you need to know this stranger is secretary tim geithner received an interesting letter recently from europe's top financial regulator markel michel barnier european commissioner overseeing finance and a letter to geithner expressing concern over how our nation angles outrageous executive bonuses in the banking business a letter read i think you agree with me that bankers bonuses is a matter that continues to cause public outrage it is better right is key to restoring our citizens' confidence in the financial system and all of them a leather confidence in the public authorities regulating the financial institutions last year wall street dished out over twenty billion dollars or. the british would say twenty thousand million dollars in bonuses but in europe things are done differently there lawmakers of level leveled heavy restrictions on banks through bonuses for the sole purpose of discouraging risk preventing banks or some gambling with our money collecting their golden parachutes and then leaving the global financial system in ruins so as barney right is there a policy for banks th

in particular, secretary geithner. i will have the opportunity of discussing with him in detail not only how to respond between india and the u.s.a., and also there are issues on which we share common perceptions. one of the fundamental principles of our relatiohip is we share many common patterns. we have now engaged not only in strategic partnerships but also to expandhe relationship in various international forums, particularly the g-20, as an important forum to address the problems [unintelligible] it has developed into a mar financial crisis. the weaknesses inherent in the system, and too much dependence on market results. effective regulations point out the weakness in the system. we have taken certain measures in this forum and a full cup summit, the latest one, which has clearly outlined the measures to be taken by the various countries to ensure that there is a proper and orderly development on a sustainable basis. i would like to share with this audience the problems and prospects of the indian economy. many

here is tim geithner, tim geithner is our treasury secretary, of course. and he's completely clean.sn't know how to pay his taxes but he is completely clean. tim geithner went and he gave loans to some of his favorite banks. at a special interest rate. now i don't know if you -- i mean, if you can't pay your credit card, do you get a special interest rate? of course you do. 18, 25%. you get a special interest rate. he worked out a special interest rate for the favorite banks. .01%. your tax dollars -- what is it $80 billion? okay. the news department all around the world decided to go with this one. not this one. this one sells. this doesn't. one more. do we have one more? pictures of weiner's chest. or china pumping big money in to latin america for oil, food and minerals. can anybody tell me about "b"? can anybody tell me that story? anybody know it? nobody? but you can all conjure up in your head weiner's chest, can't you? it's good, isn't it? can anybody tell me these stories over here? char falls on china comment. stocks rebound. char drops to one-month low on recovery concerns

now translating that into english what that means is that treasury secretary tim geithner has the sole authority to determine how our debt obligations are met by deciding which bills to pay and when to pay them of course doing to them on behalf of the president in fact he's already doing this we hit the debt ceiling and passed the debt ceiling back on may seventeenth and geithner is now borrowing from federal pension funds to keep our government running so if republicans really want to play hardball the president can direct tim geithner to play hardball right back after is that a cannibalizing federal pension funds he could cut into federal assistance to states whose republican senators and congressman are blocking a limit on the debt increase or the raising the debt ceiling baiter could basically say or he could accident the president could basically say hey john boehner you don't want to raise the debt ceiling that's fine but kiss all that federal money ohio gets every day go by we're using that money to pay off our debt no more highway funds no more medicaid funds no more education

do i want this life with a bunch of strangers telling me how great i am, or to our want to be geithnertarted out as? if i were to advise anyone, i would say, make sure you are surrounded by family and old friends. but was really important to me. from then on in, if you ask people who work with the, i do not think they are working with a mega sex god. tavis: you raise the question -- how do you not let this kind of fame that you have experienced go to your head? >> i stay glued to my piano when i worked. i write, i produce, i do my job. i do not look up, and i try to be kind to people. >> tell me about the music on "15 minutes." >> it goes back to the type of music i did in the beginning. it has got a lot of energy to it, but it is a little more energetic than anything i have ever done. i imagine this 15-minute story being about a young geithner -- guy who wanted to get his music out there. i wrote a batch of songs that would have the rhythm, but the problem is i do not play guitar, so i wrote it on a piano and thought i was being true to what a guitar player would play, so i went into

in particular, secretary geithner.he opportunity of discussing with him in detail not only how to respond between india and the u.s.a., and also there are issues on which we share common perceptions. one of the fundamental principles of our relationship is we share many common patterns. we have now engaged not only in strategic partnerships but also to expand the relationship in various international forums, particularly the g-20, as an important forum to address the problems [unintelligible] it has developed into a major financial crisis. the weaknesses inherent in the system, and too much dependence on market results. effective regulations point out the weakness in the system. we have taken certain measures in this forum and a full cup summit, the latest one, which has clearly outlined the measures to be taken by the various countries to ensure that there is a proper and orderly development on a sustainable basis. i would like to share with this audience the problems and prospects of the indian economy. many economie

in fact, there was a point beyond which geithner cannot do that. average spending outpaces revenue by about $1.1 billion a month. he would not be able to pay all those bills. what you do? move it around? that is tantamount to saying i will pay my mortgage but i want democratic rights, will pay my -- i will pay my credit cards, what they might act -- interest won't -- won't pay my credit cards, won't pay my insurance premiums. >> colby, you are half-right. learned i am. [laughter] but the interest is only 6% on the debt, and that is what you have to cover . august the second is not a drop- dead date. on midnight the second of august, our debt is not defaulted. you can move the funds are down, and i assure you it will be if no agreement is made by august 2. >> this is not being treated as the moment with the seriousness that it deserves. you cannot go through this ad in an item. -- ad infinitum. every time someone comes out as a press conference, i think, you are not serious. >> you don't think paul ryan is serious? >> i know that he is treating us -

. >>> timothy geithner has called for european nations to unite in their efforts. he spoke in washington on thursday. >> i think it would be helpful to have europe speaking with a clear ir, more unified voice. >> euro nations have just this week agreed to extend the -- but opinions differ among them. meanwhile, he referred to america's own fiscal issue, the u.s. government may default on its obligations unless the treasury's borrowing limit is raised by early august. geithner stressed defaults will be avoided, citing progress in talks with congress. >>> japan is coming up with measures to help the nation's firms affected boost their competitives in. >>> if concerns continue, domestic firms might transfer eir factories overseas. this could result in a dp in local production as more factories shut down. the council proposes that the government should financially assist companies and decentralize their production bases in japan. it stresses the need to establish a system to standardize parts so that manufacturers can share them freely when shortages occur. it also say

in particular, secretary geithner. i will have the opportunity of discussing with him in detail not only how to respond between india and the u.s.a., and also there are issues on which we share common perceptions. one of the fundamental principles of our relationship is we share many common patterns. we have now engaged not only in strategic partnerships but also to expand the relationship in various international forums, particularly the g-20, as an important forum to address the problems [unintelligible] it has developed into a major financial crisis. the weaknesses inherent in the system, and too much dependence on market results. effective regulations point out the weakness in the system. we have taken certain measures in this forum and a full cup summit, the latest one, which has clearly outlined the measures to be taken by the various countries to ensure that there is a proper and orderly development on a sustainable basis. i would like to share with this audience the problems and prospects of the indian economy.

treasury secretary timothy geithner. after the meeting the treasury department said in a statement that geithner considers lagarde an excellent candidate with strong leadership skills. the department also said that the two discussed the current situation in europe including the greek debt crisis. >>> japanese companies in households are struggling to come out of the unprecedented disaster in march as pessimistic views prevail, can japan regain its strength? our market reporter robert jefferson spoke with deyog deyogi musha for his outlook. >> we'd like you toive us your analysis, what economic factors appear to not be so good given the yen is strong and stock market continues to be lackluster. >> i think we are experiencing a serious pain 4r after the earthquake with serious destruction of production capacity and alsoafter the earthquake with serious destruction of production capacity and also cut of electric supply. i think we are in the process of sharp recovery, restoration is now in the process. with the earthquake o

. >> secretary geithner, thank you very much. [applause] >> we're very lucky to have the chairman of the ways and means committee and a congressman from michigan, david camp. i will ask him some leading questions. i hope you will be thinking of some. we heard this morning from tim geithner who sounded pretty optimistic about getting a deal on the debt ceiling and deficit reduction before august 2. i am sure you have heard the line he is using about how it will work. could you give us a sense of how this looks from your point of view? is progress being made? and we going to avoid defaults? is this the year we get a framework for deficit reduction? >> we need to. we cannot default. if you get close to the day without a deal, knowledgeable people are concerned you could have market reaction. we have to do it before. this is an important week in those discussions. they had three meetings last week. they got into the detail. this is an important week to really make some progress. i think the discussion has been continuing. they do not

in particular, secretary geithner.ortunity of discussing with him in detail not only how to respond between india and the u.s.a., and also there are issues on which we share common perceptions. one of the fundamental principles of our relationship is we share many common patterns. we have now engaged not only in strategic partnerships but also to expand the relationship in various international forums, particularly the g-20, as an important forum to address the problems [unintelligible] it has developed into a major financial crisis. the weaknesses inherent in the system, and too much dependence on market results. effective regulations point out the weakness in the system. -- we have taken certain measures in this forum and a full cup summit, the latest one, which has clearly outlined the measures to be taken by the various countries to ensure that there is a proper and orderly development on a sustainable basis. i would like to share with this audience the problems and prospects of the indian economy. many economies w

treasury secretary timothy geithner says the government could default on that date but boehner called it an artificial deadline, echoing what congresswoman michele bachmann told bob schieffer on "face the nation." >> first of all, it isn't true that the government would default on its debt because very simply the treasury secretary can pay the interest on the debt first and then from there we have to just prioritize our spending. >> pelley: so is the country facing an economic train wreck on the second of august? we asked anthony mason to find out. >> reporter: if the u.s. maxes- out its credit card, economists say, the treasury will still be able to make the interest payments on its debt. >> we're not going default, but that's irrelevant. at the end of the day if we don't raise the debt ceiling the economy will go back into recession, interest rates will spike. >> reporter: the recession will be deep, warns economist mark zandi who's advised candidates in both parties. the treasury would immediately have to cut and prioritize its spending. debt and interest payments would be made fir

i have known geithner for years. ben bernanke was a governor when i was on. hank paulson i've knownor years in the private sector. had we not had those people, it would have been very significantly worse. they were confronting problems that no one had to deal with. i mean i would sit there and say i know what they're going through. because i have been in similar circumstances. but the order of magnitude was a small fraction of the types of problems they had to make decisions on, on very little knowledge. >> rose: do you think any of the decisions you made as chairman of the federal reserve contributed to the crisis that we -- >> the '08 crisis? the answer is no. and i wrote a long part of a paper for the brookings institution. >> rose: right. >> which i, if anybody wants to take e paper and tell me where i am wrong, i will-- . >> rose: in other words, you can't point to a single thing and say i would have made a different decision because i made that decision, it contributed to the crisis that we had to go through. is there anything left in monery policy to d

geithner will make that case to house republican freshmen tomorrow. the "new york times" reported today republican leaders have assured top wall street executives that a deal remains possible, and last night's debt ceiling vote was simply to make a point. the president will sit down tomorrow with house democrats. he's already met with both parties in the senate. and vice president biden continues wide-ranging negotiations on raising the debt ceiling and on cutting spending to reduce long-term budget deficits. the next session convenes june 9. and to newshour political editor david chalian. david, welcome. >> thank you. >> lehrer: are there serious negotiations under way or is it all still ant making points from both sides? each side? >> there are serious negotiations under way, jim. today's meeting was not that. it's very large group. a couple hundred house republicans there. you're not going to get into the meat and potatoes of this deal but the biden negotiation that you mentioned in the piece, that's where the action is happening. that's where bipa

the governor of carstens as you know is what you also have going on is tim geithner openly supporting the guard and it looks like the u.s. is ready to cut a deal with the euro will give you look start look gart you let us keep on to that deputy managing director number two position it's going to be vacated or that's the . term ends in august so they want to hang on to that number two position so i think that's exactly what you'll see you'll see a. european in a little guard at the helm and you'll see another american at the number two spot which means you can expect the same shenanigans on the part of the i.m.f. going forward and that's just as history as surveyor pain has always held that position and you think it's a bit more of the same that was raj as she founder and president of the capital thanks for being on the show. now drones in many ways have become the symbol of america's undisclosed wars killing civilians sparking protests in countries such as pakistan and in that country they've increased at a quick clip compared to past years at least one hundred eighteen strikes happen

the governor of course this is you know what you also have going on is tim geithner openly supporting the guard and it looks like the u.s. is ready to cut a deal with the euro rogue if you look sharp look articulated deputy managing director number two position it's going to be or that job which he is term ends in august so they want to hang on to that number two position so i think that's exactly what you'll see you'll see zero zero zero zero zero zero zero zero zero zero zero zero zero zero zero zero zero from european and look at the helm and you'll see another american at the number two spot which means you can expect the same shenanigans on the part of the i.m.f. going forward and that's just as history as serving your pain has always held up position and you think is going to be more of the same that was rajkot she founder and president capital thanks for being on the show now drones are something we have heard a lot of about because they have become really a symbol of americans undisclosed wars they've killed civilians sparked protests in countries such as pakistan and they've

yesterday we saw the chairman ben bernanke testifying and seeming pretty pessimistic i guess tim geithner was also jessica right tim geithner was also testifying talking about small business lending and continuing to say you know we can't force thanks to lend we need more time existing home sales are down what is going on here. it's just everything is that there are so many different things right now you've got the debt ceiling you've got greece crazy things going on with greece you've got is q e three going to happen at there's just all these uncertainties and when there are this many people are they just don't know what to do so i think it's just a really confusing time and nobody knows where you can make money where jobs are going to be consistently in the future and where i don't i just think it's it's kind of a mess and i know you cover a lot of these issues with the business insider i'm wondering just kind of your personal take on what's the most concerning thing what should people really be bracing of greece oh my gosh greece if greece defaults i just saying. absolutely and same ch

secretary of the treasury, timothy geithner her, and his wife, carol geithner and . mr. david leonhardt, and his wife, lauren. mr. antonio perez and his wife. mr. robert mcdonald and his cdonald.ane macdonal mr. robert gillette and his wife, ms. lisa bunche. mr. mark ayers and his wife, deborah ayers.

host: tim geithner writes in " about "washington post, the auto bailout.wo years later, all three american automakers have returned to profitability. we demanded tough concessions from chrysler and gm. they were forced to cut their bankruptcy, clean their balance sheets, and adopt stringent plans to move toward profitability. we gave the companies enough space to make sound business decisions and push ahead as they would in a private restructuring. that is timothy geithner, the treasury secretary, writing in today's "washington post." he will be on capitol hill testifying today. in new haven, chris, democratic line. we're talking about the clean debt ceiling increase rejection. what does that mean? caller: it means that we cannot raise the debt ceiling without some spending cuts. but like the guy from idaho and like the guy who just but said, there has to be some revenue increase, tax increase, and alaska i just said he would be content with the tax rates during clinton, but also spending limits like in clinton. and if you take the hysteria out of it, ther

my question has to do with your meeting with secretary of the treasury tim geithner. you are quoted on political.com as saying that he has to make clear that major spending cuts are needed. have you and your republican colleagues seen any plans out of the white house. if so, do you have any faith in those plants? how do you think you can work together to achieve some debt relief? guest: we have not seen the specifics, as you know. the president presented a budget proposal that was resoundingly rejected by the senate. he received zero votes in the senate which was remarkable. the paul ryan plan received 47 votes. that will tell you that even among democrats, the president's budget proposal at least in the senate was not viewed positively. he simply did not take on the real issue that we have which is that the federal government's is spending money it does not take in, 42 cents of every dollar. it is borrowed. it is barred from you and your children and your grandchildren. we need to see a proposal that actually a bold cuts federal spawned in now. we have proposed a pro

the honorable secretary timothy geithner, secretary of the treasury, and his wife, mrs.d leanhard and his wife, mrs. laura lionhard. mr. euro -- antonio perez and his wife, mrs. laurie perez. mr. robert mcdonald and his wife, mrs. diane mcdonald. mr. william drosniac and his daughter, ms. natallia drosniac. dr. eileen rosenfeld and her husband, mr. richard ilgin. mr. robert gillette and his wife, ms. liza bunch. mr. mark ayers and his wife, mrs. deborah ayers. the honorable tom barrett, mayor of milwaukee, and his wife, mrs. chris barrett. >> i'm german, also. half irish. >> dr. -- and his wife. mrs. mauricea mayier and her husband, mr. zachary bowe. mrs. bonita bacell and her husband, mr. steven bacell. dr. daniel levinsin, and his wife, mrs. nina levinsen. mr. liel ovaskasa. the honorable john munhiem and his wife, sherry munhiem. mrs. kara mill. mr. duffy and his wife, mrs. heidi duffy. mrs. naomi aferly and her husband, mr. larry liebowitz. the honorable mr. davis and his wife, ms. olivia morgan. mrs. sarah blomenfield mrs. winnie agel and her guest. mr. greg kennedy

as a result, tim geithner was on capitol hill lobbying lawmakers yesterday trying to get them to increasehat debt limit. >> tracie potts, thank you. >> scientists in europe are probing a deadly outbreak of food poisoning caused by, quote, an entirely new super toxin. the illness is now being blamed for at least 18 deaths and has sickened over 1600, mostly in germany. three americans who recently traveled in germany are also suspected to have fallen victim to the bacteria. this particular strain is thought to combine a highly poisonous but common toxin with a rarely seen glue that binds it to a patient's intestine. >>> in yemen, tribesmen and loyalist troops fights have intensified. this week, the battle worsened after the collapse of a truce between the forces of a tribal leader and the country's president. tribesmen want the president out of power after three decades. the exact death toll from the clashes is not known, but it's believed security forces have killed well over 100 since february. >>> back here at home, the latest contender for the gop ticket came out swinging and dodging bl

it leaves tim geithner as the only team member from the original economic team. he's been one of the most visible spokes people on the economy. >>> sony takes the wraps off the new gaming device. they call it play station vita. it's in time for the holiday shopping season. the wi-fi version is $249. the vita does everything, front and back cameras, touch screen, touch pad. sony, again, yesterday apologizing for the hacker attacks that took down the online play station gaming network for awhile. the company says all is almost forgiven. about 90% of players are back on psn network. so, there's still 10% that are holding out. that new play station vita sounds interesting. i'm hoping it does windows, too. >> i can see you sitting there playing during commercial breaks. >> wouldn't that be fun? >>> a man will face 21 months in jail. he scammed a new jersey investor out of $300,000 claiming he was promoting a series of mariah carey concerts in dubai. he will have to pay back nearly the full amount. >>> in the meantime, lance armstrong may lose 10 million dallas. the fo

you list tim geithner who is now the treasury secretary. do you describe him as a sectless regulator? >> well, don't forget as the head of the federal reserve bank in new york, he was charged with overseeing citi bank and other large institutions in new york. and that was one of the major colossal failures of the regulatory era leading up to the crisis, because citi bank of course took on enormous risks and then had to be assisted by the taxpayer in 2008. so he was just one of the people who really had a kul chir of collegialty, collaboration with the very institutions. this goes back to the list at the beginning which is we're going to enlist our collaborators. so the reserve was a quintessential example of that. mr. geithner, seemed like he was really in the mind's medal of the bankers. it was not a questioning relationship. it was not a typical what you would consider to be policing relationship. so it really is his years at the new york fed that caused him to be on that particular list. host: anthony, a democrat, you are on the air. cal

they're not just getting pressureed from tim geithner.ting calls from wall street and the constituents and big donors saying you better raise the debt ceiling. >> really? >> yeah they have been reassuring wall street that the debt ceiling will go up. that's why wall street didn't react badly when they had the symbolic vote not to raise it. if all of a sudden they reach the debt ceiling, there will be a bad reaction for the market. >> reassuring wall street they'll cut spending. not going to have a trillion dollar deficit forever. >> there will be cuts in spending. >> chris: we're running out of time and i want to touch on one more subject. 2012 politics. texas governor rick perry spoke at a republican thing -- not a republican thing -- but down in new orleans this week and this weekend. apparently stole the show. let's watch a clip. >> that mix of arrogance and audacity that guides the obama administration is an affront to every freedom-loving american. and a threat to every private sector job in this country. >> chris: what is your guess

in a letter to south carolina geithner insisted he cannot stave off default if the august deadline is ignored. and the international monetary fund issued its own warning, urging u.s. lawmakers to reach a deficit agreement and raise the debt ceiling. >> we wouldn't want to get into hypotheticals, but suffice it to say it should be self-evident. a debt default in the u.s. government debt market would have very serious, far-reaching, dramatic repercussions. and that's why we are confident it will be avoided. >> brown: toward that end, the president met this afternoon with senate democratic leaders, looking for a way to move the discussions forward. and with the president blasting lawmakers, we get a response from two senators: wyoming republican john barrasso, a member of his party's leadership team. and new jersey democrat robert menendez, who sits on the finance committee. senator barrasso, start with you the president said he thinks the republicans must and will give some ground on tax revenues. will they? is there any room for movement? >> no, there really is not. 9.1% unemployment,

>> i don't believe timothy itimothyritim neather geithner as he cries wolf. he has told us this four times now exri. >> chris: what about moody's saying what they are saying? >> that message is powerful and should be the warning to the american public to elect congressmen and women who hold the purse strings in the nation to quit incurring the debt. we rake in 6 to $8 billion a day via taxes and other revenue sorts. if we prioritize on just the $6 billion to $8 billion a day and service our debt we don't have to raise that debt ceiling. we can make sure that we are funding the debt service and highest priorities first and other things have to wait, chris. we have no choice. it is connor powell sense. >> chris: you are say nothing deal for deficit reduction, don't raise the debt limit? >> i have -- i know that the debt ceiling will be raised whether i want it to be raised or not. there is a majority in congress both sides of the aisle that will raise the debt ceiling. ifty were in congress, though, i would be a no vote to raising the debt ceiling. i would send

tim geithner is there as treasury secretary. he was there from the beginning.oved up. he's been there since the beginning and ben bernanke has been there since the beginning, from the fed. i don't think everybody has jump shipped or left them. i think the goolsbee departure has left a void on the spokesman side. and i really think that it signals that maybe this administration is not going to rethink its economic policy. they're going to ride this out. and as we discussed last week, i think both bob reich and i would argue, you've really got to think about putting more steam back in this economy. >> secretary reich, let me come to you, you have been there in the thick of the politics of this when you served in the clinton administration, when the economy is not going well. we'll get to the substance in a minute or so. but just as a matter of politics, don't you think there has been a notable absence of articulation from the white house about what the white house is going to do and also to use president clinton's famous phrase, who is saying i feel your pain rig

secretary geithner has been working with the chinese to get them to re-evaluate their currency. the president said last october, you know, there are things we can do if you don't act. the president may have to come to the conclusion that it's time to act unilaterally to correct a trade deficit with china and also may have to accept we have to drill for more domestic oil simply to create jobs in the energy sector and even if gasoline is expensive have the money spent here rather than the middle east. >> to look even closer at the numbers, you mentioned a bit earlier about the sector changes. i want to bring this up. business services is gaining a little bit. health care is adding jobs. this is a sad one here. last month we were talking about made in america might make a rebound. now they're going down. and local governments which have no money continue to hemorrhage and lay people off. professor, when you look at the different sectors of the economy, what is the most troubling to you right now? is it manufacturing that we thought might be rebounding or what else? manufacturing be

>> i don't believe tim geithner as he cries wolf for the fourth time telling us there is a drop-dead date and crisis will ensue, and economic woes will befall us even greater than they already are if we don't increase the debt limit. he has told us this a couple of times now. i believe it's four times now. >> chris: what about moody's saying that they're saying? >> moody's message is very powerful. that should be the warning to the american public to make sure that we are electing congressmen and women who hold the purse strings in this nation to quit incurring the debt. we rake in $6 to $8 billion a day, our federal government, via payroll taxes and other revenue sources. if we prioritize and took the $6 to $8 billion a day and service the debt, we don't have to raise the debt ceiling. we can make sure that we are funding the debt service and the highest priority first. other things are going to have to wait, chris. again, we have no choice. it's common sense. >> chris: i just want to make sure -- you're saying no deal for deficit reduction. don't raise the debt limit. >> i know tha

>> i don't believe timothy geithner as he cries wolf for the fours time telling us there is a drop dead dated and crisis will ensue and economic woes will be fall us further, if we don't increase the debt limit and he's told us that four times now... >> chris: what about moody's saying what they are saying. >> moody's message is powerful. and, that should be the warning to the american public, to make sure we are electing congressmen and women who hold the purse strings, in this nation, to quit incurring the debt. we rake in 6 to $8 billion a day, our federal government. via payroll taxes and other rev you into sources, if we prioritize and took the 6 to $8 million a day and service our debt, we don't have to raise that debt ceiling. we can make sure we are funding the debt service in our highest priorities first and other things will have to wait, chris. again we have no choice. it is common sense. >> chris: i want to be sure i'm clear. you are saying no deal for deficit reduction, don't raise the debt limit? >> i have... i know that the debt ceiling will be raised. whether i want it t