Bernanke: mortgage defaults won't derail economy; Dow dips
CBS News
Transcript
[Music] the growing number of mortgage defaults will not derail the economy so says Federal Reserve chairman Ben Bernan he did promise the FED would crack down on abusive lending practices but weren that excessive regulation of mortgage lending could do more harm than good that may have encouraged investors but a jump in oil prices kept pressure on stocks in the end the DOW Industrials fell nearly 11 points while the NASDAQ composite finish the day down 8 this steadily increasing price at the pump is taking a toll on American families the average family spends more than $2,200 a year on gas that's $1,000 more than in 2001 and consumer groups say that may leave some families no choice but to cut back on the basics like food even medicine and the fight over trans fats is heating up in response to a lawsuit filed by a consumer group Burger King says that it is testing a cooking oil blend to replace trans fats by the end of this year the Center for Science and the public interest filed the suit yesterday accusing the fast food giant of being the last hold out to commit to stop using the heart disease causing ingredient that's your money watch log on to cbsnews.com for more business headlines in New York I'm Alexis christopherus