Transcript for Rebecca Jarvis Talks Economy, Donald Trump
Hi I'm -- -- -- this -- -- George Stephanopoulos I'm here with Rebecca Jarvis was NBC's. Chief business and economics correspondent welcome they are diagnosed glad to Seattle. And because we believe all politics is social of this week -- -- but some of the questions that you -- on FaceBook to Rebecca. So the first one is from red to stall and he says -- he asked when our business is going to really start hiring. That's -- the question now for five years really five years ago four years ago unemployment was 10% in this country now -- seven point 6%. And while we are seeing improvements in the picture at health care companies improvements in the hospitality leisure companies and in many of the service industries. Manufacturing. And construction have -- now one of the areas where we are seeing some small improvement is in construction and that's really tied to housing. Because home builders are actually having to build new houses as demand for housing picks up so we're seeing that but. But if Federal Reserve in its report this week. Said that next year they expect the unemployment rate to go to six point 5% to that would mean that businesses would have to start hiring. More heavily in the wait months of this year and the early months of next. The next question comes from -- says Rebecca when our banks going to start approving more mortgage loans for average Americans -- -- problem. It's difficult still in this country to get alone in part of the reason for that is it was too easy it's for when the housing bubble burst one of the things behind it is that keep for getting approved for loans that they shouldn't be getting approved for they were being either talked into -- Or personally decided to go for houses that were just far too expensive well today we see the after -- of that. We see you must have 20% down payment you must have stellar credit in order to get a loan. And that I believe is here to stay for some time because the banks have had to learn the hard way. That they can't do business like they used him. -- chairman Ben Bernanke made an announcement this week that roiled the markets. But it's hard for some people to understand. What exactly did he say and what is -- bottom line impact for. The average American so our economy has -- running on training wheels you might say the Federal Reserve month after month. Has been pumping 85 billion dollars of its own form of stimulus what's known as quantitative easing. Into the economy. This week the Fed chair said to the markets and to the world the economy is showing signs of improvement. And then he hinted that because of those signs of improvement he could dial back on some of the stimulus starting this fall. In layman's terms what it means -- word economy we've had training wheels on. Training wheels are going to be coming off soon can we ride -- bike on our own with Al that help from the Federal Reserve. For the average person this week what I meant is stocks traded a little bit lower. In light of the Federal Reserve chairs comment. But in the bigger picture I think what it would really mean is that interest rates are starting to go up. And when you trying by a mortgage or -- -- home rather with a mortgage when you need a car loan or you -- -- expand the business. It is getting more expensive -- in just one week's time. Average rate on a thirty year fixed rate mortgage went up almost a quarter of a percent. From 4% to four point 24% now the reality is that -- record low rate you're still getting won the best deals in history if you can get access to that loan. But for those who thought that they're gonna get the rock bottom rate on those interest rates while its rights and and of course we had a ton of questions about -- -- on the -- -- know little about a little bit about that but what was it like working with Donald Trump it's. The whole experience was sort of a whirlwind and going through that experience as someone who was how I. I'd just come out into the work -- two years before. I had had a couple of jobs. But it was a total learning experience being around all of these completely different people and of course Donald Trump. The number one question I got from -- -- after the apprentice was his hair bright -- -- still there. Well I can tell you that up close. It looked like he was attached to his head like it a natural way. Inside information there -- OK so now it's time for our lightning round one piece of advice to young journalists. We go for -- and at work harder than everybody else and in my case I studied. A different topic and others that I -- economics so feel free to study what ever you want but learn to write. One thing you can't live without. Copy. In this worldly and well we have a ton of people on our FaceBook page that would -- answer grand picture we've we've posted say you look a lot like Sandra -- -- your neighbor Sandra Bullock -- Speed speed -- be it. And guilty pleasure. I think reality TV and start saying are on their side. We'll thanks for staying after roundtable to answer your questions I think you do ever going to submit your questions for backup you can follow the show on Twitter at this week ABC and -- on FaceBook at FaceBook dot com slash this week ABC.
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