with so many pension and money market funds staying in cash, bank of new york mellon plans to charge a fee on big cash deposits. the bank says it's passing along the costs from the sudden and significant shift to cash. the fee is 0.13% on accounts holding more than $50 million in cash. b.n.y. is a custodial bank, meaning it caters to large depositors. it does not deal directly with consumers. >> tom: president obama is urging timothy geithner to stay on the job as u.s. treasury secretary. geithner was said to be considering leaving once the debt debate ended, but the white house wants him to stay on as the economy continues to struggle and the president is facing reelection. geithner has headed the u.s. treasury since 2009 and is the last original member of obama's economic team. >> suzanne: so what's the value of a college education? tonight's commentator says you might be surprised to find out just how much it pays back. he's jamie merisotis, president and c.e.o. of the lumina foundation. >> have you ever wondered if the person sitting next to you at work, doing the same exact thin

bank of new york mellon told investors like pension funds and investment houses it would start chargingheir cash because they were depositing so much after selling off shares. and as if things weren't tense enough, today the government releases july's all-important payrolls report. many expect a slight rise in unemployment. >>> well, don't bump the ump. the yankees beat up on chicago again. and real cool fans don't need a glove to snag a foul ball. >>> plus, tiger woods is back on the golf course, but did he bring his game with him? your first look at sports is straight ahead. it's a necessity. i find investments with e-trade's top 5 lists. quickly. easily. i use pre-defined screeners and insightful trading ideas to dig deeper. work smarter. not harder. i depend on myself the one person i do trust to take charge of my financial future. [ bell dinging ] maybe not. v8 v-fusion juice gives them a full serving of vegetables plus a full serving of fruit. but it just tastes like fruit. [ male announcer ] get five dollars in money-saving coupons at v8juice.com. in money-saving coupons at exxon

with so many pension and money market funds staying in cash, bank of new york mellon plans to charge a fee on big cash deposits. the bank says it's passing along the costs from the sudden and significant shift to cash. the fee is 0.13% on accounts holding more than $50 million in cash. b.n.y. is a custodial bank, meaning it caters to large depositors. it does not deal directly with consumers. >> tom: president obama is urging timothy geithner to stay on the job as u.s. treasury secretary. geithner was said to be considering leaving once the debt debate ended, but the white house wants him to stay on as the economy continues to struggle and the president is facing reelection. geithner has headed the u.s. treasury since 2009 and is the last original member of obama's economic team. >> suzanne: so what's the value of a college education? tonight's commentator says you might be surprised to find out just how much it pays back. he's jamie merisotis, president and c.e.o. of the lumina foundation. >> have you ever wondered if the person sitting next to you at work, doing the same exact thin

is not the only banker scaling back-- bank of new york mellon, goldman sachs and state street have all recently announced layoffs. >> susie: just how weak is the job market? a new report shows that unemployment rates rose in july in more than half of all states in the u.s. while the nation's overall unemployment rate fell to 9.1% last month. joblessness was up in 28 states, unchanged in 13 and down in nine. nevada is still the hardest hit. the unemployment rate there: 12.9%. north dakota has the nation's lowest: 3.3% as we continue our series, how to fix the economy, tonight we focus on jobs. darren gersh reports on some out of the box solutions that could boost job growth. >> reporter: if there aren't enough new jobs to go around, how about this: instead of laying off one worker, reduce the hours of four or five people. and then use unemployment benefits to make up some of the lost pay. it's called job sharing and economist dean baker says preventing a job from being lost is as almost as good as creating a job. >> it doesn't make sense to say the government is going to pay you to be c

underneath well max another story related to this financial chaos going on at the moment bank of new york mellon charges depositors america's biggest bank has been forced to start charging customers who have deposits of more than fifteen million dollars as more investors take cover from the ma. turmoil so they're saying that they're basically trying to force people out of cash and into somewhere else because they're receiving so many people coming in flooding the banking system with all this cash and this is something we've spoken to james turk about where he envisioned reverse capital control that instead of capital controls being on money being taken out of the u.s. it would be against money being brought into the u.s. in order to avoid the hyperinflation of all those dollars that are overseas yeah another great point trying to stop that money from coming in by charging especially negative interest rates people say you can take interest rates below zero which you can by charging people to hold their money at the bank they start off with these big fifty million dollar positives and then they wo

. >>> and hsbc confirmed the sale of its credit card arm to capital one, and bank of new york mellon is cutting jobs. >>> solar shares spiked after an analyst says it has the best balance sheet in the try. ralph lauren gained on strong earnings. and cisco is rebounding after better than expected earns. that is it from c thbs, we are first in business worldwide. now back over to "hardball." >>> well, welcome back to "hardball." texas governor rick perry has big weekend plans. he'll travel from south carolina to new hampshire to iowa. no big secret there, but will he steal the thunder from what's supposed to be the big event the ames straw poll in iowa? here to discuss more is michael steele, and democratic strategist eric burns. i want an assessment about who will lose. perry looks like he's coming in. first, michael, is he coming in saturday? >> i think this is the announcement before the announcement. i think he's laid a lot of groundwork with donors. he's going to now touch on starting this past weekend with the base. the conservative base will go broad net this weekend, and i thin

in fact, bank of new york mellon said it will start charging large depositors to hold cash due to theincrease in dollar deposits. in earnings news, gm doubled quarterly results nearly and kraft beat out and announced its splitting into separate mac and grocery companies. that's cnbc, first in business news. now back to "hardball." >>> welcome back to "hardball." terrible news on the stock market. a drop of 513 points, fresh ammunition to republicans to make the case president obama is not healing the economy. what can the president say in his defense? time for the "hardball" strategists. a big night for republicans. steve mcmahon playing defense. i'm afraid to say. take it away. batting practice for you. make the case. why the president should not get re-elected for a second term? >> simply, you ask the american people, is the country heading in the right direction, and depending on what poll you look at, your latest poll was about 67% say, no. i've seen it as high as 75%. >> make an argument. what's your case? >> four things. jobs, the economy, spending, debt. every one of those indi

bank of new york mellon on thursday took the extraordinary step of telling large clients it will charge them to hold cash. the unusual move means that some u.s. depositors will have to keep big -- excuse me, will have to pay to keep big chunks of money in the bank, marking a stark new phase of the long-running global financial crisis. host: let me show you the editorial page of the "wall street journal" for their perspective on that story. they write, their lead he had to recall called the global rout, they write this -- host: next is a call from new haven, connecticut. chris is a democrat there. caller: hi, susan. thanks for taking my call. i think that the solution has got to come from the american people. i think it's pretty obvious that congress's solution to it is ruining our economy, just overnight practically. i think that america makes basically two products, ways to kill people and culture. and ways to kill people, i'm not real fond of. but culture, i'm real fond of. and we make the debt most popular culture in the world. why aren't we selling this product? i mean, the only peo