Greenspan defends rate cuts; GM rallies 10% on UAW hopes

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[Music] former Federal Reserve chairman Allan Greenspan is defending his role in the subprime mortgage meltdown in an interview with 60 Minutes Greenspan admits he didn't realize the subprime lending Trend was significant enough to hurt the economy still Greenspan defends his lowering of interest rates from 2001 until 2004 something critics say caused the crisis in the first place you can catched the entire interview with Greenspan including what he has to say about his successor Ben banki this Sunday on 60 Minutes on Wall Street investors put fears of a possible recession on the back burner and sent stocks higher the Dow rocketed 133 points the NASDAQ moved up nine shares of General Motors burned rubber Thursday rallying 10% investors bet on the prospect of concessions from the United Auto Workers Union in Detroit's ongoing labor negotiations the current UAW contract expired today also today reports on August retail sales and consumer sentiment oil will also be on investors radar screens after crude closed above $80 a barrel for the first time and mortgage rates have fallen below where they were a year ago the average rate on a 30-year fixed loan is 6.31% this time last year it averaged 6.43% the rate on a 15-year loan is now dipped below 6% it sits at 5.97 that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus

Retail sales fall in August; homebuilder slashes prices $200K

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[Music] expect to Shell out more when you head to the toy store Toy makers are raising prices up to 10% next year to cover the cost of increased safety inspections after a series of high profile toy recalls this year on Wall Street investors managed to add to Thursday's big rally barely the Dow moved up 17 points the NASDAQ inched up a point consumers are starting to tighten their person strings excluding Autos retail sales fell nearly half a percent in August it's the weakest showing in about a year a major home builder is holding a fire sale this weekend hoping to unload a growing number of unsold Homes New Jersey based havan is slashing prices six figures in some cases over $200,000 in 19 States across the country the sale runs through Sunday night and is your family too big for your car government mandated warning labels on new cars list Maxim weight for passengers and cargo limits on two seeders like the Mazda Miata and Corvette are under 400 lb while many five passenger vehicles are rated at 850 lbs the weight limits could release automakers from liability in certain crashes that's your money watch click on cbsnews.com for more business headlines in New York I'm Alexis christopherus