we welcome china's rise. we think the fact china has grown as remarkably as it has has lifted millions out of poverty and that is ultimately good for the world and good for america. because it means that china has the opportunity to be a responsible partner. it means that china can be an enormous market for the united states, for korea, for countries throughout asia and around the world. and it is just good to get

people out of poverty. give them opportunity. what i have also said is precisely because of china's success, it is important that it act in an important fashion internationally. the issue of the r&b is an ear taint not just to the united states, but it is an ear taint to a lot of china's trading partners and those who are competing with china to sell goods around the world. it is under value and china spends enormous amounts of money intervening in the market to keep it under valued. and so what we have seed is it is important for china in a gradual fashion to transition to a market-based system. now, this is something that china has done in the past and

china has also acknowledged that it needs to transition to a more balanced growth strategy internationally where they are focusing on their enormous domestic market and giving people the opportunity to buy goods and sfs and consume -- sfs and consume, all of this -- all of which will produce it around the world. i think what this communicates to china, but to ail of us is letting currencies reflect market fundamentals, allowing your currency to move up and down depending on the role that you are playing in the international trading system. it is the best way to assure that everybody benefit from trade rather than just some and it strongly communicates that principal.

my expectation is that china is going to make progress on this issue. the president will be visiting me in washington in january, and our hope and expectation is that we will continue to see progress on this front. it means adjustment for china. we understand this is not solved overnight, but it needs to be dealt with and i am confident it can be. you know, i think what we will naturally see is a whole bunch of talented people rise to the top as they promote good ideas that attract the american people when it comes to jobs

and investment and how to grow the economy and how to deal with our challenges. i think speaker pelosi has been an outstanding partner for me. i think harry reid has been a terrific partner in moving some very difficult legislation forward, and i am looking forward to working with the entire leadership team to continue to make progress on issues important to the american people. >> cheryl? >> thank you, mr. president. i'm hoping to get you in a little bit of a reflective mode. you spoke in your press conference in dc about your relationship with the american people. you said then that it had built slowly. it peaked at this incredible high, and then during the course of the last two years it had gotten rokier and tougher. -- rockier and tougher. i am wondering if the same is with other foreign leaders who

were falling all over you on the world's stage. >> that's not how i remember it. i remember the g-20 you guys were writing the same stories about the exact same issues. don't you remember that, cheryl? the united states obviously has a special role to play on the international stage, regardless of who is president. we are a very large, very wealthy, very powerful country. we have had outside influence over world affairs for a century now. and you are now seeing a situation in which a whole host of other countries are doing very well and coming into their own and naturally they are going to be more uher

is tiff in terms of their interests and ideas, and that's a healthy thing. that's why we now have a g-20 because the old arrangements didn't fully reflect these new rethe yeahs. -- these new realities. but let's just reflect on this summit. the framework for balanced and sustainable growth is one that we helped to originate. the financial reforms and bozzle3 are based on ideas that came out of our work and reflect many of the principals in the development document set forward. it tracks the development ideas i put forward several weeks ago in terms of how how

we can encourage not just aide x but also self-sufficiency. the corruption initiative was prompted by recommendations and suggestions we made. so sometimes i think naturally there is an instipg to -- instikt to focus on the disagreements. it is just a bunch of world leaders sitting around intervening. so there is a search for drama. but what is remarkable that in each of these sum mitts, we actually made real progress. sometimes the progress -- charting the progress requires you to go back and look at previous sum mitts starting off with let's say on

financial regulatory reform. in toronto we said here is what we need to do. let's have this ready by the time we get to seoul. it wasn't real sexy in toronto and nobody wrote about it, but it moved the ball forward in terms of a coordinated response to financial regulation. i met reform. it is something the united states says we need to get done. and in previous sum mitts we said we are going to find a way to get that done and low and behold here we are at the summit and we actually achieved what is a hiewmg shift in how power is assigned at these international financial institutions. the work that we do here is not always going to seem dramatic.

it is not going to be immediately world changing. but step by step what we are doing is building stronger international mechanisms and institutions that will help stabilize the economy and ensure economic growth and reduce some tensions. last point i will make on this, part of the reason that sometimes it seems as if the united states is attracting some dissent is because we're initiating ideas. we're putting them forward. the easiest thing for us to do would be to take a passive role and let things just drift which wouldn't cause any conflict, but we thought it was important for us to put forward more structure to this idea of balance of sustained

growth. some countries pushed back. they were concerned about is this somehow going to lock us into having to change our growth patterns or our trad policies or what have you. that is natural. it arises out of the fact that the u.s. is showing leadership. and we are pushing to try to bring about changes. >> [inaudible] if you noticed any change in your time in office? >> and i think my relationships from -- have grown much stronger with the people i worked with here. i mean, when i first came into office, people might have been interested in more photo ops because there had been a lot of hoop la surrounding my election.

but i now have a genuine friendship with the prime minister of india. and i think that he and i share a level of understanding and interest in working together that didn't exist when i first came on to the scene. i think the same is true for a lot. that doesn't mean there aren't going to be differences, but the same is true for my relationship with president hu. it wasn't easier to talk about currency when i had just been elected and my poll numbers were at 65% than it is now. it was hard then and it is hard now. because this involves the interests of countries and not all of these are going to be resolved easily.

it is not just a function of personal charm. it is the country's interest in working through. okay. savannah guthrie? >> a quick follow-up. david axel rod's comments that your position is to temporarily extend the bush tax cuts. is that the wrong interpretation? >> that is the wrong interpretation because i haven't had a conversation with republican and democratic leaders. here is the right interpretation -- i want to make sure taxes don't go up for middle class families starting on january 1st. that's my number one pry rt yo. for those families and for our economy. i also believe it will be fiscally irresponsible to permanently extend the high income tax cuts.

that would be a mistake. particularly when we've got our republican friends saying their number one priority is making sure we deal with our debt and deficit. so there may be a whole host of ways to compromise around the issues. i am not going to negotiate here in seoul on those issues, but i have made very clear what my priorities are. >> that was actually my quick follow-up. it leads me to my real question which is, speaking of fiscal responsibility, given the fact that the bulk of the expense of extending the tax cuts is to the middle class, trillions of dollars, in the interest of telling the truth to the per people, can we afford that? >> the middle class in the united states saw their real

wages go down 5% over the period of 2001 to 2009. at the same time their cos were going up. so giving them permanent relief it good for those families. i also believe it is good for our economy right now at a time when we are still in recovery. the costs are significant. we are going to have to have a discussion over the medium and long term, how do we match up our spending with our revenues. right now they are way out of balance. that's why we have a deficit. that's why we have a debt. it is our responsibility to make sure that that gets solved.

i don't start thinking on the revenue side. i start thinking on the spending side. where can we potentially save money? of the i look forward to getting the recommendations. i will study those carefully, consult widely and see what we can do on the spending side that will have an impact. and then we've got to see how much of a short fall do we have, and then we have to have a debate which will be a tough debate. it has to be an honest debate with the american people about how do we pay for those things we think are really important. i think it is really important for us to invest in research and development because that's going to be the key to innovation and our long-term economic success. but we've got to figure out how to pay for that. i think it is really important to invest in our education system.

that's going to be a key to our long-term economic growth and competitiveness. how are we going to pay to make sure young people go to college? i think it is important to make sure social security and medicare are there not just for this generation, but the next. how will that be sustainable? that's a series of tough con veer conversations. if we are spending $700 billion or if we are borrowing $700 billion to pay for tax breaks for folks like me who don't need them and where i am least likely to spend that money and circulate it in the economy, that's probably not a great approach. but i know the other side feels strongly about it, and i am willing to have a tough, hard headed discussion with the democratic and the republican leaders about that issue.

chip reid? >> thank you, mr. president. i know it is not your habit to comment on fed decisions, but there has been quite a bit of reporting that there is not a lot of happiness of the g-20 countries and on the decision. i am not asking for your comment on the decision, but did you get an earful from other leaders here on the fed decision? could you share with us what some of them said? and if you are not willing to delve into that, what is the one piece of advice or concern about the u.s. economy and the steward ship of the economy? >> what about complements? there were only complaints or concerns or -- you know, there was not a lot of discussion about the fed decision in the leader's meetings. a couple times there was

veiled refnses to monetary policy that may have affect on other countries. but it wasn't central to any of the discussions we had. i know in the margins there was a lot of discussion and in the press there was a huge amount of discussion. i have to tell you that wasn't part of the discussion we had in the leaders' meetings. most of it had to do with how do we translate this idea of rebalancing into concrete steps? the commune -- communicaye reflects the senses. the reporting is all talking about conflict -- the communicae reflects a hard one consensus that the world's 20 largest economies signed up for.

that gives us some mechanisms to start monitoring, looking at ipd caters -- indicators and seeing how countries are doing on this front. it doesn't provide an enforcement mechanism, but it says to the united states or it does give the international community the ability to monitor and see what countries are doing and to see if the policies they are pursuing are fair to their trading partners. and if they are not -- >> president obama is wrapping up his news conference in seoul. the president speaking after attending the g-20 summit saying the world's developed and developing economies have been successful in putting the global economy back on a path toward recovery. mr. obama says the progress hasn't come fast enough, especially in the u.s. mr. obama's 10-day asia trip is now going to take him to yo caw huh ma, japan where he will meet with several world

leaders before heading back to washington. "red eye" is coming up right after the break.

has kanye west turned sour on matt lauer? he wept on an angry twittering spree. we are such wooses. following a tuesday appearance on something called "the today show" he was discussing his president bush is a racest mea-culpa. he used video of the infamous taylor swift bum rush. but let's let matt lauer quote kanye's tweet. >> kanye fired off several tweet, quote, i wonder if matt lauer thought that] blank [was cool to play while speaking about bush. >> and the answer in question? >> it was so funny to knee

that it a race thing. what i was expressing was my spruce -- was my frustration of seeing years and years of -- you know, how am i supposed to talk if you are going to run it? >> it is under. >> i'm hearing it. >> can you take the sound out of the overheads. >> you said it wasn't a race thing. lease don't let that happen again. that's ridiculous. >> you know, it is something we do every day when a guest is talking about an incident or a location, we run video of that location or that incident. there was nothing improper about it, nothing unusual about it whatsoever. and we should mention that president bush was here on wednesday and he said appreciated west's apology. that's what all the hubbub is about. >> didn't seem like much, but. >> that is the funniest thing

i have ever seen. don't ever let that happen again. lauer did plug kanye west's upcoming thanksgiving day performance. let's go live to taylor swift for comment. >> she has never really fully recuffed from this. rick, you are a tv guy. is it simply -- is it just a simple fact that maybe kanye didn't know that people roll tape, and maybe they had the sound on too loud? >> here is who he owes an apology, tape pa's. these are young kids out of school making a few bucks an hour. they need to gather any appropriate roll that can be run at the right moment during these interviews. and now what is going to happen to these people? >> they are going to get canned, and they should. diane, is kanye trying to be a better person and we are just

screwing up? >> it reminds me the larry king thing where he thought his guest was walking off stage. the people at home don't always hear the sound. sometimes we do in our ear. the problem is he keeps learning from these experience where he think the man is out to get him, and then he has to apologize are to the stupid thing he says. this is another example. instead of asking a question and stopping talking he lashes out at lauer and lashes out at the people behind him and goes on twitter and lashes out on the show. >> here is the thing, twitter. we are men. even i go on twitter and whine, what is happening to people? that's what they do. >> you are talking about a guy whose cool audience are high school children and girls. there is a reason for the confusion. kanye, you are stupid. you are a stupid person. i have never seen a man act

with such conviction, with such little information to back it up. he is a complete ego maniac. you are a whine knee baby [explativ]. your music sucks. 50 cent has always been better than you. you suck. shut up. i can't wait for you to fail. you will fail. the empire will crumble soon and it will be righteous. >> bill, you get the last word. you also work in tv. what is your take? >> and i don't want to bring him down here, but i think the big thing is how do social media play a role when it comes to being a journalist? now what you do is you have these quotes coming from what you think might be stars, what we think might be something they actually tweeted, and we don't know. >> one of the best videos on time. >> how am i supposed to talk with this -- let's not let this happen again. let's not let this happen again. i am tweeting about this after the show. >> back to you.

>> we didn't need that swearing. that was disrespectful. >> do you have a comment on the show? e-mail us on fox news .com. my direct line is 212-462-5050. >> tonight's half time report is sponsored by slide, the playground apparatus usually consisting of a chute and a ladder. thanks, slide.

welcome back. let's find out if we have gotten anything wrong so far. for that we go to andy levy. the trani in my bedroom caught me smoking. >> how did that happen? >> you know there is a smoke detector and it causes an electrical current that sets off the alarm. i learned my lesson, andy, no more smoking knee the trani. >> i think some day a trani in your bedroom could save your life. >> i didn't look at it that way and you are correct. my apologies to the trani. >> amazon yanks pedophile book. here is what you should do, open your own on-line bookstore and you and your perverted friends can sell your perverted friends. >> it is your preverted friends. >> you prevert. >> that's from dr. strange

love. diane, thanks for letting pedophiles know there are still plenty of books out there. >> i wanted greg to have some reading material. >> andy, thank you for assuming ouren entire od -- our entire audience was pedophiles. >> i didn't say entire audience. greg, you mentioned 300 people bought this book. even though amazon took it down and said you couldn't get the page, i used google cache and i noticed something interesting. larry, can we put that up? if you look under the customers who bought this item also bought -- can we spot shadow that? there you go. this is really something, imreg -- greg. >> i can only cur myself that journalists as joe's theory is

, those doing research also enjoy my book. >> that's what you surmise? >> did you sell 300 copies? >> by the way, kudos to pete townsend. he was all over this story. >> like five years ago. "time" announces the finalist for person of the year. so" time "go [explative] yourself. >> we can't repeat this show. >> that's not my responsibility. it is to tell the truth. >> and swear like a sailor. >> you don't want wyclef jean saying -- having any say of person of the year. that was just a publicity stunt? >> i feel much better now. thank you for telling me that. >> i thought they were picking

it too. >> this is actually cool. it was great you made fun of megan mccain for saying june yuan assage since you said he is swedish. he is australian. >> i believe he is of swee desh daw -- swedish decent. >> you are thinking about the fact he tried to pick up a girl in sweden or was ared for sexually assault. >> didn't he sexually assault the swee swedish girl? >> joe, you think the person of the year should be you for all of the trouble you have gone through with sprint this year? you obviously never used at&t. >> i just itch swed back. that's how bad sprint is. i left at&t and went to sprint and went back to at&t. >> you will be pining for sprint real soon. >> it is like when i am drunk at 3:00 in the morning, bad decision, but then i go back to the bad decision at the end of the night.

>> greg, you think it will be the chilean miners? >> they got trapped in a mine and anybody can get trapped in the mine. >> it was a story of perer is veerns. if anything it is the people who rescued them. >> that's a better point. >> the chilean miners got lucky. they were at the right place at the right time. >> i don't know if you can call that luck, sir. >> you can if you are a prevert. >> greg-alogue, greg you said it is a small, fat, communist, like 50 million people. through in another 20 million for stalin and double that and then add owe freaks and you have crossed the hundred-million mark. >> your attempt to read numbers speak volumes about where your true sympathies lie. shut up.

>> as always it is important to remember that communists are idealists. >> one day they will perfect. >> first rule of journalism. >> it bothered you that they were playing fuze ball. >> i bet they bought it secondhand. >> they use an i. i bet they cheat. kanye is missed at matt lou. you said the people that should be mad are the tape pa, the people who find tape for shows like ours and matt lauer. you have no idea how it works. they exist to get blamed for things. that's their job. >> true. >> joe, no idea you were a kanye fan. >> he has let me down for the last time. i buy album after album. >> i do the same thing and i end up not liking them and i

pre ordered the next one. >> what is he doing with this one more singing? more auto tune? >> the stuff he had on "saturday night live" was pretty good. >> do you want to come over at 3:00 a.m. and listen to it. i thought you would never ask. >> i didn't. >> by the way x sara silverman tweeted on thursday, quote, i still feel kanye saying george w. bush doesn't mean anything. of course you do, sara. >> i don't think mike meyers agrees. >> i am done. >> you are done? go away. coming up, my cousin tony just got out of jail and he is sleeping on the couch tonight. i'm terrified of him. first, what did this rugby player do? and who do he do it too? the first part rhymes with sex examine the second part with a dog.

the disgusting story straight ahead.

it is like willy wonka, but for lonely weird owes. the latest issue of "playboy" comes out and there is a golden ticket. it is good for an all expenses paid trip for a party at the dying playboy mansion. and it could be the last time for those dreaming of filming in the grot toe. "playboy" has been asked to sell it amid financial troubles. let's discuss this in our lightning round. aka, stories we like, but not enough to include earlier in the show. still want to talk about. it so let's quickly do them now. joe, have you ever wanted to go to the mansion? >> in the -- not really, not really. for those who do i hope you find the golden ticket. also, if you find a brown

ticket you can change heff's colostomy bag. >> will this make you buy the magazine? >> i personally employed a warehouse full of oompa-loompa's so my dream could finally come true. >> those are what you call your pa's. >> if if your boyfriend or significant other won, would you let him go? >> sure, after we ended our relationship. no, i would let him go. >> good for you. >> bill, if you won, who would you give your ticket to? >> oh, greg. i think this is an amazing and relevant and sexy offer, said 1975. who cares now? >> thanks for explaining the . to mow. >> there was icing on the comedy cake there. >> the worst kind of people are at the playboy mansion. ever look in the magazine and see the pictures and you say, i don't want to be there next to dennis rodman. >> stop creeping me out bill

cosby. >> it is like a train wreck. i would go just to see it. >> it is not pretty. have to move on. the accounting firm price water house coopers is swimming in controversy. after a leaked company e e-mail hit the internet they ranked the top 10 hottest babes in the office. they sent it around. diana, if they did that on fox news and you were on the e-mail would you complain? >> i would take it as a compliment. >> should this be big news? >> it is so unlike women taking something complimentary and complain about it. i have nef heard of women doing this. >> rick, should they all be fired 1234 we do this all the time, but you shouldn't do it o mail, right? >> maybe not on your work e-mail. maybe you can on your gmail account. bill, how big of a scandal would it be if your company e-mails ever got out? >> i think they would find them delightful.

and when you do the snow photos, don't use real names. give them nicknames. like chesty mcwhines a lot and bloated mcnever does her homework, something like that. they don't have to be irish nick i'm thats, but there is no paper trail. >> those were amazing nicknames. i saw diane's face fade into grotesque signal. >> i stopped paying attention there for a second. to the lats topic because a man is always there when he has sex with another person. there is quite a scene after him performing a sex act with a dog was passed on the internet. it happened at the end of season party with the teammate's labrador. i guess it makes it okay. for the grace of god, -- >> yes. you are not guilty unless you get caught. we have all been there, right? >> joe, surely he was drunk

and didn't realize he was being filmed. can you forgive him for this? >> i can forgive him. >> i can't. >> my roommate in college was a rugby player and they are nut. he was drunk and trying to be funny. >> i hope the dog wasn't hurt. that's the thing that bothers me. >> it is consensual if they are waging. >> no, bill. >> i am told. >> there is no science that backs that up. rick, can you chalk this up to being a rugby player? >> being a rugby player? this guy was upset and sorry, not that he had sex with a labrador retriever, but somebody took a picture and put it on the internet. >> i don't want to think about what he did, but i am. that's the problem. it is stuck in my head. >> don't worry, he will probably have a book out on amazon. >> i believe it is one of the crazy team thengs where you get wasted and died -- and decide to do something. the dog has no choice. >> you put some peanut butter

on the hang down and drink a case of beer. >> i didn't need to know. >> joe knows how to do this. >> you wrote the book on this. >> i go on amazon. >> don't do this. those animals don't deserve that. >> don't have sex with dogs. >> i know the pekanese are cute. >> bill will nef get laid -- will never get laid again. >> are these pants making a come back? first, what's my mom have to say about this and that? better question, stop asking stupid questions and get the hell out of here. sorry. please come back. i was just kidding.

that is why he was the greatest vice president we have ever had. only dick cheney, you could make a video game out of it. he is a scary dude. all right, i'm going to stop talking. >> the phone means one thing and one thing only. kickback and relax and listen to the messages. >> hi, just wanted to say hello. this is your mother. and how are bill and andy? i saw them last night and they look good. also, i thought it was pretty sharp to have father john on.

you know, he added a little fun and interest, and they have fun with him too. what i thought was really good having the robot ask him questions is the robots actually seem like every man wants some kind of answers to this eternity and so forth. i thought it was a great show. and you really were very good. you look healthy and well. and you know, it is that philosophical stuff that adds a little depth to the show. all of you seem to handle well. however, i do miss the giants. i will have to getented in the 49ers again. they don't create that same old stuff. but anyway, be good and i will talk to you again. >> you never know what she is

doing with the soccer team. i never got the low down. i never asked her. >> she is in charge with half time. she cut the oranges and then drizzles the oranges in wine. >> i think she was teaching him how to hot wire a are ka. >> she is probably the most successful car thief. >> she is not in jail, right? >> there you go. >> all right, close things out with the post game wrap up with tv's andy levy.

don't forget sh i will be on the o'reilly factor friday at 8:00 p.m. ear time. >> time to go back to tv's andy levy for the post game wrap up. >> what stories are you working on at fox news .com? >> i will be doing wacky news.

real team are playing the sport from harry potter. it is perfect for red eye. >> can they fly? >> not in front of muggles. >> it it doesn't seem quite the same, does it sf. >> it is interesting to see how they actually adapted to sports to make it like the one in the movie. >> if we could fly, i would totally play. >> it seems like a good idea for a book. >> check it out. >> so, it is funny you should ask, because i am anchoring fox news radio's coverage of election night, and who walks in but the palins, and it was lovely to have them and they were a great couple. during one of the commercial breaks todd gives me an elbow saying, we love it when you are on red eye. >> would he really? >> they did, they watch red

eye all the time. >> she hasn't said yes to doing our show. >> why not talk to her directly? >> sara, when are you coming on the show? >> never greg. >> wow, how did that -- >> she really does watch the show. >> incredible. >> i'm frightened by you and your weird how -- your weird powers. >> yes, as always, sprint completely sucks. do not give them your money. instead spend it on mcnuggets. >> i don't like mcribs stealing the thunder. there is room for everyone.