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Well -- Warren masses on the minds of every one of Wall Street to main street and with this morning's news on both Indy Mac and Fannie.
-- -- -- We want to see how people around the country are feeling we're checking in with our round table of weight he'll experts -- Over at TV I 5:7 AM in Seattle Washington Reese Hopkins of WRKO.
688 AM in Boston and guys Francine could now well of 84 WHAS.
We usually joins us from Louisville is here today in studio -- Kirby -- tee off to you guys come visit us at some point as.
Let him I got them eleven New York -- and I think I look forward to -- it it iron there let me start with you Francine since you're here with me.
Viewers and listeners reacting to all this talk about it for any -- Freddie Mac bail out I know it's it's only Monday morning a lot has changed over the weekend but what are they saying about.
-- concepts in general.
They don't like the word bailout Alexis they don't and -- and see this thing is we're hearing from all the experts the people you've spoken with this morning and they're saying things like -- look.
I I understand that the investors are gonna feel more solvent I understand that side would be at this shores up all of the lending institutions and that this was always implied.
But my -- -- not gonna buy this because they're saying who is helping me.
It's not fair nobody's got my back but this is like.
Somebody who -- -- out their dad's credit card the dad says not just pay it off they won't learn there's no consequences.
Yet -- would you agree or is this time is the situation much bigger.
Because of the risk to the entire mortgage market.
I don't think that by my listeners are saying anything different than what's what's being said already.
Yet their little angered at the word bailout -- -- -- the fact that we've been hearing itself often is what a lot of my listeners have been complaining about.
You know why they why -- they keep bailing out all of these major companies.
What they're more concerned about that if they don't care who's bailed out as long as it doesn't reach their pocketbooks vessel if they're looking as long as it doesn't -- them their.
Fine you know Kirby.
I -- dad got a lot of found.
Hard about this but look.
If this Fannie and Freddie Mac situation is so complicated it's I in I was reading a lot about it on Sunday and frankly there's still -- -- -- that I don't understand.
Do you think that most people at home right now understand what's happening with Fannie and Freddie Mac.
And that they're concerned about it.
I think the details -- complicated -- -- but my audience benefits of that because in my real life when I used to work for letting.
I used to be real estate appraiser insider familiar with the enemy of freedom act now works and before I got this does his job talking for a living.
I hadn't used to deal of those folks every day in the work that I did.
But I think -- -- -- along with what's been said.
I think bailout is aware of the -- a lot of people I think the word -- -- -- for me I think most -- -- understand that there -- market corrections that have to be done.
And when they see Washington bailing out Watson -- -- Freddie Mac and Fannie -- they're not private enterprises the government sponsored enterprises they are protected position on the law.
There's been crops and you look at Jim Johnson Franklin Raines and others -- that all the -- crops in the past.
And they see the government step in and develop the government -- their money.
And that does make sense a lot of people especially of the select Fannie Mae and Freddie Mac we have all these benefits of the law that other companies don't -- I think people.
And -- my losses since the markets should be allowed to correct itself.
And ultimately things to work out things go up things go down but ultimately they find -- balance and bailouts -- really nasty word around here.
You know Francine -- you and I both -- the government is gonna say this is not Allah although people are gonna think that they're walking in today they're having I don't know like -- deja Vu experience that.
He had this moment occurred just a couple months ago with skull the with Bear Stearns and in March.
This is a much bigger scenario I mean I was 29 billion this is -- but we're talking about trillions of dollars here.
But what -- do psychologically because the market is getting a boost and the market did get a boost on that Monday morning after Bear Stearns.
So -- people feel renewed faith that things are being.
Rescued save -- you know.
Now you know they don't because they're still looking at the bottom line they're gonna have to pay for weddings they're gonna have to pay for college.
They're going to have to find money that is now not in their 401 -- anymore.
So it's like again what is the government doing for me again this -- -- be great for -- Fannie and Freddie and all the investors.
But it makes people feel small because it's -- tax money and they're due in two and three jobs and trying so hard to make ends meet.
With escalating costs for gas prices and heating and all of that.
And still it's not it's not coming back into their pockets their money's being used to -- to subsidize millionaires and people who have taken advantage of the system.
And nobody's being held accountable nobody's getting fired so how will change and where -- stopped.
You know resell -- in just a short while we're gonna talk to somebody who is gonna give us sort of are a couple people gonna give -- the implications.
For what it means for your local housing market how this Fannie Mae Freddie Mac news could change it.
What is your local market looking like in terms of real estate right now is it improving some -- or is it getting -- really work.
-- I'm not gonna say worse I'm gonna say somewhere fairly down the middle.
We don't have a lot of new a home home ownership right now.
William couple of people who were out here concerned about how they're gonna sell their homes.
-- it's it's fair to say that it's down the middle people are buckling down and they're waiting.
I see a lot of the waiting game happening right now.
Will what the market fluctuate whether or not they're going to have something on the long and there waiting more for the long in the C.
Whether or not they'll be able to sell their house for more -- Iran and there waiting for much more incentive to do so so it's normal -- -- there's no other way to put it it's just a waiting and we have to wait this out and they know it.
You know -- -- things we've talked about with you now four months I guess since we launched is how well the real estate market has held up there in Seattle.
Are you seeing any cracks or kinks in the armor because.
There's a lot of adjustable rate mortgages due to reset this month and next in the expectation is that foreclosure numbers we'll continue to rise.
Alexis so for closes are pretty stable out here sales actually went up and June both in terms of numbers sales and house values start to click up again.
One point 2% not a big number.
But we we really -- stable one -- company's been on downward trend we're sorry to see upward trends again not significant -- upward trends and signs of life.
And I don't know if that means of the worst is past us but it seems to me that perhaps we bottomed out and going back up in the northwest assess certain benefits.
Our strong local economy high tech aerospace agriculture.
I had -- -- economy don't seem to be impacted by a lot of the national trends and they're holding up.
All right well we -- and Kirby it's always a pleasure you're guys are gonna come back in the next hour wouldn't talk about are they ever got back.
Why didn't ethylene prices.
I drill drill drill drill only that I don't like can't we think the other day and -- -- lesson for fifteen I think about maybe we should stop there that's not a good sign it right.
Our guys I think he felt like to see --
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