you agreeing to cover losses you're going beyond that and say we will pay you for everyloan you take . it ended up becoming a very expensive program in the long run but when you're passing the federal budget each year, it look

so you can also draw a parallel with the government sponsored entities like fannie mae and freddy mac. >> right, exactly. and that was a very good point. there was already a model that existed going back to the great depression where the government, because of what happened in the great depression with the housing market and everything else, really tried to use taxpayer money to incentivize banks to make home loans to households, so there was already this existing model, and lbj wanted to basically adopt that model for student lending. so what ended up happening, in the name of reducing federal spending, he and congress actually increased federal spending. because in order to get banks to make loans to student, not only did he say taxpayers would repay or the government would, but they had to guarantee a profit. it was sort of a double form of insurance. not only are you agreeing to cover any losses, you're going beyond that and saying, we will pay you for any student loan you hold. it ended up becoming a very expensive program in the long run. but when you're passing the federal budg

haven't had a hearing in the oversight of the secondary mortgage market, particular fannie mae and freddie mac since 2018 and i'd want to put that on, and urge our full committee chair that we do that. >> yeah, we actually need to do that, and a move ahead of the fhfa. i think that's turned around a little. and i think that that would be a good time for us to have that hearing. >> thank you. and i yield back to my friend. >> we'll talk to you about that later. >> i'd like to thank again, all of the witnesses and thank the ranking member. without objection, all members will have five administrative days for the questions to the witnesses forwarded to the witnesses for al of their response, and the witnesses to respond as promptly as you're able. and the witnesses have five legislative days to submit extraneous materials for the chair. and remind that materials for the record should be submitted through the e-mail address provided to your offices. if there are no other questions or important coming forth for eminent members of congress are now dismissed for lunch. this meeting is now adjourned.

freddie mac says inflation here for a little bit.e their word. stuart: did they now? lauren: inflationary pressures will build. inflationary pressures will build and rates continue to rise. stuart: not what the said says, inflation is temporary. but it will fade. these guys are saying the exact opposite. lauren: they're saying the exact opposite. i think the fed changed their language a little bit too. what do they call stick any inflation now? they had a qualifier for the word transient. stuart: transient. lauren: they had a qualifier most people are realizing including the fed, it is not immediately going away. stuart: they see pressures building, inflationary pressures. no impact on the market by that statement. nasdaq powering ahead up 388 points. dow up 370. now this. >>> the president has a habit blaming others when things go wrong. he is at it again. he says he will call out the private sector if they don't step up to the fix the supply chain problems at the port of los angeles. hold on a minute. it wasn't the private sector c

fannie mae, freddie mac, there was already an implicit understanding that of mortgages look bad, theent would step in. that is been unfortunately made explicit in the last 10 years. these are the types of things. the point is that the u.s. government sees some sort of private liability and says this is too big to fail. we will stop it. those numbers are not counted in the actual numbers of treasury debt. host: caller plenty of callers, including william, democrat. caller: i think the politicians should keep their hands out of the national debt. it is a shame that way this could be a great country, but politicians does everything to try to keep it away. i am 86 years old. i have always voted democrat except i voted for one republican. i am thinking about discontinuing, because all we have is crooks, the lobbyists who line politicians' pockets. we are supposed to have a government. it is a shame. i feel so sorry for my great grandkids. it is corrupt -- they have a chat i don't know -- this corrupt political system. host: who was the one republican you voted for? caller: thank you. host

mac >> the translation needed for that one, right? mekelle about the brace. they will turn out the lights on the brewers, tying it for the eighth. freddieent hard, go ahead homer of all-star player, beating milwaukee 5-4. if the giants win the series, they will play the braves in the and ocs. in the meantime, the white sox reliever ryan to para accused the astros is stealing signs during games in houston, and said things were different. if the games were played in chicago, but if you come after dusty baker, like the old saying goes, you best not miss. >> he can say what he wants to say. i never even, you know, heard his name before. you know, even though we played the white sox. i was listening to eric clapton this morning, andy had a song, you know, before you accuse me, you need to take a look at yourself. >> reporter: i bet this guy was ready if things escalated in game four. tony larissa let the umpires have it one final time this season. top line out of the former a, liam hendriks on the mound. he gave up a blast. that is how the astros won, 10- 1, to end that series. they are headed back to the alcs for the fifth straight year and