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So yeah -- let me take you do you mean that you guys -- -- do you see this as a -- something we -- and obviously.
I mean we've got two different sides of the guy there looks to me that we have nationalized and socialized an entire industry -- industry.
Well I can't pretend to understand the broad economics of this transaction if I can tell you from where I sit on main street with regard to our customers.
In the various consumers and homeowners throughout this country.
They very much want and demand fifteen and thirty year fixed rate mortgages in order to purchase homes without Fannie and Freddie we can offer him.
So if it -- to help boost this housing market.
Make no mistake about it without the Fannie and Freddie providing the secondary market for home mortgages we cannot offer.
Beyond a five year fixed rate -- It's hey Stephen -- about this move from six point 45% down to 6%.
I got I think that's the biggest movie of ever -- that's certainly the biggest I've ever seen.
This has got to free up some mortgages got start making that credit we will start to turn again kind of freeing up people -- people more confident are you talking about mortgage rates started all the -- Pedro sent today.
6% seems 6% seems to be a meaningful and rational to create activity.
Not even if you look at six point 4% on the relatively historically speaking.
That's awfully low and I don't think that right prevents people from buying homes.
6% seems to be the threshold for a lot of refinance activity.
It's got everything out of it about 6% people want to refinance.
Garrett if I can then go back to you a little bit it's just.
-- like you've got some free market ideology behind what you're talking about this is.
I am really lost this game as believers and free domain and private property rights it's.
It's isn't already over but I have read.
Already turned the corner and out as a political.
Dealing anytime you're talking about homeownership.
Well I I I remain optimistic and say that we can still do the right thing I wish to Treasury Secretary had not done a conservatives that -- into -- receivership instead.
To finally get to the point where you downsizings and he's perhaps eliminating break them up what have you.
All the talk tonight here on all the Talking Heads on the program's all around it.
The country right now is just basically as far as I'm concerned there's a knee jerk optimism the same sort of knee jerk optimism they saw after Bear Stearns -- Washington had to do it everybody was happy for a week to ten days.
But you know the fundamentals really didn't change and after that we got back in the same cycle I predict what the same -- that's gonna happen here.
But congress -- -- -- and I agree with congressman tiger -- the -- -- -- have -- state they lowered interest rates in one -- seven.
Per -- to the -- that's fantastic change.
That's -- that's enough that's it that's an immediate response -- suddenly muted response has gone to bed interjected itself this time the treasury.
Let's see how long that change that change state of -- we've already seen unraveling as far as the dollar.
It didn't change isn't there a bit -- once that brings back in again it's really the dollar movement that do we have to be focused on more.
This may only last for a short period time because the fundamentals that -- have not changed.
The other bankers to borrow it still -- is really not in their credit rating out there that hasn't changed and we have not gotten to the bottom as far as the housing market at this point.
And all the Treasury Secretary Don is taken a bad situation and extended it out for about sixteen months and for the American taxpayer on the report.
Right -- we got -- you know here's the bottom.
Union nobody actually -- from one -- and move onto another topic that's near and dear to your heart is what now Lott let's talk about the drilling.
-- congress back in session after that what 56 week.
Summer recess when everybody was trying to get an energy policy -- now I -- people I've put a little bit on the back burner because.
Oil prices have come back down about what -- 10500 to two dollars and the barrel.
But it's still this issue are you guys going to be able that will 25 miles off the coastline where does that stand now.
Listen we've put together a bipartisan bill -- HR 6709.
That allows for exploration and and drilling was conservation reserve fund renewable energy fund.
An environmental fund we finance all of it that's what needs to be done -- Democrats Republicans have come together without the oil companies without the -- Environmental advocate I groups that you might have Harry Dunne I know we covered what exactly the Dallas but I want to know I even get it through congress now.
-- -- touch -- -- leadership they're talking right now about ending the moratorium they're trying to figure out what what the the drilling mileage would be everybody knows that what is is what has to happen has to be done in a responsible way.
Towards alternative energy.
I don't think you can avoid it it is not on the back burner as far as -- as people in the country are concerned.
I've been campaigning across the country and believe me it's on the front burner.
Everybody knows that we have to have an energy independence policy to keep the money from going out of the United States to import our energy and thank you -- -- -- -- As men and Stephen the banker for being headed dude did you guys know I don't loves being in the big.
They are they're politicians we're gonna hear a lot of got all right guys so --
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