steph so why do we allow timothy geithner timothy geithner i mean this is probably written by a speechwriter by other people who work with him why do we publish this when it when it shows no imagination it's not creative and it's really just just sort of trite it's exactly would imagine the administration say exactly so what does that say about the mainstream media that they run with it you know i don't want to get into you know what it says largely about the mainstream media i think it's unfortunate that we do give politicians generally this sort of open call to just whenever they want to stand up and say i have something to say the washington times or new york times the washington post always seems to open the doors there op ed page and say you know i have to have your seven hundred words and get an a for him to say you know geithner is making the argument that as you mentioned you know that all of these government actions work to stimulate the economy you know one of the reports that he cites in that article is one where economists said you know that that what the government did to

track record on this well secretary geithner has. came to the treasury from the new york fed he has been in government positions based with the federal reserve the treasury department to some some sort of system like that for his entire career so he's had plenty of opportunities to be involved in policy making and he was actually a key player in watching over banks watching over regulatory policy from two thousand and two when the whole housing bubble started until two thousand and seven when it began to. apart and he was a key player in all the build decisions of the bush administration in two thousand and eight so we have this person who just like chairman bernanke he has been a part of the regulatory system for the last decade has been a part of the absolute a regulatory failure is now saying actually everything is good we're on the road to recovery he doesn't exactly have this tracker that i necessarily trust and here's my question i want to get back to bernanke you but i want to ask why do we trust these guys if they have been i

we are delighted to have secretary of the treasury tim geithner join us today. he is a graduate of dartmouth and the johns hopkins school of international studies. he is a longtime fixture in the policy-making community. he started in the treasury in 1988 and served under five secretary of the treasury's including an important step and as undersecretary. he has served at the international monetary fund for two years and held an important post with one of the linchpins of our financial institutions as president and ceo of the federal reserve bank of new york where he was a voting member of the open market committee and one of the key figures in the diet effort made to combat the financial crisis we have been through the past couple of years. the main reason he is here today is that on january 26, 2009, he became the 75th secretary of the treasury and i am delighted to invite him to the podium today. [applause] >> thanks to both of you. i agree to much of what each of you said including use of the word valiant. [laughter] i want to compliment both of you on what y

treasury secretary timothy geithner. geithner made the remarks in a speech in washington, d.c. on wednesday. but the government will keep tax cuts for middle and low-income earners after this year to help them weather the financial crisis. geithner's statements echoed obama's tax cut plans, originally introduced by former president george w. bush. geithner said helping less wealthy consumers will support the economic recovery since they'll likely spend a good portion of their tax savings. he added giving tax breaks to the wealthy doesn't have the same effect since the rich tend to save the money they get from tax cuts. >>> japanese car sales in asia surged 44% in the april to june period compared to the same quarter last year. japan's eight major carmakers sold a total of 1.4 million units in china, thailand, and other parts of asia. nissan sales were up 62%, mostly in china. mitsubishi motors gained 50% and toyota 46%. robust asian sales offset declines in europe. but the carmakers say the domestic market will be stagnant in the short term as government subsidies for ecofriend

and i think it's absolutely fair that you can't put everything on tim geithner you can put everything on larry summers and christina romer but personally i think that their response has been completely wrong and what they have done is they put it like a lot of short term growth in the first sort of first year of the obama administration to try to gain the p.r. and it hasn't worked out long term even if there's a lot of bad things that are not out that are outside of their control what tim geithner and larry summers and even ben bernanke have done to control the economy and to try and push this forward i think it's been a mistake. to say that he should be fired doesn't talk about who are going to replace him with i mean. tim geithner is not the worst person that could be in that job so they could fire him put him so now. i want to talk about the fact that like i said home sales are at their lowest level in more than a decade and this is despite the fact that right now home prices are down the market really is horrible to despite the fact that interest rates are incredibly incredibly lo

treasury secretary timothy geithner delivered a pep talk today on the new rules to reform wall street and the banking system. speaking to business leaders at new york university, not far from wall street, geithner promised the reforms would not crimp innovation or competition, jeff. susie, the financial regulatory reforms were signed a few weeks ago by the president, and today geithner said the government will move quickly to put them in place and there won't be layers of red tape. >> susie: the treasury secretary also had a tip for wall street: >> don't wait for washington to draft every rule before you start changing how you do business. get out ahead of the process and out in front of your competitors. >> susie: also talking about the economy today, ben bernanke. echoing his testimony to congress last week. the federal reserve chairman told a legislative conference in south carolina he sees modest economic growth and a long and bumpy road to recovery. he thinks persistent weakness in the housing and labor markets and weighing down the economy. >> jeff: wall street didn't let those

treasury secretary timothy geithner moderated. >> fixing this system is one of the most consequential and complicated economic policy problems we face as a nation. these were avoidable failures, and it is our responsibility to make sure that we create a system that is not vulnerable to thessame failures happening again. >> lehrer: fannie and freddie are government-sponsored enterprises-- g.s.e.s-- that operated as private companies. they packaged mortgages into securities, with a guarantee against default. the goal was to help more americans afford homes. the companies made huge profits, but when sub-prime mortgages went bust, they took huge losses, and investors looked to the government to stand behind the guarantees. in september of 2008, then- treasury secretary henry paulson announced a federal takeover. >> fannie mae and freddie mac are critical to turning the corner on housing. >> lehrer: to date, the rescue has cost the treasury nearly $150 billion. republicans have charged fannie and freddie promoted irresponsible lending, and played a key role in bringing on the recession. se

this is 45 minutes. >> we're pleased to have secretary of the treasury tim geithner. [applause] in the audience, we have the president of nyu, john sexton. [applause] faculty, students, alumni, and members of the new york city business community representing the partnership for new york city. we also have journalists from all for 40 different news outlets. secretary died here, you need no introduction, especially in new york where you were president of the federal reserve bank of new york from 2003-2009. like all americans, we at the stern school are extremely grateful to you and the entire team at treasury for the leadership you have provided in rebuilding the road to ensure prosperity at home and abroad. thank you. before we begin, let me remind you that after his remarks, secretary gunnar will take questions and with that, to is my great pleasure to welcome to the podium, secretary of the treasury tim geithner. [applause] >> thank you, peter henry and john sexton. i had breakfast with the mayor and he said york is strong. he said because we have a great mayor. [lau

we ask treasury secretary tim geithner in an exclusive interview. >>> actor charlie sheen pleads guilty. and is a free man despite threatening his wife with a knife. did his celebrity status get him a cush shi decision in court? and ali chooses roberto. was it the right choice? we talk to the new couple. >>> good morning, everyone. a lot of people thought chris was the guy for ali. not to be. >> i don't know. i thought it was love at first sight for that couple. big day for them. we're going to talk to them coming up. >>> also a big day on wall street. huge rally. 200 points on the month. the dow gained 7%. biggest monthly gain of the year. but the bigger question, is it a sign that the broader economy's about to bounce back, too? especially on the jobs front? what will that mean over washington's battle with taxes? that is going to affect everyone. we talk about that in my interview with treasury secretary tim geithner. >>> also, in the gulf, it's like deja vu. the plans for the static kill were put on hold again on monday, when a hydraulic leak was discovered. they could try again tod

. >> susie: tom, treasury secretary timothy geithner kicked things off, saying it's important for the government to continue backing home mortgages. but as for how much government support... geithner brainstormed with the nation's top housing experts, bankers, policymakers and academics. >> tom: today's meeting was a first step in figuring out how to reform the housing system. and, as stephanie dhue reports, there were plenty of suggestions. >> reporter: the federal government has used its financial muscle to backstop the housing industry. fannie mae, freddie mac and the f.h.a. now stand behind 95% of new mortgagees. but, treasury secretary timothy geither says that has to change. >> we will not support returning fannie and freddie to the role they played before conservatorship, where they fought to take market share from private competitors while enjoying the privilege of government support. >> reporter: there is little agreement how to do that. but, three main ideas came out of today's meeting. one, phasing out fannie mae and freddie mac altogether, which would leave the f.h.a. to s

there is a sense now that we are heading into thelma and louise territory. >> tim geithner says we arethe road to recovery. no, we aren't. why are people who know better? paul krugman says it is about he evading responsibility. >>this is not behner's solution, paul krugman says we did not spend enough money. >> it was a $1 trillion stimulus and he wants another $1 trillion. >> they cannot be laid responsibility. that is just ridiculous. whatever happens will happen on their watch and they will be tagged with it. what is interesting is when you look at the clip you set up between behner and biting, that is the message for the fall. this will be a class war for election. it will look backward and forward because both sides want to make that argument. >> you are absolutely right. john behner has introduced a campaign strategy which is vaguenessd. that will be the agenda and the platform. he is asking to fire people. the problem for the democrats is this -- the energizer bunny for the 2002 debt -- 2006-2008 campaign has disappeared because of george w. bush being a circumspect and discreet

have withelighted to us today treasury secretary timothy geithner. [applause] in the audience we have the president of nyu, the faculty -- [applause] pack a day, students, alumni, and members of the new york business community rhetoric -- representing partnership for new york city. we also have 40 different news outlets. secretary geithner, you need no introduction, especially here in new york where you were president with the federal reserve bank. let me just say that like all americans, we at the stern school are extremely grateful to you and to the entire team that treasury for the leadership you provide building a road to shared prosperity both at home and abroad. thank you. before we began, let me just remind you that after this, as secretary geithner will take questions. and with that, it is indeed my great pleasure to welcome to the podium the secretary of the treasury, timothy geithner. [applause] >> thank you, dean henry, he said that new york is strong. i concur in that. thank you for coming, and all of you in the room this been your life i

. >> charlie: this is time geithner, secretary of the treasury making a speech today here in new york. >> obligation of speed, we'll move as quickly as possible to bring clarity to the new rules of finance. the rule writing process traditionally moved frustrating glacial pace, we have to change that. second, we will provide full transparency and disclosure, the regulatory agencies will consult broadly as they write new rules, draft rules will be published. the public will have a chance to comment. and those comments will be available for all to see. third, we are not going to simply layer new rules on top of old outdated ones. everyone that is part of this financial system, the regulated and the regulators, know that we have accumulated layers of rules that can be overwhelming and these failures of regulation, rules that did not work, did not meet their basic purpose, were in some ways as appalling as the failures produced where regulations were absent. >> charlie: you like geithner? >> yeah. >> charlie: doing a good glob. >> i think so. >> charlie: you said, well i'm one of the peopl

geithner also pledged to move forward with the overhaul of mortgage giants fannie mae and freddie mac. >>> countrywide financial has agreed to pay $600 million to settle shareholder lawsuits. the lawsuits claim the company, once the country's leading mortgage lender, hid risks from investors. as part of the agreement, countrywide did not admit any wrongdoing. it's the largest payout so far from the mortgage meltdown. >>> toyota may have known of at least six incidents of sudden acceleration as early as 2003, including some verified by its own technicians. that's according to court documents filed monday as part of the avalanche of lawsuits the company faces in state and federal court. toyota says it looks forward to defending itself against the allegations. >>> once again the cadillac escalade tops the list of most stolen vehicles. this despite an anti-theft ignition system that prevents it from being started without a special key. thieves just get around that by stealing it with a flat bed truck. one of every 100 escalades is reported stolen. >>> and bosses, listen up. a new survey s

they're trying to drive a silver spike through the heart of various vampires and zombies whether it's geithner summers or bernanke the i see the huffington post got a big headline this week get rid of summers and bernanke and geithner you can't get rid of a vampire. zombie just by wishing them away you need to drive this over spike through their hearts ariane offering to come on the show. splaying that you darling. but. where was i i think you were going to say fight now and stay tuned for our second half of the show sounds good to me i'm still thinking about that paper hanging scandal stacy ever thanks so much for being on this part of the show thank you doug oh a much more coming your way stay right there. st still keeps it seeks the time to feel. the soviet find the key to. life. to. see. not only to stay alive. but to keep their faces and souls in human circumstances. nine hundred danes in besieged living. through the highs of the survivors. welcome back to the kaiser report time now to go to washington d.c. and talk with kate shepard an environmental reporter for mother jones magazine kat

the i see the huffington post has got a big headline this week get rid of summers and bernanke and geithner you can't get rid of a vampire. zombie just by wishing them away you need to drive a silver spike through their hearts ariane offering to come on the show. plain that you don't know them. but. what was i. think you were going to say by now and stay tuned for our second half of the show sounds good to me i'm still thinking about that paper hanging scandal stacy everett thanks so much for bringing this part of the show and thank you doug go away much more coming your way stay right there. every month we give you the future we hope you understand how to get there and bring the best in science and technology from across russia and around the world. join us for technology update on our g. hungry for the full story we've gone to. the biggest issues get a human voice face to face with the news makers. welcome back to the kaiser report time now to go to washington d.c. and talk with kate shepard an environmental reporter for mother jones magazine kate shepard welcome to kaiser report. thanks

they're trying to drive a silver spike through the heart of various vampires and zombies whether it's geithner summers or bernanke i see the huffington post has got a big headline this week get rid of summers and bernanke and geithner you can't get rid of a vampire and zombie just by wishing them away you need to drive this over spike through their hearts carry on offering to come on the show explain that to you darl them. but. where was i think you were going to say by now and stay tuned for our second half of the show sounds good to me i'm still thinking about that paper hanging scandal stacy ever thanks so much for bringing this part of the show and thank you and doug go away much more coming your way stay right there. for the full story we've got. the biggest issues get the human voice ceased to face with the news makers. give. me some mechanical engineer an automotive pioneer open a book and the reason is most in obedience to the checkered flag. day here on. welcome back to the kaiser report time now to go to washington d.c. and talk with kate shepard an environmental reporter for mother

they're trying to drive a silver spike through the heart of various vampires and zombies whether it's geithner summers or bernanke i see the huffington post has got a big headline this week get rid of summers and bernanke and geithner you can't get rid of a vampire and zombie just by wishing them away you need to drive this over spike through their hearts carry on offering to come on the show explain that to you darl them. but. where was i i think you were going to say by now and stay tuned for our second half of the show sounds good to me i'm still thinking about that paper hanging scandal stacy everett thanks so much for being on this part of the show and thank you and don't go away much more coming your way stay right there. for the full story we've gone to. the biggest issues get the human voice ceased to face with the news makers. street still keeps it secrets but it's time to feel. the soviet follow me. like. their childhood was overshadowed by this tragedy. these two feel the fear they faced. and remember every second of this nightmare. it will remain in their memories in the hearts for

they're trying to drive a silver spike through the heart of various vampires and zombies whether it's geithner summers or bernanke i see the huffington post has got a big headline this week get rid of summers and bernanke and geithner you can't get rid of a vampire. zombie just by wishing them away you need to drive the silver spike through their hearts carry on huffington come on the show explain that to you darling. but. what was i. think you were going to say fine now and stay tuned for our second half of the show sounds good to me i'm still thinking about that paper hanging scandal stacy ever thanks so much for being on this part of the show thank you and doug away much more coming your way stay right there. was that so much understand i mean there's always room for some of. them are and are not discussions continue whether muslim women should be barred from public with their faces is this. their conduced child was an adult by this tragedy. these two here they say you just. don't remember every second of this like. it will remain in. memories in hearts forever. and you see you so. innocent

numbers indicate that we are and we don't even know it all of this despite the fact that timothy geithner welcomed us to the recovery this week so is the government trying to keep the american people in the dark i'll speak to jager of the young turks about it and we've already introduced you to the ninety nine ers the people who have been unemployed for nearly two years but today they took to the streets of new york to say give us jobs or extend our benefits our key correspondent kareen important i was there and jill have details on that story next we'll bring you a new side to the immigration debate in the u.s. people who say political asylum get to stay in the country as long as they fit the criteria but archie correspondent dina goes off you'll tell us how some people are abusing the system for their own benefit and with all the talk around immigration some are now calling for changes to the fourteenth amendment to the constitution but is that really the best way to fix this issue by taking away birthright citizenship we'll hear from both sides of that debate and then we'll tell you ab

and, of course, secretary tim geithner. as you know, we could not have everyone here that we wanted to. but we certainly have given a lot of thought to having a broader array of folks here trying to represent all the viewpoints that these think are essential to have in the dialogue. citizens, a consumer at a steep -- advocacy groups, investors, market researchers, and many others. we really are looking forward to hearing your perspectives. we want to be judicious, thoughtful, and a comprehensive and our approach. we very much look forward to this as a productive session. this is not the beginning of the process nor the beginning -- nor the end of the process. we are committed to an ongoing dialogue. with that, let me welcome you again and very much welcome secretary tim geithner and secretary shaun donovan. they are cochairing this conference today and they will be opening would remarks before removed to the panel sessions. thank you again. >> nice to see you all here. i want to start with some acknowledgement. i want to th

word is back in the news deflation just as timothy geithner makes an optimistic statement about the economy we heard earlier this week more analysts are coming forward saying that's simply not the case so why is geithner painting a much brighter picture than economists last reasons anthony randolph so but first today's top story. yesterday we told you all about the new taliban code of conduct now it's the latest in the escalation of the battle to win the hearts and minds of afghan people between the u.s. and nato forces and evidently the taliban the new taliban code of conduct urges fighters to avoid killing civilians it forbids them from seizing weapons and money and it aims to limit suicide bombings oh when no torture a ransom of your prisoners that's unless you get the approval of your regional commander however anyone working with international forces including the afghan government aka supporters of the infidels should be killed the taliban began giving out their new code of conduct in southern afghanistan a little over a week ago according to reports just before top nato commander gen

geithner does not know what it is. if we asked them four years ago had we reached the limit?hey would have said yes and now it is much greater than it was then. i'm a capitalist. i have all my money in the capital market. i believe in capital limitations and restraints, i believe it's better to have a surplus than a deficit, i believe that we have to make investments also and as a businessman i made investments in capital, in people, in r&d that caused some deficit at the beginning and paid off at the end. i am suggesting that we employ a very workable system -- simple system for the american society. >> charlie: and you are suggesting that if we do this, a short-term increase in the deficit. however, over the six years you increase jobs, you will ultimately reduce the deficit, you will increase tax revenues, you will improve competitiveness. >> yes. >> charlie: national security and because of all these things the quality of life. >> yes. >> charlie: if we make this commitment. >> yes. >> charlie: so in your judgment, what stands in the way of making this commitment? >> ther

before turning to secretaries geithner i want to do two things. the first is to introduce the american action for all of which i am the president. it is a center-right think tank dedicated to policy education, policy ideas which are consistent with the principles th we feel have served this untry so well respect for individual freedom, reliance and private-sector, small efficient government is targeted toward its unique abilities. but more than anything else, we are dedicated to a debate over the substce of the policy ideas, the idea that there can be principled discussions about the differences that separate the center-right and center-left and it's in that spirit we are here today with the center for american progress in hopes of a stop washing a genuinely productive dialogue about this and many other issues that face our country. time will not permit me to disagree with mr. podesta. [laughter] but let me briefly outline where we might begin the disagreement. first and foremost, it is essential to recognize that the deficits in the next decade a

thanks, secretary geithner said, to the pass a affordable care act. the trustees' report backs up the finding of the report issued earlier this week for the centers for medicare and medicaid services and concludes that the reforms in the new health care law will extend the solvency of the hospital insurance trust fund by an additional 12 years until 2029. also shows these reforms from developing new models of care would to rae warding quality to crack down on fraud, waste and abuse, have kut the projected 74 year hospital shortfall as a share of taxable payroll by more than 80%. for the supplemental medical insurance trust fund, which helps medicare beneficiaries pay for services and prescription drug, the report projects a balanced budget for the foreseeable future, but for both trust funds, the report shows that we have a lot of work left to do. to achieve the gains projected by the report, we must continue to work hard with our partners across the country to implement the reforms in the affordable care act effectively and on time. as we work to sec

. >> there was the timothy geithner interpretation of polllack. the fact that markets and regulatory systems are caught up in the boom -- everyone makes the same mistakes at the same time. that is why we want to try to design these elements, but but i don't view this primarily as government discretion. i've you ever buddy's foresight as exceptionally limited -- everybody's foresight. i would like to see me sorts of standards -- how do you define a prime loan? you can work into the definition of what it shelby to be securitized and it would have this countercyclical element and if i could add this. a prime loan would have to have a mortgage information form. >> are these the only loans that can beat securitized? >> i am giving an example of how you might build standards into a market. you might do it through defining. >> what is to stop over time the non-prime from taking more market share? >> we have to address that. >> how do we do that? >> i am yielding my time. [laughter] that with theo marketplace? theoretically, these securitized loans -- the

geithner should be pushing cookies in a foreign embassy. put his hand on the problem, we don't know what to do, democrats don't no what to do, republicans don't know what to do, miss schultz doesn't know what to do, nobody knows what to do. >> larry: is that true? >> there is some truth to it. i have to give it to ben. it's refreshing to hear someone be that honest. we can be that honest because we're not running for office in november. at the same time, i do think there is a distinction between one party which is putting forward forward looking solutions, innovative solutions and another party that wants to play, looking back in time and going backwards when we know what those policies got us. i do think there is a distinction. >> let me jump in. >> do you have a solution? >> one thing for certain is you don't raise taxes in the middle of a weak economy we have. i'm afraid that's what we may be heading for if congress doesn't figure out what to do with the expiring tax cuts. when they were passed, it led to 52 consecutive straight months o

thanks, secretary geithner said, to the pass a affordable care act. the trustees' report backs up the finding of the report issued earlier this week for the centers for medicare and medicaid services and concludes that the reforms in the new health care law will extend the solvency of the hospital insurance trust fund by an additional 12 years until 2029. also shows these reforms from developing new models of care would to rae warding quality to crack down on fraud, waste and abuse, have kut the projected 74 year hospital shortfall as a share of taxable payroll by more than 80%. for the supplemental medical insurance trust fund, which helps medicare beneficiaries pay for services and prescription drug, the report projects a balanced budget for the foreseeable future, but for both trust funds, the report shows that we have a lot of work left to do. to achieve the gains projected by the report, we must continue to work hard with our partners across the country to implement the reforms in the affordable care act effectively and on time. as we work to sec

summers, thurman, right down the line, geithner, so forth. it's wall street. it's establishment.t to be a seriousaqhju prio on investing in housing, jobs, education. poor people, working people. you see? concerned about the war. who's fighting the war in afghanistan?rpñ disproportionately, working ce people, workingrjñ young people black and brown. well-to-do not sending their kids to afghanistan at all. so, we have to say, look, our dear brother, we want to protect him, we wantxd to respect him, t accountable. because politics is about goods and services. you see? >> you talked about the idea that if he wants to be the black lincoln, which forth those images!v- during th campaign, that there is a need for protagonists and antagonists, a frederick dougla douglass, if you will, and owe see yourself to a great degree like that. >>+Ñ9 ought of us ought to as douglass, the truth,h/ justice. abe raham lincoln thought slave would exist forever. how come? he was an opportunist. he became a great president by 1963 by the emancipation proclamati proclamation. '65,ç supporting the war,

>> well, look, i think before and after secretary geithner's op-ed, i don't think secretary geithner in his own op-ed believes that 9. 5 percent unemployment doesn't present serious challenges. and i don't think anybody -- the president and the secretary included -- believe that despite the progress that we made in where we were and where we've come to, i don't think anybody is satisfied that we're -- that we've made enough or that we're out of the woods. we'll get jobs numbers at the end of the week. i will stipulate, as i have many months in a row, that i don't see those numbers before they're announced. i don't know what this week's -- or this month's numbers will show. but our hope is that we will build off of positive private sector job growth heading into the seventh month in a row as a positive sign. is the economy adding jobs fast enough or as fast as we would like to see it? no, of course not. i think one of the things that would be a good antidote to where we are is the senate passing a small business bill that would spur investment by small businesses and provide them the

obama should ask for and accept, the resignation of his economic team, beginning with secretary geithnerand larry summers, the head of the economic council. >> reporter: the median home price stands at $182,600. nearly flat from a year ago. >> if you're a first-time home buyer that plans to be in the house at least five years, five to ten years, it's almost a no-brainer that now is a good time to be in the marketplace. we haven't seen rates that low in the last 30, 40 years. >> reporter: but nothing is certain in a country suffering a housing hangover. the latest associated press poll finds 56% of americans of the way president obama is handling the economy. but republicans, in the same poll, fared just as badly. >> john hendren in washington, thank you. >>> americans seem to be reacting to the uncertain economy by paying off debt. the credit reporting sgs, transunion said the average credit card user owed $5,000 in the second quarter of this year. that may sound like a lot, but actually is an eight-year low. >>> the congressional budget office said that the stimulus cost was more than e

at a briefing today, treasury secretary timothy geithner said the impact of health care reform is monumental. >> these are very, very, very substantial improvements in the rate of growth of health care costs that make a very substantial improvement in our long-term fiscal position. much, much larger than anything we've considered, much less embraced, as a country over the last several decades. >> suzanne: despite the improved outlook for social security, the program's payments this year will exceed revenues for the first time. still, the trustee's report says that imbalance will correct as the economy improves. >> jeff: here are the stories in tonight's n.b.r. newswheel: stocks were flat, thanks to worries about tomorrow's july employment report and today's reading on weekly jobless claims. the dow fell five points, the nasdaq lost 10 and the s&p 500 was off a point. the pace of trading volume dipped on both the big board and the nasdaq. the senate has approved u.s. supreme court nominee elena kagan, this october she'll join justices ruth bader ginsburg and sandra sotomayor in forming the fi

around my president whom i voted for and i would vote for tomorrow, when i see people like timothy geithner and folks from wall street tribe making decision it makes me nervous because i think he is not going to get the changes we need in my life. how does this change? does the market really self correct because they all say it is going to, but i haven't seen it. >> we have seen none other than allen greenspan testify in front of congress in 20 8:15 a.m. and 8:45 in 2008. he found a flaw and when allen greenspan, the high priest of free market finds a flaw we should take it seriously. if the pope went on tem vision and said god i made him up. we would be a little surprised i think. >> never mind go ahead. i'm sorry. >> but when allen greenspan says there is something in the free market that is wrong, that greed doesn't necessarily lead to the best of all possible world's, we should take him seriously. >> he admitted that and everybody knows this. how are we going to change this? because i see the powerful who are the ones who are the movers and shake kers who do this are the ivy league peop