other top fed officials will be here like bill dudly, the president of the new york fed, jim from st. louis and john williams from san francisco along with christine la garza head of the imf and central bankers from around the world. big top picks will be whether quantitative easing will be working and if not, what the federal reserve should do instead. is the strategy adequate? the conference beginning tomorrow night with a dinner and academic papers and discussion over the next two days and i think one of the things i'll

other top fed officials will be here like bill dudly, the president of the new york fed, jim from st. louis and john williams from san francisco along with christine la garza head of the imf and central bankers from around the world. big top picks will be whether quantitative easing will be working and if not, what the federal reserve should do instead. is the strategy adequate? the conference beginning tomorrow night with a dinner and academic papers and discussion over the next two days and i think one of the things i'll listen for is whether or not the federal reserve believes the economy is strong enough to reduce the stimulus as soon as september or whether or not that will happen later. for "nightly business report" i'm steve liesman. >>> we turn to lee ann sundayers for her thoughts. liz ann, it seems like there was a lot of doubt, a lot of confusion about what was in those fed minutes, what the fed will do next. what do you think was the message of the markets, and just what do you think in general what is next for the market sns. >> i think the skiddishness about the market m

economy no evidence was introduced in court of him scoping out the new york stock exchange he eventually chose or help to choose the new york fed itself and it is the london whale simply john corps m.f. global read out the stories are being floated in the media today the first by bloomberg regards j.p. morgan which is negotiating with regulators over the derivatives debacle that cost the farm over six billion dollars according to quote people mr diamond's firm will likely get off with only a fine. and according to sources the london will himself will not face u.s. charges so why the possible john corazon redux.

economy no evidence was introduced in court of him scoping out the new york stock exchange he eventually chose or help to choose the new york fed itself and it is the london whale simply john corps minus slash m.f. global readouts two stories are being floated in the media today the first by bloomberg regards j.p. morgan which is negotiating with regulators over the derivatives debacle that cost the farm over six billion dollars according to quote people mr diamond's firm will likely get off with only a fine or a slot and according to sources the london will himself will not face u.s. charges so why the possible john corazon redux the media was repeatedly used as a tool to float the idea that would walk free and now we have this london will story doesn't have nearly the grassroots movement that a global did but members of congress don't like angry phone calls or answering them and bed bob hogs fake econ staff of former assistant treasury secretary paul craig roberts and i profiled purdue pharma and here's what they hear prime minister. despite massive debts the us is now able to borrow at record low rates thanks in part to quan

economy no evidence was introduced in court of him scoping out the new york stock exchange he eventually chose or help to choose the new york fed itself and it is the london whale simply john kors sign a slash m.f. global read out the stories are being floated in the media today the first by bloomberg regards j.p. morgan which is negotiating with regulators over the derivatives debacle that cost the farm over six billion dollars according to quote people mr diamond's firm will likely get off with only a fine. and according to sources the london will himself will not face u.s. charges so why the possible john corazon redux the media was repeatedly used as a tool to float the idea that would walk free and now we have this london whale story that doesn't have nearly the grassroots movement that a global did but members of congress don't like angry phone calls or answering them and in bed bob tog's fake econ staff of former assistant treasury secretary paul craig roberts and i profiled purdue pharma and here's what's been your prime interest. despite massive debts the u.s. is now able to borrow at record low rates thanks in part to

economy no evidence was introduced in court of him scoping out the new york stock exchange he eventually chose or help to choose the new york fed itself and it is the london whale simply john corps minus slash m.f. global.

regarding manufacturing and that has sent the stock market tumbling to bed surveys one by the new york fed the other in philadelphia disappointed greatly seen producers of quote stuff are shipping less of it orders are going on pulled filled and inventories are being drawn down so that means less stuff is in production in other words the markets are not going to like this september tenth tapering by the but. and yesterday marked a new to development and the debit interchange fee by three member free checking well that's a perk most banks can't afford it since the fed kept a retail swipe fee but two weeks ago a federal judge threw the rule out saying it.

to bed surveys one by the new york fed the other in philadelphia disappointed greatly producers of quote stuff are shipping less of it orders are going to build and inventories are being drawn down so that means less stuff is in production in other words the markets are not going to like this september tenth tapering by the threat. and yesterday marked a new to development and the debit interchange by remember free checking well that's a perk most banks can't afford it sent the fed a cap to retail swipe fee but two weeks ago a federal judge threw out the rule out saying they were too high now the courts are saying that only do they have to lower debit fees further but banks may also have to reimburse the merchants for the deaf right so you can expect a further unintended consequences to your checking account and finally circling the economic news where again it turns out china and japan aren't like doing. that's right according to the u.s. treasury itself it's two largest creditor nations just forty two billion dollars of u.s. debt and this would be the most in years thank goodness for t

specifically regarding manufacturing and that has sent the stock market tumbling surveys one by the new york fed the other in philadelphia disappointed greatly producers of quote stuff are shipping less of it orders are going fulfilled and inventories are being drawn down so that means less stuff is in production in other words the markets are not going to like this september tenth tapering budget but and yesterday marked a new to development and the debit interchange by remember free checking well that's a perk most banks can't afford it since the fed kept a retail swipe fee but two weeks ago a federal judge threw out the rule out saying they were too high now the courts are saying that only do they have to lower debit fees further the banks may also have to reimburse the merchants for the deaf right so you can expect a further unintended consequences to your checking account and finally circling the economic news where again it turns out china and japan aren't like you and. that's right according to the u.s. treasury itself it's two largest creditor nations just forty two billion dollars of u.

specifically regarding manufacturing and that has sent the stock market tumbling surveys one by the new york fed the other in philadelphia disappointed greatly.

new york city, it's "the willis report." ♪ dennis: the federal government wants to start another round of class warfare. the sec is set to propose a new rule on ceo pace. the fedsanies to show the pay gap between the people at the top and everyone else at the bottom. the rule is all part of this stuff right financial overhaul law. with us now, research associate at the heritage foundation. i've always heard that the ceo now earns four times as much as the lowest rated -- low restaurant employe yet the company. alloys wondered what is so wrong with that? is this proposal and that igniting in the and creating some kind of class clash? >> absolutely. that is exactly what it is. dodd-frank was created to prevent another economic meltdown like we saw in 2008. and all this regulation is nothing to do with preventing another financial meltdown. it's simply an extension of the liberal agenda, kind of a 1% occupy wall street. >> we just showed viewers it chart. 371. and instantly people want to assume there's something very wrong with that. now senator robert menendez of new jersey as a sponsor of this. says that this whole rule about shareholders to better monitor the

look at this data from the new york fed about folks age 50 to 59d years ode. 2005, they owed $34 billionudent loans but in 2012, they owed $112 billion. we talked to a credit counselor saying a lot of folks are overwhelmed by this kind of data. >> 30% of my clients are in that bracket of 50 and older. either worrying about paying back the children's loans or paying back their loans. a lot of them just say, i'm going to die before i pay this off. >> and mandy, take a look at a last statistic. this is people ages 60 and over. 60 and over, people, many of whom are eligible for social security. in 2005, they owed $8 billion in student loans. but in 2012, they owed $43 billion. in student loans. so for many american families, student loan debt is a lifetime or even multigenerational problem. >> really, really brings it home. thank you very much for the alarming statistics. as we mentioned, of course, we are kicking off this week a week long back to college series called "school daze." we'll looking at everything from how to pay for college to the courses to help graduates land a job in the ec

the health care act and take a look at this piece of data from the empire state survey of the new york fedsome effect. 35% say because of the health care act i'm making no change but one out of four have done more outsource, 5.4% shifted from full-time to part-time and 6.5% have fired or refrained from hiring workers because of it so there is an impact out there. this study was done before the administration lengthened out the time for compliance and for enacting the employer part of this thing. bottom line i think there's been an impact, but it's been very small, not nearly as dramatic as some of the more hysterical commentary has been made it out to be. >> whenever say obama care there tends to be heated conversation and we'll wait to see if it happens in the data. >> it's not there now. had a huge surge in part-time workers this year. last year you had it the other way around. overall the growth rate of full-time is outstripping the growth rate in part-time and that's an important change. >> steve, stick around, there's a fascinating story sure to tick off all the kids out there that co

a use to be the case, for example, research from the new york fed, that it used to be the case that collegetudents were much more likely to have a mortgage than those that did not have student debt. now for the first time, actually those that don't have student debt are more likely to have a mortgage and therefore buy a home. vandy student debtors. so there is some evidence that student read -- student debt is rising and it is starting to impact the behavior of young families. so it is an issue of concern. fry from the pew research center. we are hearing from a student from jacksonville, florida. this is gracie. caller: i'm calling because i am a 48-year-old college students. i have a cma license. i got terminated from my job, and in order for me to get another job, i have to go back to school, so i am in college doing a nursing program. i would wish mr. fry and everybody else that looks after the college's, if they can check on the prices that are going through these private colleges because it is so hard. i started college, and i had to stop the first time because with work and college, i

other top fed officials will be here like bill dudley, the president of the new york fed, jim bullardand john williams from san francisco. along with christine la guard, the head of the imf and central bankers from around the world. some big topics this year will be whether or not quantitative easing is working and if it is not working, what the federal reserve should do instead. also, is the fed communication strategy adequate? the conference begins with a dinner and then academic papers and discussion over the next two days. and i think one thing i'll be listening for is whether or not the federal reserve believes the economy is strong enough to reduce stimulus for the economy as soon as september or whether or not that will happen later. >> steve liesman. joining us on the phone from jackson hole is neil irwin at the washington post. and still with us is jerry wetman at oppenheimer funds. let's talk about whether the markets should actually care about the jackson hole meeting this time around, given the very long absentee list. what do you think? >> i wouldn't expect it to be a maj

new york. >>> on the "cbs moneywatch" now, mixed reaction to the fed and a deal on student loans. wendy gillette is here in new york with that and more. good morning, wendy. >> good morning, anne-marie. the federal reserve has spoken. after its two-day meeting ended wednesday, the fed expressed quiet optimism about its economy. it also downgraded its economic outlook from moderate to modest. economists say that means the fed may delay slowing down its massive stimulus program until after september. investors were mixed about the fed's outlook. the dow fell 21 points wednesday but finished july up 4%. the nasdaq ended the month rising 9 points. for july, it climbed almost 7%. >>> a better than expected chinese manufacturing report lifted asian markets. tokyo's nikkei added more than 2%. hong kong's hang seng added nearly 1%. >>> it's now up to president obama to sign the bipartisan bill that lowers the cost of borrowing for millions of college students. on wednesday the house agreed to lower rates from 6.8% to 3.6% for undergrads. parents will borrow at 6.4%. rates could go up becau

we are joined by bank head of regulatory affairs and former executive vice president at the new york fedormer director of the international finance at the fed. do you agree, both of you jump in on this issue of the 60/40, that september is not the month. >> i continue to think it's going to happen in september. if the fed is nervous whether the data are strong enough i think they will try to off offset some of the markets by reducing the threshold for hiking on the unemployment right. i think that will allow backer to say that we shifted the mix of tools but we're i tempting to maintain a stimulative stance. i have become totally confused by the messages out of the fete at this point. we had an argument what matters is the stock of purchases, not the flows. what matters is the guidance how long it's going to be at zero. you look at the last four years would they have ramp up all of these. 2.2%. quarter by quarter. though they ramped up different instruments, growth has not changed. how much is this having an impact on gdp. san francisco put out a piece that tried to estimate. it was de m

the new york fed reporting that consumer credit improved in the second quarter.ans. consumers continue to shed debt but in a sign americans are still cautious, demand for credit is still weak. here are the numbers. mortgage debt falling by 1.1%. revolving credit declining. auto loan, credit cards, and student loans are up. the total also declined by 0.7%. now, for the first time that i could find since the beginning of the data, which goes back to 2003, delinquencies declined in every single category. you cannot find negative numbers for delinquencies, these are 90-plus days delinquent for all credit going back to 2003. so that's a sign that things are improving. how about some perspective here? take a look at how things looked into the best of days. 2005. we're upwards of 95% of all debt was current. then you could look at the worst of days. in 2009, when it was down below -- just below 85%, and now you can see we're creeping back up with improvements of the percent of all loans that are current and a decline of all loans that are late. there was a rise in bankr

viewers and listeners need to watch out for is more information on -- >> this issue of what the new york fedut that special reverse repo desk and the importance it's going to be for the recreation or the need for collateral in the repo market because you can taper, but if you make a lot of collateral that the fed is sitting on now available, you're going to get some velocity. >> all the people that say there's no inflation, maybe they're right. they're just not looking at the right month or year on the cal dwer yet. have a great holiday. >> thank you. everybody else, too. >> back to you. >> thank you, rick santelli. if you want to talk to your bank in person, well, get ready to pay up for it. coming up, we'll tell you which banks are now charging you to talk to your teller. stay with us on "squawk on the street." my mother made the best toffee in the world. it's delicious. so now we've turned her toffee into a business. my goal was to take an idea and make it happen. i'm janet long and i formed my toffee company through legalzoom. i never really thought i would make money doing what i love.

same thing in 2005 she was ejected from her fed quotes to the "new york daily news" that if this wasine dion, it was a precedent here. >> it's a convenient time. she's a great entertainer and show person. and you've got to love "time" magazine which picked up the bag and ran with it. they went to switzerland and talked about how racist switzerland was. they pointed out 50 asylum seekers were not being permitted to use the pool or sports facilities. they also pointed out that the handbag was made of crocodile and that a group called four paws was protesting oprah winfrey's even looking at it. >> rick, the media just kind of took her story and ran with it. and it took days before anybody heard from the shop owner or the salesperson. >> yeah, they just ran with it. we should say separately though, john, that the movie "the butler," opens this weekend, which is about racism. and oprah was a victim of racism. so if you think that somehow these two are not related, you don't understand that oprah is the queen of p.r. and the queen of media. these two are totally related. she did a fabulous

news bay area. >> yahoo is getting a makeover on the web sites. >> and the fed could have a replacement for bernanke. we go to the new york exchange. >> good morning, larry summers could be named the next fed chief according to the source who is a member of the obama administration saying that summers could be nailed in the next few weeks but it could take longer because he is being vetted. he has close ties to wall street and a former treasury secretary. the other person seen as a major contender to be the next chief is vice chairman janet yellen who has focused on reducing unemployment and was a professor at uc berkeley from 1980 to 1994. we have headlights out on home prices, and july prices climbed 19 percent from a year ago but barely gained from june. volume hit a four-year high. a report that is saying that the price increases cooled off in downbut san francisco home prices were up 25 percent. looking at our action on wall street, stocks are down heavy here if the dow and the nasdaq and the big concern is all the tension between the united states and syria and secretary of state john kerry saying syria will be hell

new york is fed up with a-rod. >> he's at war with yankees, yankees are at war with their player. major league baseball is at war with their player. meantime he's playing and doing well and yankees are back in the playoff hunt. it is george steinbrenneresque and back in the playoff hunt. >> and a lot of money on the table. >> yankees use it on other people. >> on this wednesday, straight ahead, coming up, an accused terrorist involved in september 11th now having a meal meltdown in court. why he's demanding certain condime condiments. will we give them to him? the latest on that. >>> ding-dong, at your front door, obamacare, are they snooping on you? what makes your family smile? backflips and cartwheels. love, warmth. here, try this. backflips and camm, ok!s. ching! i like the fact that there's lots of different tastes going on. mmmm! breakfast i'm very impressed. this is a great cereal! honey bunches of oats. i hear you crunching. [ male announcer ] staying warm and dry has never been our priority. ♪ catering to the conveniently lated has never been our priority. our priority is

fed until the fall. maggie lake, cnn, new york. >> and the president has made it clear to democratic lawmakers that he hasn'ted who will replace ben bernanke just yet. he had several closed door meetings with republicans and the senate. he also mentioned a third name, donald cohn. cohn is now a senior fellow with the brookings institute. he spent 40 years at the fed and was adviser to ben bernanke during the financial crisis of 2008. john, this is not a political position, the chairman of the federal reserve. this is not a political job, but the politics, white hot politics in washington right now about who is going to get that job. >> we've never seen anything like that. the federal reserve chair is usually filled by the most boring person in washington, d.c. this is more like a shouting campaign. you have senators writing letters, you have editorial boards writing in months before a decision will be made, and now, most remarkably, you have the president out loud, in front of members of congress, defending someone that he hasn't even picked yet. it is really staggering here. and until now, it's really been

new york city. i did this book. i understand why people like the suburbs. i get fed up with a lot of daily life in new york city. i was more drawn -- the trends were so undeniable. the fact that there is a shift in the way suburban america is perceived by the people that live there is too big a story to ignore. >> leigh gallagher on where the american dream is moving. sunday night at 9:00. >> we will go back to the bipartisan policy center where energy officials talk about the weaknesses in the electric grid and problems getting governments and states to work together in case the cyber attack. this is about one hour and 10 minutes. >> good morning. great to be here. thank theant to bipartisan policy center for putting this together. as you know, this is the cutting-edge issue right now and when it comes to risk and how we deal with going forward, and mitigation of those risks has everything to do with our success. yes, the industry is doing a lot. the industry has done much to make sure that is true. one of the things i find humorous, normally, the industry goes from last on these panels. --r first year and i th

you're in new york for the fed-ex cup, $8 million purse, which is incredible. n. >> yeah. being in new york for the first round is really exciting. not only playing as a golfer, but a heart transplant recipient. our cause has been being a representative as a transplant and raising awareness. >> anna: transplant twice? >> yeah. >> brian: 2007, you're having a heart attack. after getting a heart when you were younger, it's happening again. what are you thinking? >> there is a lot of things that go through your head at that time obviously. you think about your loved ones and it's just a really difficult time obviously. kind of beat it, and now i'm out here basically talking about living life again and playing on the tour. i just want everybody to have the same opportunity that i've had and that's why i promote organ donation and our cause for play through our program. >> brian: as great as this is, you want to focus on building a life, right? >> all of it. >> anna: first you get diagnosed with cardiomyopathy at age nine. then it happens again. it really let you hav

. >>> on the cbs "moneywatch" now, finding clues from the fed and google makes a play for football. marlie hall is here in new yorkth that and more. good morning, marlie. >> good morning, anne-marie. will they or won't they, that's what investors are asking after they released minutes from their july meeting. fed officials say the central bank should end its massive bond buying program but they won't say when. they say the economy is not growing as fast as some board members had hoped. those minutes caused a run on wall street. the dow fell 105 points for its sixth day of declines. it's the worst losing streak since july of 2012. the nasdaq dropped 13 points. asian stocks were mostly lower showing china had an increase in factory output. tokyo's nikkei dropped a half a percent. hong kong's hang seng added about a half percent. >>> the fed mentioned home sales in their minutes. they rose 6 point phone 5% in july to their highest level in nearly four years. and the national association of realtors say that's a 17% increase from the same month last year. the fed believes the housing market is the primary reason the e

new york city. as condocystic dwelling elitist. that is not why i did that book. i understand. i get fed up with a lot of daily life in new york city. the trend was so undeniable. that's a shift in the way suburban america is perceived as too big a story to ignore. >> leigh gallagher. part of book tv this weekend on c-span two. >> michael kamber released a new book, photojournalist on war. 10 years after the invasion of iraq, he and a group of journalists sat down to discuss what they learned. from the newon america foundation in new york ity is >> so thanks for coming out tonight on an unreasonably wet une evening. it is great to see such a wonderful turn-out up here. a few words before i introduce three incredibly esteemed colleagues up here. since the committee to protect journalists began tracking attacks on journalists some 32 ears ago, no conflict has been as dangerous or deadly no journalists as the war in iraq. since 2003, 150 journalists and more than 50 media support workers have been killed there. the vast majority of them were targeted murderers. they weren't killed because t

new york city that is not why i did this book. i understand why people like the suburbs. i get fed up with a lot of daily life in new york city.i was more drawn to the trends which are so undeniable and the fact that there's a shift in the way suburban america is received by the people who live there. it's too big of a story to ignore. i had a wonderful experience growing up in suburbia. i grew up in a town in pennsylvania. it's an adorable town. it was prewar. it had all of these greens that you don't see any more. it has a trolley and a test of courthouse. it has a lively main street and all these events. we could walk to the town for my neighborhood for a great annual fourth of july event. it was really idyllic. these are the people are nostalgic for and that doesn't jibe with the way people live today. one piece of data that i came across is the average age in this country is -- so it's pretty new. you think about older communities being so charming that most people don't live in those communities. people like new houses that those houses are built differently and those communities look and feel differently than the ones t

as you point out, it was uncertain about things like the fed's easy money policy. >>> "new york times website back up and running after the site was taken down, not by attacking it directly but fooling technicians in australia who handled the internet traffic. hackers gained some access to san francisco's twitter but did not take it down. >>> it was by anybody's standards a clever and sophisticated hack attack. new words have been added to the dictionary this morning. yes, twerking is one of them. the oak ford online dictionary has added a number of words, according to its blog post. rather than talk about twerking, which is far too cliche, we'd look at other words. >> good. >> here we go. mooc, help me with that one, laura. >> michelada. >> last one, flatform. >> mooc, massively open online course. college courses kids take. and michelada a beer with lime and tomato juice. what's that thing in the morning? >> bloody mary. >> and a flatform the chunky shoes that have about this much sole to them that women wear, plats forms that are flat. >> scott mcgrew. >> and twerking. >> thank you

fed has spent more than estimated two trillion dollars on all the q.e. programs huey three alone has been estimated at eight hundred billion dollars and i burned a sack of the new york times points out with the money spent on q e three the fed could have given every homeowner in the country a ten thousand dollar loan at a near zero rate of interest or with that money the fad could have given every citizen of the u.s. nearly twenty six hundred dollars according to alan blinder as a lender of last resort the fed has the authority to lend money to any person government or company it chooses but it's chosen to fill the reserves of the biggest brains. all this monetary doping will eventually have to come to an end just ask a rod and the twelve other baseball players who are on suspension for allegedly using performance enhancing drugs at least the v.a. to use on behalf of the entire nation's financial brains so continue this conversation follow me on twitter at period in our two you. then it's great to see you again this is manny from breaking the set. no comments on the chairs today no i like the chairs i've decided ok good let's get to our first stop it if you like on

>> i'm a yankee fan, a new york fan, i met alex rodriguez on several occasions. you know, new yorkers are fed up, i have to say. liz: i completely think that's how they feel. they want to see the old-school players where you actually won because you were that good. >> right, all i can say in his favor is he loves baseball. you know, to be banned for life; right? liz: it's not, though, thankfully, not for his sake, but 2012 is done, 2013, and 2014. >> after that he can play. i was doing apple. liz: that's more important to the viewers. >> thank you for the baseball update. the update on apple, a big deal here for apple today because the administration now stepped in and overturned u.s. trade panels' decision that really has a more favorable effect, and this -- [inaudible] u.s. trade representatives vetoed the ban, and now way we're seeing is that u.s. customers will be able to have access to the older phones and the like, u.s. trade representatives said it's great for the u.s. economy, great for the u.s. consumer, and, ultimately, good news for apple too. liz: in fact, we have coming up in the

fed until the fall. maggie lake, cnn, new york. >> and the president made it clear to democratic lawmakers that he hasn'tdecided who will replace ben ber bank. he had closed door meetings on wednesday. he defended larry summers as a possible pick and mentioned a third name, donald cohen. cohen is now a senior fellow at the brookings institute and spent 40 years at the fed and an adviser to ben bernanke in 2008. i want to bring in john berman. this is not a political position. the chairman of the federal reserve, this is not a political job but the politics, white hot politics in washington who gets the job. >> we have never seen anything like this. the chairman's normally filled by one of the most boring people in d.c. now a white-hot bottle with lobbying we have never seen it before. it's more like a shouting campaign. you have senators writing letters. editorial boards weighing in and most remarkably, you have the president out loud in front of members of congress defending someone he hasn't picked yet. it is really staggering here. until now it's been a one-sided debate with critics of larry summers a

new york times" as reported by the "wall street journal." the "new york times" itself reporting a possible hack attack. meantime it's not just the so called fedapering hanging over investor's heads. now we're just 34 days away from a possible government shutdown because of the debt ceiling. no, do not adjust your tv. this is 2013. for more on that we bring in chris kruger. chris, i want to put arsenic in my cereal. is this really happening again? >> it is really happening again. i mean, part of the problem here is i think the markets in washington have been lulled into a type of fiscal fatigue since the fiscal cliff from january. we're back at it, the tail risk from washingtoni is coming back and if nothing else washington is consistent on this issue. >> has anybody in congress -- i'm sure you speak to people every day -- realize that as we haven't heard anything from congress in 8 months, the dow is up nicely, jobs are started to be created again, things have gotten better. do they realize if they just stop talking things might actually get better? >> well, you hope so. the other thing, too, with the debt ceiling, i think it's important for

everybody needs to live in new york system was very sensitive to coming across as a sort of espresso sipping, elitist of some kind. i understand why people like the suburbs. i get fed up with a lot of daily life in new york city a lot. i was more drawn -- the trends were just so undeniable and the fact there is a shift in the way suburban americaer is perceived by the people who live there is too big a story to ignore. i had a wonderful experience growing up in sub u-bra in media pennsylvania, an adorable town, prewar, all these ingredients you don't ever see anymore in even small towns. it has trolley, a courthouse, a lively main street, it has all these events. it was great. we could walk to the town from my neighborhood. great annual fourth of july picnic. idyllic, but that's the kind of suburbs people are nostalgic for and that doesn't jibe with the way people live today. one interesting stat i came across is that the average age of housing stock in the country is 1974. so you think -- which is pretty new. you think about older communities being so charming, but most people don't live in those communities. most people prefer newer communities, the newer housing