meineke. >>> we're back with secretary of treasury, timothy geithner.e ask you about this, because i talked to a number of businessmen, and a lot of them said, can we tell geithner to stop beating up on business, tell obama to stop beating up on business? we feel like we're the villains, like we're being mistreated by congress. >> if you listen to what the president says, i feel at times the same way. we feel deeply that the strength of the economy depends on the work of the united states. their work at putting things at risk again. the president understands that. >> do you feel it fair to say that they've been battered unfairly? >> the financial system? >> let's talk about the financial system. >> the financial system has suffered a dramatic loss of trust and confidence largely because of the judgment many of the leaders of our institutions made in managing those institutions. the consequences of those choices were vae damavery damag to people across the country, and i think those firms will still have to do a lot to try to earn back the trust and conf

secretary geithner, mr. liveris, and madame hills, all the ladies and gentlemen, friends today i am deeply honored to have this opportunity to meet you tonight. [speaking in chinese] >> translator: and mr. liveris >> translator: and mr. liveris raised a question for@@@@@@@@@ that's a book written by mr. biewbin which has had a very major influence on me. and i agree with these points outlining in that book and through this book i came to know mr. rubin. people sometimes say a famous teacher must have smart students. and i just came to know that ?erkt secretary geithner is a student of mr. kissinger and mr. rubin. so that's the situation between tutor and student. and that inspired me. so i'm thinking about teachers that i can name that are as great or as smart as mr. rubin and dr. kissinger. and i found one. found one, and this is when i was studying and northwest -- nw university in china there was an old professor in that university and he was very famous in geology. in 1920's and the university and funded

meineke. >>> and we're back with secretary of treasury, timothy geithner. let me ask you about this, because i talked to a number of businessmen preparing for this conversation. and a lot of them said, can we tell geithner to stop beating up on business, tell obama to stop beating up on business? we feel like we're the villains, like we're being treat like criminals. congress does it and they don't stand up. the businessmen are heroes. >> if you listen to what the president says, and i stay all the time, we deeply understand that the future strength of the economy depends on the work of the united states. the judges they make and their willingness to take risk again and put money at stake in the economy again. the president understands that. >> do you feel it fair to say that they've been battered unfairly? >> you're thinking about the financial system? let's talk about the financial system. again, the financial system has suffered a dramatic loss of trust and confidence largely because of the judgments many of the leaders of our institutions made in managi

but geithner ran into opposition from many of the people he works with every day. darren gersh explains. >> reporter: today's hearing was as much about power politics as regulatory reform, a fact noted with some amusement by the man who called the hearing, house financial services committee chairman barney frank. frank opened by marveling at the complaints he is hearing from the nation's assorted financial regulators. >> they can argue that taking the powers away from them may not make sense, because the powers that will be taken away from them are in very good shape because they have rarely been used. >> reporter: which is why barney frank and the obama administration want to put the power to protect consumers into a new regulator, the consumer financial protection agency. the goal is to make sure products like abusive sub-prime mortgages never again threaten the system or consumers with disaster. the obama administration wants to go further, requiring financial institutions to offer simpler, so-called "plain vanilla" mortgages and other financial products as an o

treasury secretary tim geithner is on capitol hill. he is testifying how to regulate otc derivatives. should we abolish them all together? heck no. we'll discuss it. melissa, you're up next. >> new reports about aig quietly seeking government approval to pay out millions of done yuses to their top executives. it's bonusgate round two. are they justified? we'll debate it in "the call of the wild." this is "the call" on cnbc. >>> hi, everybody. the dow and s&p opened lower. dow is off about 45 points as of a second ago. the s&p off slightly. the nasdaq is actually posting a small gain. i have a surprise for you. i want to breakthrough this. if you look at today's trade numbers. listen to me for a second. today's trade figures show with exports improving, we might have a positive gdp number in the second quarter. i don't think our network has covered that. >> you've been standing behind that for a while saying that is a possibility. >> is's not a real recovery. it's a more statistical recovery. the fact the trade thing came in positively,

geithner is lining up. the house members of the financial services committee are coming back slowly into the hearing. we'll dive into all these important things. first up, commercial break. melissa francis, larry kudlow, this is "the call" on cnbc.or p. right now 1.2 million people are on sprint mobile broadband. 31 are streaming a sales conference from the road. eight are wearing bathrobes. two... less. 154 people are tracking shipments on a train. 33 are i.m.'ing on a ferry. and 1300 are secretly checking email on vacation. that's happening now. america's most dependable 3g network. bringing you the first and only wireless 4g network. sprint. the now network. deaf, hard-of-hearing and people with speech disabilities access www.sprintrelay.com. the first complete women's multivitamin in a drink mix. with more calcium and vitamin d... to support bone and breast health... while helping you hydrate. one a day women's 2o. refreshingly healthy. the same tools the pros use, so you can be a disciplined trader. by

reporter: neither does he, insisted treasury secretar timothy geithner >> innation in products-- that's verimportant to us. this is one of the great strengths in our syste we just let it g a little too far away from any bac sense of gravit weeed to bring that balance back a little bit. >> reporter: but every regator inown is shooting at some aspect of the new agency, calling it powers too broad or its structure o insular. testifying lat, federal reservchairman ben bernke, f.d.i.c. cef sheila bair and others we all asked whether they would take backome of the powers the ainistration wants to take from them and gi to the new agen. as fra predicted, they all agreed. >> yes. >> reporter: thaunited opposition is one reon treasury sectary geithner wants to movby the end of the year on regulatory reform. bankers, brokers andven regulators allave reasons to rest change. the adminiration fears reform will only t harder if it slips into next year. darren gersh, "nightly biness repo," washington, d.c. >> suzanne: stronger tn expected cporate earnings have helped undern stocks this week and push th

geithner, welcome again. of i want to ask you specifically in terms of would you not commit to at least having someone on your staff that is dedicated to increasing the participation of african-american-owned firms, management asset firms, other firms, so that they can get business in the financial sector as we -- as we move in this area? >> i think i can be -- i think i can do better than that in the sense that i would be happy to designate to you the principle senate-confirmed official in the treasury with broad responsibility over the design and management of these programs. part of whose responsibility will be to continue to make sure we're looking for opportunities to increase participation of, again, small women-owned minority-owned businesses in these programs. again, we're -- we've been pretty careful, and pretty effective in expanding those opportunities. happy to work with you on ways we can do better. >> because there are many, many well-qualified minority-owned firms who, if we don't make a specia

host: hosting the summit with secretary geithner. they have and op ed in the wall street journal about opening a new dialogue with china. at the top of their list will be assuring the recovery of the most but -- once recovery has taken hold, u.s. and china acted quickly to create and save jobs. also they focus some of this on policy recommendations for china. it involves continuing sector reform, spurring domestic demand and raising personal income. talking about the chinese. is it unusual for a secretary of state and treasury secretary to be so -- inserting themselves so much in another country's policy recommendations? guest: these are extraordinary times and we need the chinese to open up their domestic market and get them to spend more money in order to help us with our recovery efforts. this is unusual. this is also the first time that this kind of strategic balad has been held at this level. -- this kind of a strategic dialogue has been held. you can send us your comments by twitter or e-mail. she also talked about iran yesterd

and i just came to know that secretary timothy geithner with henry kissinger and mr. rubin, that is the kind of relationship between tutor and student that inspired me until i am thinking about teachers that i can name you are as great as they are and i found one. and this is when i was in northwest university in china, there was an old professor in that university. he was the very same in geology. in the 1920s -- founded by the conversation by allied forces who invaded china once i came to study in the united states, stanford university and the university of chicago called these universities. ladies and gentlemen, you may not necessarily know this person i am going to talk about, i just know his english name. he is very great, outstanding scientist. i can tell that the structure and composition, there are five schools of theory. the most popular school of these theories was advanced by the one that i mentioned. and he was initiator on the most popular, authoritative school on the structure of the shell of the earth. we were young and eager to learn from him and we as

finally, geithner says treasury, the s.e.c. and cfdc are making progress on deciding which transactions will fall under which regulator. drafts legislation, he says, is in the works and on the way. mark? >> all right. thank you, hampton pearson. let's find out how this is playing out in the early market action. kick things off with bertha coombs who is here with us at the big board. bertha? >> thank you, mark. certainly that michigan consumer number not receiving happiness here on the street. we've got both the dow and the s&p 500 poised for the fourth straight week of losses, as a lot of investors continue to worry about whether this stimulus, whether the economic recovery is going to take hold. alcoa set things off more or less positively with the earnings report. we're getting a big earnings warning coming from chevron that is weighing down on energy shares. although chevron didn't give actual numbers, they said hi prices really hit their margins. they also said the currency translation didn't help. and they're down in opera

the proposed cfpa would fix that, says geithner. on the issue of the fed, systemic risk regulator, quote, current loopholes that allow some institutions to shop for the weakest regulator is why the administration proposal evolving the federal reserves authority to create a single point of accountability is a potential solution for that area. this afternoon he'll be followed by federal reserve chairman ben bernanke. bernanke and geithner are on the same page as far as the fed becoming the systemic risk regulator. bernanke saying in his testimony it would be incremental and a natural extension of the fed's responsibilities. but the fed is reluctant to relinquish consumer protection responsibility. regulating financial products is a function of systemic risk and the fed already has lots of expertise and things like mortgage and credit cards, retail payments and banking. also joining bernanke this afternoon, sheila bair, fdic boss, she and the fed chair disagree on whether the should be a strong systemic risk counsel with teeth as part

. >>> while there may be exuberance in one quarter of wall street treasury secretary timothy geithner tried to temper expectations today. he did so in saudi arabia, telling some the country's business leaders to expect what he called a gradual recovery with more than the usual ups and downs and temporary reversals. and yet he pointed to some hopeful signs. >> decline in economic activity has slowed. business and consumer confidence has started to improve. the housing markets are showing some signs of stability. the cost of borrowing, the cost of credit has fallen significantly. credit markets are opening up and these improvements have been more substantial and have come more quickly than many of us expected when they were designed in december and january. >> for more on the treasury secretary's trip to the middle east, we are joined again by fadel gheit, a managing director and senior oil and gas analyst at oppenheimer & co. thanks very much for being with us again. i want to start right away by asking you geithner's trip to the middle east seems largely aimed at keeping those countri

geithner are certainly much more to of a kind and then mr. paulson and mr. bernanke. >> can you explain that? >> well, let's say that i can't -- but i have a kind of look at life that is marked parallel and a look at economics and financial methods that are more comparable. i think it must have been quite difficult situation for mr. bernanke when the financial crisis turned and maybe you can go back in your memory, it took quite a while for paulson and the bush administration to realize that this was really bad. this is not just a minor crisis that would go away in three months' time and i think there have been very interesting articles amongst "the new york times" about what bernanke had to do to convince paulson and other people in the bush administration that this was serious and is needed urgent personal reaction to prevent from getting into something really bad. >> there was a lot of resistance to government intervention in general which now we have seen pretty much told. practically anything goes of the moment is what it seems so what was the source of

we are joined by the secretary of the treasury, timothy geithner. thank you, mr. secretary. good to see you. give us your sense of the state of the american economy. there is some good news. a couple days ago there were jobless claims that were 100,000 worse than expected. what's going on? >> it is better, but we still face enormous challenges, and it's going to be a while before we're confident we're going to have any sustained recovery in place. but we have an economy falling at a remarkably rapid rate. we were losing jobs at 600,000, 700,000 a month. the rate of the declining economy is still dramatic and the rate of job losses still very significant. those are encouraging signs we're seeing improvement in the financial markets, more confidence by consumers, and businesses here and around the world, and that is due to the strength of the policies that this government working with the congress and countries around the world have put in place. the policies have been

tim geithner agrees.id you ever invoke the name of tim geithner or suggest that he was on board with your view on this, to apply the additional pressure to bank of america? >> i have no memory of that whatsoever. >> you do not remember mentioning tim geithner in the conversation? >> those are his notes, someone will have to ask him. i do not remember talking to joe price. as i have said, i've posted tim geithner and i did not look at him as a decision maker. i just do not have a memory of this context. >> you have never used them to your recollection for the additional pressure? website not remember that. >> there seems to be a lot of confusion and arguing over the semantics over whether or not there was a threat. you have been very clear in your earlier testimony that if they went forward with invoking this, you have attempted to remove him from his position. >> i did not have the authority to do that. what i said to him, if he did something so irresponsible -- clients and that was the response? what's f

tim geithner and leaves for his first overseas trip. his main message ishat your investments in the u.s. are safe. he is expected to say the budget deficits will not trigger while recession. "bruno" was number 1 at the box office last weekend. they had more than $30 million in ticket sales. "ice age" came in second and "transformers" came in third. coming up on "good morning america," older workers struggled to compete in a shrinking job market. that is your "money scope" report. i'm jeremy hubbard. >>> 71 degrees. >> a story of survival from deep inside a flooded mine. >> later today, elizabeth edwards and no question it is off limits. that is on "oprah," today at 4:00 p.m. >> thank you for working up with us this morning you're watching "good morning washington." >>> it was a deadly weekend for u.s. troops in afghanistan. two marines wereilled by a roadside bomb. thousands of marines have now deployed to that region in recent weeks in a major assault against the taliban. one soldier died from injuries received in combat last month. >>

and tim geithner will do the economics. so this is to kind of exorate. and periodically send it in for a tune up. these meetings, twice a year. and this will keep, i think what is often a very unstable relationship, on a much more stabile basis. >> what do you think could be the two most contentious issues? >> well, i think the issue that's really important now is climate change, because the copenhagen negotiations are coming up in december and if the u.s. and china could make some agreements that would give heart to the world to show that they are now in the game in a serious manner this would be an incredibly important move forward so that's going to be negotiated now. but they're much -- china's a developing country. we're a developed country. we have different obligations than they do. but how do we both consecrate ourselves to solving that problem? that's going to be one of the biggest questions under discussion. >> and then i presume when we talk about nuclear arms, we're talking about north korea? >> the internal subject of north korea. and the tr

none whatsoever. >> you don't remember mentioning tim geithner in the conversation? >> i don't remember it. those are joe price's notes and someone would have to ask him. i don't even remember talking to joe price. i remember talking with ken lewis and as i said, i posted geithner and i didn't look at him as a decision maker and i just don't have a memory in that kind of detail. >> you never used him to your connection as additional pressure that he was on board. >> yeah, i sure don't recall that. >> there seems to be a lot of confusion and we are arguing overy is mant ibs and whether or not you threatened mr. lewis and bank of america. i think you have been clear if they went forward with invoking, you would attempt to remove him from his position. >> i wouldn't move forward. i did not have the authority. >> what i said to him was i said to him if he did something so irresponsible -- >> that would in your view be responsible sf. >> the fed could do that as his regulator. >> you felt that would be irresponsible? >> yes, absolutely. very clear. >> that is clear. so ma

the person responsible for the tarp strategy, treasury secretary tim geithner, is due to be on capitol hill himself on friday. geithner and the obama administration have been pushing to increase regulations on hedge funds and other private investment funds...and in addition have the ability to declare certain banks and other financial firms as systemic risks, allowing regulators to take special actions to protect the economy. still to come the high cost of heathcare reform...what it all boils down to for taxpayers and workers. but first...does the securities and exchange commission have the tools to expand its responsibilities to an already long list of duties. in the effort to re-write the rulebook for investors, the securities and exchange commission could see its responsibilities expand to include hedge fund advisers, private equity and venture capital funds. this follows what has been a tough few years at the stock cop agency, including its high-profile miss of the bernie madoff ponzi scam. we continue our conversation with merri jo gillette, the regional director in chicago with t

secretary clinton and secretary geithner. the president attaches great importance to the realm of the dialogues. it's any great honor to read the message from the president. on the occasion of the opening of the first round of china-u.s. strategic in dialogue, i wish to give warm congratulations and best wishes. to set up the mechanism as an important agreement that president obama and i have reached, it is also a stroo strategic move aimed at strengthening the mutually benefit corporation between two countries in various areas and promoting a sound, steady, and indepartment development with china-u.s. relations in the new era. since the launch of this mechanism in february, the chinese and the u.s. teams headed by special representatives of the two ps have madea careful preparations and tremendous efforts to implement the agreement of the leaders and ensure a smooth convocation of the first round of the dialogues as scheduled. i highly appreciate your efforts. as two countries with significant influence in the world, china a

timothy geithner and ben bernanke are now in a power struggle over who should be the country's top consumer watchdog. >> our proposal is designed to preserve the opportunities for innovation. many of the practices of consumer lending gave innovation a bad name. what they claim was that innovation was often just predation. >> bernanke once responsibilities tuesday with the central bank, while timothy geithner wants to create a new consumer protection agency. the dow jones is giving back some of its gains and is down 27 points, but still holding above 9000 right now. the nasdaq is currently down 19 points. >>> a new program -- county employees have until september 18 to apply for a reduced interest rate to buy their first home within the county. so far, about 10 people have closed on homes. there are currently about 2500 vacant homes in prince william county. >>> we turn to the weather now on this friday. you can tell the humidity is hanging around and so are the storm clouds, so what are our chances for heavy rain? another cloud night like last night? >> we could have a couple storms. -- ano

timothy geithner says absolutely. sure, we can do that. he gives him a temporary one-year waiver of the rule, which, by the way, just, you know, just meant that he could not only hold the shares but also so that he could serve on the board of directors, oh, and also, mr. friedman can also now stay on the board and buy an additional 52,000 shares of goldman sachs. in the meantime, he makes $3 million. now, just so you know, goldman sachs, they have learned their lesson. i mean, look at them, they're profitable now. sure, they took all this money, and they took this money over are here, sure. sure, they took your money. they paid it back, you know, through tarp, but this was their money, from a.i.g. and they have learned their lesson, no more derivatives, no more c.d.o.'s or anything like that, and they won't really do oil speculation -- as much as they were, i'm sure, but they have a new derivative. it's called the green environment. they have just purchased 10% of the chicago climate exchange, and $1 billion of carbon assets. that's fantas

so, do we know what geithner is thinking? say anything in london worth -- >> not that i'm aware of, larry, excerpted the quote that simply said we can deal with this crisis and as -- as far as i'm aware, there was not any larger context there or any more of an answer to reporters' questions at that time. that is the key? what they do they them to do? is there an orderly transition here that you don't discontrol kate, as you said, all the small businesses that need the financing that cit is providing. >> what happens to the bond holders? >> the bond holders in the bankruptcy, trish, get badly, badly hurt, but again, recovery value, all of this is conjecture at this point, we don't know. bonds trading well off, trish but not trading at levels would you see for a company that was in a state where they were about to file. >> trish, remember how john mclaughlin used to close his program? bye bye. that's my answer to the bond holders. sorry. >> oh, dear. >> oh, dear, is right. >> do it again, larry, i like that. >> bye bye. >> that

>> well, that was certaiy the message fr sectary geithner and chairman bernanke. they both addressed this question slitly different ways. mr. geithner talkingbout reducinghe budget deficit. substtially by 20 or 2013 -- not 2010. b by 2012r 203. and mr. bernank spoke about the various so-called exit straty, whichasically means the duction of fedupport for lending and other financial activies in the u.s. economy. however as said, these are perspective ans. in some cases, they have to be approved by the congress whh may prove difficult. and the real probl for the chinese is that tey really don't have too much choice. if they didn'tbelieve these plans, what would they do? they could sell tir dolla now. that would precipitate what they're trying to avoidhich is a decli in the value the dollar. so kind ofaught twain rock and a hd place i would say. >>rade issues,hey were also on the tle. the americanhave been concerd about what they see as efforts bthe chinese to undercut amecan exports. any movementthere? >> well, they bth pledd to not apt protectionst measures. i thin

which geithner and bernanke said would happen earlier this year.reserve balance sheet it has shrunk, which is why the gold market has not popped the way people expected it to do. >> the government thinks it will pull out of some programs by october and let them stand on their own two feet. >> that's fine in terms of not buying treasuries. banks have more cash now, three times as much cash when lehman brothers went under in september. in terms of securitization, that's not working yesterday. >> you have people on the fed's case to talk about exit strategies. people think bernanke may lay it out in front of congress next week. isn't the balance slinking part of that process, showing we do -- >> the federal reserve has got to make a distinction between buying treasuries, this program of buying long-term treasuries is uselel that's damaging because it will raise the did he have have deficit. in terms of getting the market working, securitization market working, one last push. they should have done this three, four months ago. we wouldn't be here. >> th

geithner is scheduled to hold high level meetings tomorrow and wednesday with government and business leaders in saudi arabia and the united arab emirates. >>> the two-week selloff in oil prices continues in asia this morning. crude prices have fallen $14 a barrel, or 19% since june 30th. that's been welcome news at the pump. gas prices have fallen about two cents during the last two weeks to a nationwide average of $2.56 a gallon for regular. >>> and goldman sachs is expected to report blockbuster profits tomorrow. analysts predict the bank earned more than $2 billion last quarter thanks to placing winning bets across world markets. it's a dramatic turnaround just nine months after being slammed by wall street's worst crisis since the great depression. michelle? >> claire leka here in new york. claire, thank you. >>> a custody hearing scheduled today for michael jackson's children has been delayed. jackson's mother is the children's temporary guardian. his ex-wife debbie rowe is considering seeking custody of the two older children. >>> just ahead on the morning news, an unlucky stri

timothy had geithner says absolutely. sure we can do that. he gives them a temporary one-year waiver of the rule which meant that he could not only hold the shares, but this one that you could serve on the board of directors and also, mr. friedman, he can also stay on the board and buy an additional 52,000 shares of goldman sachs. in the meantime, time, he makes $3 million. now, just so you know, goldman sachs, they have learned their lesson. look at them, they are profitable now. sure they took all this money and they took this money over here. sure, they took your money. they paid it back through tarp, but this is their money from aig. they learned their lesson, no more did he river activities. they're not going to be doing oil speculation as much as they were. they have a new derivative, the green environment. they have purchased 10% of the chicago climate exchange and $1 billion of carbon assets. that is fantastic. they are endorsing mandatory limits on carbon emissions, $23 million to buy that 10%. so half of what we gave them through ai

we had tim geithner testifying earlier. what was your take on that? anything strike you? >> pretty consistent, priet? i think secretary geithner is continuing to say it's going to be about transparency, it's going to be about more standardization, it's going to be about bringing some of the stuff that's in the dark into the light. and it's pretty consistent with what we've been saying, this is going to be about investor protection, it's going to be about transparency, it's going to be about hopefully smarter regulation and not overregulation. >> we want to get your take on how you manage your business in the face of what could be more regulation, not necessarily just stronger regulation but actually heavier regulation, which is what a lot of people are expecting. duncan will be with us for the entire hour as we approach the final stretch here on wall street. in the meantime, we've got our team covering the markets. let's get right to it. the dow jones industrial average once again as we enter this heavy second quarter earnings period season, we kick it off with our eye on

timothy had geithner says absolutely. sure we can do that. he gives them a temporary one-year waiver of the rule which meant that he could not only hold the shares, but this one that you could serve on the board of directors and also, mr. friedman, he can also stay on the board and buy an additional 52,000 shares of goldman sachs. in the meantime, time, he makes $3 million. now, just so you know, goldman sachs, they have learned their lesson. look at them, they are profitable now. sure they took all this money and they took this money over here. sure, they took your money. they paid it back through tarp, but this is their money from aig. they learned their lesson, no more did he river activities. they're not going to be doing oil speculation as much as they were. they have a new derivative, the green environment. they have purchased 10% of the chicago climate exchange and $1 billion of carbon assets. that is fantastic. they are endorsing mandatory limits on carbon emissions, $23 million to buy that 10%. so half of what we gave them through ai

in addition to those stories, secretary of state, and secretary treasury, tim geithner, and president obama all gathered this morning to open talks with china. their job to convince china to keep buying american debt. first let's get offer to contessa out of the gate here with the balance of the day's headlines, again, in addition to the variables of china relations, race continues to be a meaningful issue, and the immigration debate continues to accelerate, and we are still trying to figure out where in the world this economy will create jobs. and that really -- the $14 trillion question when you go to the garbage bag we were discussing on friday. but contessa, what is going on today? >> today, sarah palin is a private citizen, but not out of the public eye. she took the opportunity to slam the media. >> democracy depends you on, and that is why our troops are willing to die for you. so how about in honor of the american soldiers, you quit making things up? one other thing for the media, our new governor as a very nice family, too, so leave his kids alone. >> msnbc' chief corresponde

mcdonald said that at the most critical time point before this collapse geithner was m.i.a.he writes the following.@@ well can all be sure about one thing. he wasn't filling out his tax return. and much was made of the president's wimpy first pitch a few weeks ago at the all-star game in st. louis. we went back in our archive, and we took a look at past presidential pitches. here's george w. bush throwing out the ceremonial pitch of game three of the 2001 world series. bearing a startling resemblance to roger clemens. very nice form. here's president obama. he's looking a whole lot like lauren conrad, the valley girl star of the mtv reality show "the hills." i'm sure you made teenage girls everywhere around the world very proud. and that is the news tonight from "hannity's america." let not your heart be troubled, our "great american panel" is straight ahead. sean: and tonight on our "great american panel" he is a fox news contributor based in rome and the author of the promise, father jonathan morris is here, she was the national press secretary for mike huckabee's presiden

>> after he selected volcker, summers, and geithner. sean: and i gave him? >> i think you gave him an f at the time. did we get out of the financial cries sns are the financial institutions surviving right now? sean: this is a disaster. >> this banks are alive and functioning. they have not done everything wrong. sean: good to see you both. coming up hillary clinton lashes out against the obama administration's vetting process. we have that story straight ahead. and the president's teleprompter doesn't think much of his plans to revitalize the economy. ( conversation ) garth, you're up. hold on, i'm at capitalone.com picking a photo... for my credit card. here's one from my prom. oh, what memories. how 'bout one from our golf outing? ( shouting ) i know, maybe one of my first-born son. dad, mom says the boys gotta go. personalize your card by uploading... your own photo at capitalone.com. what's in your wallet? ♪ could save 'em hundreds on car just telinsurance.e geico it's actually doing it. gecko vo: businessmen say "hard work equals success." well, you're

mcdonald said that at the most critical time point before this collapse geithner was m.i.a. he writes the following. well can all be sure about one thing. he wasn't filling out his tax return. and much was made of the president's wimpy first pitch a few weeks ago at the all-star game in st. louis. we went back in our archive, and we took a look at past presidential pitches. here's george w. bush throwing out the ceremonial pitch of game three of the 2001 world series. bearing a startling resemblance to roger clemens. very nice form. here's president obama. he's looking a whole lot like lauren conrad, the valley girl star of the mtv reality show "the hills." i'm sure you made teenage girls everywhere around the world very proud. and that is the news tonight from "hannity's america." let not your heart be troubled, our "great american panel" is straight ahead. it can be tough living with copd... but i try not to let it slow me down. i go down to the pool for a swim... get out and dance... even play a little hide-n-seek. i'm breathing better... with spiriva. announcer: spiriva

and i'm 100% behind tim geithner, the treasury secretary and his plan, except for the things i don't want to do. he said to congress emphatically he hates this bill ron paul is pushing that has the surprising support of 2/3 of the house that would give the government the accountability office the right to audit the feds' monetary policy, their interest rate decisions and basically said if you do that the fed will lose its independence and we'll have inflation. he was very strong on that. and he said, as you said, i've got an exit strategy in mind so you don't have to worry about the fed inadversently creating inflation, i've got a way out. then he turned the tables on them and said, so what's your exit strategy? how are you going to get out of this $1.8 trillion deficit that you built? gwen: did they buy any of that? >> they all promised they don't want to interfere with his independence and then they go to say why is it if we audit your monetary policy things and tell you what we did wrong, it's democracy, you're for transparency, why don't they do it? a lot of them are suspicious o

>> this is timothy geithner's house. >> it turns out that geithner bought this house for $1.6 millione market. and now he is actually raising the asking price after the housing market tanked nearly 30% thanks to fed policies he helped to implement. >> how county american people trust the policies of a man who can't sell his house? this is how it seems to me. that this hard-working, honest home-owning american is suffering at the hands of this man. bret: pretty good.

treasury secretary timothy geithner and secretary of state hillary clinton lead the u.s.el delegation. the meetings will focus on a range of topics. >>> oil prices are back on the recovery track up just above $68 a barrel and verizon says it will cut 8,000 employees and contracting jobs by the end of the year. the phone giant reported disappointing earnings in the second quarter with profiting falling 21%. the cuts will come from the land line side of the business. that's it from cnbc, first in business worldwide, back to msnbc. >>> feeling good? >> i like the music. >> welcome back, everyone. i'm tamron hall. >> i'm donny deutsch. >> the 911 call that led to the arrest of henry louis gates, police released that call. the caller made it as she thought she was witnessing a possible break-in. police arrested gates on disorderly conduct but later dropped the charges. here is the 911 call or a portion of it. >> i don't know what's happening. i just had an older woman standing here and she had noticed two gentlemen trying to get into that house and she kind of had barged in an

tim geithner testimony today before his hearing. > then pennsylvania congressman joe sestak, who's been giving the white house artburn over iembrace of w mocrat, arlen specter. >>> plus, the nbc seni analyst, ron insana allhere. good day. i'm andrea mitche live in washington. supreme court nomie sonia sotomayor crammingtoday. last-minute practice sessns before her confirmaon hearings start onmonday. democratic sator amy klobuchar serves on the judiciary committeeand joins us now le from mieapolis. great to s you, senator. thanks so much. >> good to be on. >> well, we know w that the witnesses are going to include four klochar -- four klhar -- you're not nominated. for sotomayor, jor league tcher, he'll talk about he help in the judicia rulings endinghe 1995 basell strike. the repuicans are gng to bring out that new haven firefiter, frank risc ree reesh. >> first of all, e's had 17 years as a judge, more an any other minee that's been put forward in00 years. she s someone o has a great background as a osecutor. i'll be focusing al that and some of her judicial decisions that show that pr

that's probably one of the biggest failures, geithner by far.body, people questioned his stewardship, his leadership ability. to be fair to him, he does not have his strong principals, his assistant secretary. he's working with a small staff. but they admitted they misread the economy, they misread the economic data. he pushed forward a stimulus plan that basically is infective. >> tamron, can i just say one thing? can i just say one thing? >> ladies, ladies, we want to shift the discussion to something we've been talking about all week, since i have three powerful, beautiful women here, i have a theory about sarah palin that if she was not physically attractive, she wouldn't be on anybody's radar. the first time the american people have seen a woman in power with sex appeal, both men and women are fascinated. don't know how to handle it. i would love both of you powerful really smart women -- >> her approval numbers are certainly down. her negatives seem to be outweighing her positive. but i want them to have the new information. maria, go ahea