Video: Will buying debt lead to more jobs?

>>> in d.c. today, the federal reserve went to new levels to try to stimulate the economy. and to keep going to satisfy that the economy is recovering, wall street went straight up on the news. some of the closing numbers, the best since 2007 . steve, that is the first question, what does it mean to the average folks watching tonight?

>> reporter: well if it works, it could mean lower mortgage rates , and that could mean lower rates throughout the economy, maybe more economic growth, especially in the housing, construction industries and maybe more jobs overall. that would be the perfect scenario for fed chairman ben bernanke . what the fed did today was announce it would buy 40 billion worth of mortgages every month, until the labor market improves. what is historic, they said they would buy for a certain period of time. this is the first open-ended program the fed has had for a period of time. and it suggests they will keep their foot on the economy until they start to keep results, which could mean lower mortgages and even helping people under water in their homes. their mortgages are worth more than their homes are, get out of those mortgages into lower rates.

>>> all right, steve, thank you, as always. we'll take another break here.

>>> up next, a final tribute to one of the best americans of a generation. ally

Source: http://video.msnbc.msn.com/nightly-news/49026131/

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