British Govt. Bailing Out Banks
Associated Press
Transcript
a Lifeline for British Banks thrown by the British government on Monday British prime minister Gordon Brown announced the British government would provide 37 billion pounds $63 billion to boost the balance sheets of three of Britain's largest banks we must in an uncertain an unstable World be the rock of stability upon which British people can depend prime minister Brown says keeping the banking system a float is essential to keep the British and World economy churning he believes the British plan may be just the first in a series of initiatives announced in the coming days and Luke I think you'll find that in the rest of Europe over the next few days exactly the same thing is going to happen and I think you'll find that there are some discussions taking place in America around the pson plan about the use of the 700 billion that has been approved by Senate and Congress uh for purposes uh that we're talking about this this morning so uh this is uh perhaps the first uh government to do what I believe a large number of governments are going to do over the next few days and it is about rest restoring trust and confidence in the banking system which is absolutely essential for a successful banking system to flourish as part of the British plan Brown announced four initiatives they include board members of the banks that got liquidity will not get bonuses in 2008 the banks will not receive dividends until the government is paid back there will be more access to loans for home buyers at competitive interest rates and taxpayers will get a full and fair share of The Upside once solvency for the banks is achieved but the British government will not retain control of the bank we don't want to be in the business of running Banks we do and we are in the business of stabilizing and strengthening Banks that's our purpose and that's what we intend to see through we will do whatever it takes uh this is the first financial crisis of the global age it is in part the result of uh the global trade and global cash flows that happen across the world that are going to be typical of a globalized economy for years to come Brown says he'll meet with other European leaders on Wednesday ednesday to further discuss how to deal with the financial crisis Brian Thomas the Associated Press
Bush Says He Will Help U.S. Banks
Associated Press
Transcript
America and Italy are working to stabilize Global Financial markets people all over the world are understandably concerned about the global financial crisis and about how it'll affect their families and their businesses I appreciate Italy's participation in the meeting of the G7 and G20 Finance ministers over the weekend both the G7 and G20 issued important statements committing to work together to help resolve the crisis I welcome The Bold and specific followup actions by European nations to pursue the G7 action plan and the United States is also acting and we will continue to implement measures consistent with the G7 action plan to help Banks gain access to Capital to strengthen the financial system and to unfreeze credit markets and restore confidence in our financial system these are tough times for our economies yet we can be confident that we can work our way through these challenges and America will continue to work closely with the other nations to coordinate our response to this Global financial crisis
Manic Monday: Dow Soars Nearly 1,000 Points
Associated Press
Transcript
[Music] what on Earth did we just live through after the single worst week on record it was the biggest single day point gain ever we're having this nice little technical Snapback rally today in an incredible turn of events markets skyrocketed almost a th000 points the Dow closed up 936 points are just over 11% at 9,381 the broader stock indicators also soared more than 11% the S&P 500 Index Rose 104 to 1,4 while the NASDAQ jumped 195 to 1,844 the markets catapulted after the British government partly nationalized major banks by injecting them with what is equivalent to $63 billion the Federal Reserve supported the effort with an unlimited cash infusion into the European markets for the first time in a very long time you're turning back the clock to partial nationalization of major Banks these loans now are basically made good uh by by The Sovereign Sovereign governments as helpful as that sounds investors are not sure if this move will successfully Tha out those frozen credit markets the Liber rate the rate at which banks lend to one another fell slightly 7/10 of a percent the three-month dollar lior rate has come down a little bit um not too much um so that may take a little bit more time to play out but I think clearly Equity investors um have seen a lot of their concerns addressed well it may have gone down a little bit but but again you know all the banks I don't think are back in business today so you know it's very difficult to say that's it or not you know and just a little bit is going to help we need you know it was so far out of whack we need to really you know come in a lot although we spent most of the trading day comfortably in positive territory investors aren't quite sure yet whether or not we're out of the woods so they're still a long way to go before confidence is restored back into these markets in New York Bonnie G the ass ated press
Wall Street Soars on Gov't Aid Pledges
Associated Press
Transcript
wall street is snapping back from last week's devastating losses all the major indexes rose well over five percent in early trading with the dow jones industrials advancing more than 500 points the rally comes after major governments announced further steps to support the global banking system including plans by the u.s treasury to buy stocks of some banks these loans now are basically made good uh by by the sovereign sovereign governments so it's almost as if the government is loaning the money traders appeared confident with the bush administration's announcement that it's moving quickly to implement its 700 billion dollar rescue program including outlining the mechanics of buying ownership shares in banks in a very short number of days they've got up and running with hiring different people and they've got their task forces going and they've got their lawyer and their accountants and all of that i think the question is they're trying to press to put the money in play as quickly as they can despite the moves by world leaders over the weekend there's still plenty of worry about the economic situation you know i'm not happy about it i mean you look at you look at your your portfolio and things have gone down a lot very worried about the economic crisis as far as real life is concerned while a rebound had been expected wall street can still expect to see volatile back and forth trading in the near term as investors worked through their concerns about the banking sector the stagnant credit markets and the overall economy john belmont the associated press
Your Money: Spotting the Bottom
Associated Press
Transcript
[Music] in recent weeks we've all seen the market swing wildly and it's been uh anxiety inducing to say the least so you may be asking where's the bottom where's where's the end for for all of this volatility well there's not a whole lot you can say actually with any real certainty about where the bottom is other than that there will be one uh but recognizing that's not a real satisfactory answer what can you look at to to get some guidance well recently uh Richard Bernstein who is the chief investment officer of meril Lynch issued a report and offered some insight and one of the things that he looks at is the weekly jobless claims uh if you think about it the the key idea being that we won't really see uh further stability in the economy until we get the housing uh situation stabilized uh certainly the presidential candidates are talking about this and one of the key drivers of foreclosure rates is folks losing their job so jobless claims are a key pivotal Point um so that's something you may want to keep an eye on and the advantage there is once that starts to turn weekly jobless claims are what's known as a a leading indicator meaning that they will change in tone before the the larger economy um so once we see a signal that jobless claims start to stabilize it may be a sign that things will start to uh stabilize more widespread and maybe we will be near bottom then
End Of The Losing Streak
CBS
Transcript
Wall Street finally snapped its losing streak certainly feels good you know it feels like the history is behind us the Dow soared more than 11% the biggest single daily percentage gain in 75 years although the Dow still down 133% this month the rally was sparked by a new wave of rescue plans for the Global Financial system America's top Bankers were called to a summit at the treasury this afternoon including Executives from Bank of America JP Morgan Chase City group and Morgan Stanley to hear the US government's plan to buy ownership stakes in the banks to help unlock the credit markets if you buy a stake in the banks what does that do well Economist L if the US Treasury if the U uh US government is putting the full faith and credit of the United States behind an institution a company uh the company's not going to fail so you don't have to worry about being paid back uh money if you loan it to that institution the details are still being worked out but Neil kashar the 35-year-old treasury official now in charge of financial stability told Bankers the equity program will be voluntary and designed with attractive terms to encourage participation from healthy institutions the $700 billion rescue package approved by Congress this month already gives treasury secretary pson the authority to buy Bank stock which can be done in days days far more quickly than buying up the bank's toxic mortgage loans which will take weeks you need that kind of speed absolutely because we came that that close as uh as Maxwell Smart would have said we missed it by that much European governments are also stepping in Germany unveiled a nearly $700 billion rescue package for its banks today the French offered a $400 billion loan guarantee plan the British government has already bought significant stakes in its leading financial institutions and agreed to guarantee loans between Banks prime minister Gordon Brown's plan is expected to serve as a model for the US response all that's what finally brought the Bulls back to Wall Street Anthony Mason CBS News New York
Obama Tackles The Economy
CBS
Transcript
despite today's enormous rally on the Dow Barack Obama's speech in Toledo came against one of the most frightening backdrops for a presidential campaign in modern history at this rate the question isn't just are you better off than you were four years ago it's are you better off than you were four weeks ago with polls showing the economy as the number one issue by far and the Democrats as the Preferred Choice to handle it Obama offered his own remedy which he said could be and should be implemented immediately it's a plan that begins with one word that's on everybody's mind and it's easy to spell j o BS jobs the centerpiece involved temporary tax credits to companies that create new jobs in this country for each new employee you hire in the United States over the next two years you are going to get a tax break that makes sense in addition Obama offered penalty-free withdrawals from Ira or 401ks for next year 15% of savings up to a maximum of $10,000 a 90-day moratorium on home foreclosures and a federal lending facility to provide more credit for hardpress state and local governments for the long term Obama is still promising a tax cut for those making less than $250,000 a year along with reducing the cost of Health Care recruiting new teachers and creating 5 million new jobs ideas Republicans say will require massive tax hies not cuts and while Obama has said previously economic conditions might force him to defer some ideas today he was Full Speed Ahead people ask you how are we going to pay for that you just tell them if we can afford to spend $1 billion a month rebuilding Iraq we can spend some time rebuilding Ohio Obama's been criticized lately for standing on the sidelines while the economy was tanking but today he jumped into The Fray with his new plan and both feet
The Man With A Plan
CBS
Transcript
if a week is a long time in politics this one's been an eternity for Gordon Brown who's gone from being the man without a plan to the man whose plan everyone is now following the fact that Europe May well adopt the Gordon Brown plan for semi nationalization or injection of capital into Banks and also that Henry pson may do the same certainly stabilized markets this morning we must in an uncertain and unstable World be the rock of stability no one has ever accus use Gordon Brown of unnecessary Charisma but his doer Scottish non-nonsense Manner and a lot of money has produced the first break in the cloud of Doom that has enveloped London's financial center and others around the world Brown's plan isn't just a bailout it's a buyout for an investment of $63 billion British taxpayers now have interests in one case a majority interest in three of the country's largest banks and this new political in the world of banking comes at a price for the bankers one of the conditions of the government putting massive sums into the banks is that four of their top Executives be fired without bonuses in fact all bonuses and dividends for top Executives have been frozen for now it's a new world with new rules okay the a lot of expensive medicine has been poured down the throats of financial institutions and the markets did bounce back today but it's it's much too early to tell if the brown plan will be a lasting cure Mark Phillips CBS News London
Time To Invest?
CBS
Transcript
is this the time to actually invest joining us is tim hanson senior analyst for the motley fool good morning tim good morning julie let's jump right into it is now the time to invest i i think it is provided uh there are a few qualifiers there one is make sure you're only sticking with the highest quality companies and you're taking a really long term time horizon that's that's five years or more and the second qualifier is to make sure you're if you have let's say five thousand dollars on the sideline make sure you invest it in small increments and sort of average into the market because it's going to continue to be very volatile and now isn't the bottom and we don't know when we're going to see the bottom but if you keep averaging in you can take advantage of the bottom so what factors should someone take into consideration before they jump into the market right now and invest well they need to take into a into account what exactly they're trying to achieve and when they need to achieve it you know if they're looking to do a remodel within the next three years or they need to pay some sort of tuition bill that's not money for the market because again it's going to be very volatile going forward but if you do have let's say five or more years ten or more years that money is all a candidate for the stock market and if you average it in today you're going to do very well as the market uh rebounds and comes back up does that mean five or ten years is when someone who invests right now should expect to see results that's right i don't think you should buy anything today without the intent of holding it whether it's a fund or a stock or anything without the intent to hold it for the next five ten years and you know that doesn't mean you buy something today sell it tomorrow and just keep that money in the general market for five years you want to stick with the highest quality names names you'd be willing to hold as warren buffett said if the market were to shut down for the next five to ten years any names you want to name that you think would be good to hold right now and invest in sure you know with the credit crisis people want to be looking at companies that have really cash rich balance sheets and strong brand names a couple that pop into my head are our company like nike a company like coca-cola those sorts of things you know they're going to be around in 10 years they've got the financial strength to uh to do okay right now and those are the kind of things you can buy and forget about tim hansen from motley fool thanks tim thanks very much julie
What The Economy Means To You
CBS
Transcript
from Wall Street to your street what is this economic mess mean joining us now Michael santoli senior editor Ed Behrens good morning that horrible week last night last last week do you have any sense that the bleeding has stopped has the bottom been reached I wouldn't say the bottom but when the markets get into this full panic mode as they were most of last week they're looking for any excuse to stabilize and bounce a little bit it looks like we're going to get that this morning the markets have been lacking a comprehensive government response across the world they've had these one-off measures nothing that was comprehensive before is there a sense now with this infusion of all of this public all of this uh Federal money from all these different governments going into these banks that this is finally the solution uh we're very hopeful of that now it's it's definitely the right type of thing to do because it recapitalizes these Banks it gives them actual fresh money to go out and start doing the basic lending and borrowing type transactions that they've been reluctant to do for so long this is what I want to talk about this morning Libor 101. Libor is the rate at which banks lend money to each other and as long as it's high which it has been these Banks aren't doing business and as long as they're not doing business Main Street can't do business exactly when does this number come down it has eased back overnight a little bit in response to these measures but it remains very very elevated I do think it's going to be a long convalescence process where these Banks get more comfortable lending and some people are saying that governments are going to have to literally guarantee all banking transactions even short-term ones and in fact maybe even forced Banks to go out and lend because you can give them the money but if they're not willing to go out and lend it then it doesn't get into the system this is such this is so much about confidence this is so much about psychology at this point because there's everything in the world has been put together to prop up these financial institutions how do you give confidence to a bank CEO to say it's time to go back you've got to start going back to business again my sense is that confidence follows capital and we're finally getting these banks in a position where they say look we're not going to let you go under we're going to make sure you have enough capital for now and then as I said they may literally force them to go out and participate in these routine overnight transactions he said is that a little bit of light on the horizon is it do you think it could be uh maybe it's you know we're going to try this morning you want to see how the day ends not starts thanks very much Michael santoli do you appreciate all right gosh foreign yeah
World Markets Make Gains
CBS
Transcript
governments around the world have been pouring a lot of very expensive medicine down the throats of financial institutions and today is the day we're supposed to find out whether the patients are feeling any better thus far thus far there are signs that things are beginning to improve markets around the world have risen today but after the devastating losses of the past weeks it's much too soon to call it a rally and there's still a huge amount of ground to make up in Britain where the government has taken the most comprehensive of approached to propping up markets the banks have begun to take up the government offer of huge cash injections in return for partial ownership a staggering $3 billion is being absorbed by three of the major Banks the fourth Barkley's says it will find the money it needs privately Britain's prime minister Justified the action this morning to let the chips fall where they may would be the height of irresponsibility it would be a failure of leadership at precisely the moment vigorous action is needed to protect people who need that help most the hope is that the recapitalization of the banks with public money its nationalization by another name will allow the banks to start lending again and grease the financial wheels that had stopped turning frankly there's no plan B so I think this will work it'll be very painful we're also heading headlong into recession but let's hope it's very short at least that's the hope the British model in one form or another is being adopted across the world and that sound you hear is of a lot of financial Executives and everybody else holding their breath to see if it really works Julie CBS is Mark Phillips in London thanks Mark so will it be another roller coaster ride on Wall Street today CBS News correspondent Bianca sarano is at the New York Stock Exchange with that good morning Bianca hi good morning still too early really to tell but markets around the world as we just heard breathing some new life as five central banks including the federal res reserve and the European Central Bank have announced today new measures to bolster funding to Banks the bank of England the European Central Bank and the Swiss National Bank all said that they would provide unlimited US dollars to financial institutions and the bank of Japan said that it is considering the same again still too early to tell especially after watching all of that extreme intraday volatility and after wall Street's worst week ever that we saw last week but at this point the future is up just shy of 400 points Julie [Music]
Echoes of a Dismal Past - NYTimes.com/video
The New York Times
Transcript
[Music] this is an unusual moment in American history a moment I never thought I would see uh we are in the midst of a panic in reminiscent of the Great Depression of stories my father told we are at a moment when nobody wants to do anything and that Panic is spreading the FED is trying to reverse it with lower interest rates the action taken today and subsidies of All Sorts to con that in effect would convince people to go back to business as usual Floyd um I never thought I'd see this happen what do you think well I don't know anybody who expected this to happen yeah a lot of people thought there were going to be problems but what has happened is it's more than people panicking it's Banks the government has been trying for months to provide us with assurance that financial institutions would be okay they offered lines of credit then they bailed out a couple of them what it's done is to just remind people that there were problems and now we have a situation where the banks are scared to lend to each other and that threatens to just bring the financial system to a halt the government is doing what it can they've learned the lessons of the 30s and the lesson of the 30 was to put ideology aside and do whatever you can to bail it out they didn't learn the lesson of the 20s which was that when asset prices go crazy you should do something about it as they're trying to do something about this they're not succeeding right now eventually I'm I'm sure they will but it's scary I agree with you uh Floyd I think that uh we have learned the lesson of the 30s and the difference between now and the 30s is that we have the lessons under our belt and we are acting rather quickly it took the US government two or three years in fact until rouseville came into office two and more than two years into the depression before the government really stepped in and act acted so I'm wondering Floyd do you think that the lessons of the 30s will now limit the damage well the first thing they're going to do is limit the damage of the financial crisis we've got to get an operating Financial system which we don't really have right now and we're going to have to find a way to recapitalize the banks I think eventually we're going to see the government putting money directly into Banks buying stock ideology we're doing things that we never would have considered possible even a few months ago we have the government lending money to businesses all over the country are announcing it will without any kind of preconditions without any kind of collateral that is really amazing if you go back just two or three years ago you had this hor this powerful argument that government was the problem so there is emerging from this an understanding that markets and government are married whether they like it or not I think also if this is Marxism it's more like Groucho than Carl we used to have a system where there were regulated players and there were unregulated players and that hasn't worked I think we're going to see a lot more regulation to some extent won't be necessary I think one of the thing reasons this happened is that the generation that went through the depression the people who were around in 29 to experience it certainly as adults are virtually all gone now if you were 10 years old in 1929 you're pushing 90 now so this was largely not part of our memory and if this lasts for a long time it'll be part of the memory of a lot of people
Europe in Turmoil - NYTimes.com/video
The New York Times
Transcript
[Music] what began as an American crisis in the American subprime Mortgage Market has become a truly Global crisis and what we've seen is Europe is the latest part of the world to be deeply affected by the toxic assets that came from American mortgages these assets are now held by European Banks and that has led to a loss of confidence amongst European Banks this has led to a crisis not just from investors to have confidence in European Banks but even between European Banks to lend money to each other on Tuesday Finance ministers from 15 different European Union countries tried to come up with a coordinated european-wide policy the best they could do however was a set of General guidelines meant to coordinate between the different National capitals but each country will continue to pursue its own policies to save its own Banks rather than coming up with a single European policy polic that will be applied across the continent a longer term worry is that we are entering a global recession even in the best case scenario where confidence can be reestablished quite quickly we can see several years of weak economic growth ahead of us if we imagine today that the measures that are being put in place fail to address the issues that policy makers are not able to contain the current crisis and that things spread like wildfire this is not my central scenario but this is clearly the risk today the employment Market is still doing reasonably well but on the other hand all the budgets are Frozen all the budgets are stopped and people are waiting waiting for the moment no one is moving they're wondering what's going to happen and everything is delayed today the French they're afraid as soon as the media reports something the French they stand back they prefer to take a step back not consume and wait to see what's going to happen in reality we're waiting for what I don't know we're waiting another critical component of this crisis in Europe is whether financially weak countries such as Iceland which today sought out a multi-billion dollar loan from Russia will be able to save off National bankruptcy Europeans originally saw themselves as largely immune to what they saw as an American crisis in the end one of the things it has revealed however is the weakness of European institutions what the ramifications of the weaknesses are should become clear over the coming days and weeks
Fannie Mae and the Financial Crisis - NYTimes.com/video
The New York Times
Transcript
[Music] in many ways when the government took over Fanny May last month it was the spark that started this current economic crisis now up until this point Fanny May was the most important mortgage company in the world what Fanny May did was that they would buy loans from lenders and other companies repackage them and then sell them to investors the lenders would get fresh Capital that they could use to make more loans investors would get these great mortgage back Securities and Fanny would take a fee for guaranteeing that the borrowers were going to pay off their debts so in a lot of ways they're the lubricant that makes the housing economy go what my story in the New York Times explains is how Fanny May went from being a pillar of the housing economy one of the safest institutions in the United States to a company that continuously was buying riskier and riskier Loans understanding the decisions that were made by Fanny May and by some of its executives by Regulators are key to understanding why this financial crisis has played out the way that it has one of those key characters is Dan mud who headed Fanny May starting in 2004 until it was taken over by the government last month shortly after Mr mud took the head position of Fanny May he had a meeting with Countrywide Financial the nation's largest lender in that meeting the head of Countrywide Financial said to him we've had a great relationship but if you don't start buying my riskier loans I'm going to cut you off this was a huge threat to Fanny May they were already losing market share to a whole bunch of Wall Street Banks and so what Mr mud did is he steered Fanny May into riskier loans moreover lawmakers were constantly pressuring Mr mud and Fanny May to buy more and more loans from low-income homeowners who are typically some of the riskiest bets when the housing market started going Belly Up in 2007 all of a sudden Fanny re realized that it might be on the hook for billions and billions of dollars and as we know beginning in 2007 that's exactly what happened which is why last month the federal government had to take over Fanny May and its cousin Freddy Mack at a potential cost to the taxpayer of $200 billion
Financial Crisis Hits Teens - NYTimes.com/video
The New York Times
Transcript
Aon okay touching your hair deep breath everyone looking over the Elizabeth Irwin High School in downtown Manhattan offers a snapshot of how the country's financial crisis is trickling down to nearly everyone although they don't work on Wall Street and may not own stocks the students here say they are feeling the pinch of a slumping economy definitely today I was really nervous you know just I always get coffee in the morning and I was sort of like oh no should I not do this we're not very good Cooks in my house so we normally we don't go out but we'll order like pizza or Chinese food or Mexican food but now we're kind of saving our money and buying I guess in bulk Elizabeth Irwin is a private school tuition is $31,000 and 36% of the students receive financial aid check out your homework please Thomas Murphy teaches a class for 11th and 12th graders called economics and Society the financial crisis is bringing his curriculum home in a new way I've watched it evolve over the last couple of weeks I think that initially it was seen as something that was distant and didn't really pertain to most of them and just in the last two weeks you're starting to get a sense that parents are beginning to talk about diminished expectations but I don't know if that's actually translated into weight you can't buy that for many of the kids they couldn't buy it to begin with but for the others I think the reassessment is Just Happening the assumption is that housing prices were always going to go up but what happens if the housing prices drop it's not enough to get out the mortgage exactly you're stuck you can't get out from underneath your mortgage you can't sell the house from less and say you know I took out a mortgage for 300,000 I sold a house for 250,000 uh you got to eat 50 ,000 bank now the bank's like you owe me 50,000 on top of this now you're homeless Joe and you're $50,000 further in the hole taking out a mortgage that's such an old thing to do I mean I was always taught that that was such a safe investment and that was what you did and that was like you know sort of part of becoming a grown up was eventually I'd get my mortgage and like so I don't think that was a matter of being IR responsible I credit cards are a little different but my question is what next and what does it mean for you in a concrete way many of our kids don't have 100$ 150 $180,000 just sitting in the bank waiting for them for college and they're worried about can I get a loan for financial aid acceptance open that page typically in down economies when jobs are scarce more people go to college but with the credit crisis many banks have stopped offering private student loans it is too soon to know the impact on scholarships but students are already nervous I feel like I'm working so hard in school to be like you know this I'm first generational go to college and really be try to be successful in life and now I'm afraid all my hard work in the end won't be enough to make it
Time to Get Out? - NYTimes.com/video
The New York Times
Transcript
[Music] with the Dow Jones Industrial Average off just a me or 2.0% on Wednesday it almost felt like something of a relief like we should have a victory Rally or something given how bad things were on Monday or Tuesday uh but still you know even the smaller declines couldn't help kind of Tamp down the the echoing voice in a lot of people's heads on Main Street everyday investors who are wondering with things so messed up in the markets is now the time to sell and go entirely Into Cash the problem with this line of thinking is that it involves something called Market timing Market timing implies that you not only have a sense of when the right time is to get out of a certain asset like your stock mutual funds but that you also know when to get back in again too so let's just dispense with the first part of that uh the fact is is that the best time to have gotten out of stocks would have been about a year ago not right now right now we're looking at Major stock indexes that are down anywhere from you know 30 to 40% uh if you get out now you're essentially locking in those losses then the other problem here is that you've got to figure out when to get back in this turns out to be a real problem because when you're sitting on the sidelines just missing a couple of days of rebound whenever that may be tomorrow next week and a couple months and a couple years if you missed just a couple of those days studies show that you may miss out on huge ug GE amounts of gain in your overall portfolio over time turns out that those few days can make a huge difference and nobody knows when those days are going to happen there's no email message that goes out there's no broadcast ahead of time you just have to Simply know be smart enough to be in the market on those days and most of us simply can't figure that out uh so a better situation for you might be to think about your stock portfolio the same way that you think about your house if you own one the fact is that's probably down big two but you're not thinking about selling it and renting right now you're thinking about it over 5 years or 10 years and 20 years and if you're not someone who's retiring you know in the next couple of years you have that luxury of time and it's probably best to think about your stocks the same way that you think about your house I'm Ron leeber from The New York Times