he's against geithner. it's everyone against geithner. the president, christy roamer, larry summers and tim as the guy with his finger in the dike. adviser are there to advise. they are experts. that's why presidents hire them whether in economics or national security. they're supposed to know more than the president. the president listens to what they say, ultimately, he then has the lonely spot of making the decision. in this battle in mid march with the president, his 70-75% approval rating, two million people weeping on the mall and cheering, obama's got political capital that happens once in a generation, and he says, i want to be roosevelt, i want to rise to it. i want to take down these big banks, i want to show accountability flows both directions. they did it to themselves. we're wildly overbanked, they can be smaller, and we need to show a kind of justice. people are hurting. this will be the step forward. basically, tim geithner thinks he doesn't know what he's talking about. he needs to be protected from himself. after this me

i want to pick up quickly on the visit of timothy geithner. is this a sign of how crucial this week's meeting is going to be? >> absolutely. president obama said to get your act together. the euro zone collapse, it will ease pressure up to a point. they are very anxious on what will happen as it leads to serious problems in the euro zone. >> having mentioned to the meeting yesterday, i was on the air when the markets were going up and everyone was saying look, it is not signed and sealed, but they are absolutely for the first time giving an indication that they are entr'acte. >> what they really want to do is make sure that everyone believes they are on track. >> do you believe that? >> i think that they're moving, but they have to have a semblance of control that has been completely ignored for so long. no mechanism for implementation, for fines. they need to demonstrate that they are serious about this. only by demonstrating that can they have legitimacy in allowing bonds to be bought in the markets. i felt really happy that something was do

or is geithner saying no way?well, the administration says not for anymore than they already are, shepard. the latest report from a german newspaper was that the federal reserve would help the international monetary fund with european bailouts. geithner said today that was not accurate. >> shepard: what's the -- what is geithner saying about the imf's involvement here? >> well, here are the numbers. the u.s. currently has about $85 billion invested in the imf. and in 2009, approved 100 billion-dollar credit line to the imf. the taxpayers, the u.s. taxpayers stand behind all of that. now, the imf currently has about $400 billion in available resources to help europe, if need be, including that u.s. funding, geithner sounded today like the u.s. might not oppose that. >> imf has been playing a very important role in this crisis so far. we expect that to continue. of course, the imf exists in some ways for this purpose. it's to help the members -- its members meet their financial needs, provided they are willing to me

zero percent interest rate so they're subsidizing geithner's crony speculator terrorists. but he also mentions that financial crises are alternately resolved when governments and central banks act so this takes me to this next headline max sprott frustrated with hostage taking paper silver market now there's the silver market issue here but this quote in particular is what he is referring to the central banks and governments taking action over the long term sprott believes that the market has made gold the reserve currency he says i don't care whether the central banks have or governments have but the markets made it the reserve currency central banks have been aiding and abetting that process they're almost making it the reserve currency by their actions not by their statements and when it was a reserve currency silver traded at a ratio fifteen to sixteen to one of the price of gold eric sprott up there in canada billionaire and also our friend down in mexico hugo salinas price you know who's trying to bring sober back into the mexican economy as a hard currency those two

max kaiser this is the kaiser report and that dirtbag tim geithner is making the rounds again today to tell me more facts they're the central banks and of the governments and they were there to help you got your backs merkel's crisis plan and this was obviously this week's summit yet another summit to save the eurozone but this quote from geithner is what really intrigued me here max financial crises are ultimately resolved when governments and central banks succeed in creating conditions that make it compelling for investors to take the risk involved in lending to governments and to banks yeah they still operate under this myth that they need to incentivize these so-called investors to take so-called risk this gives the impression that there are individuals or institutions out there with capital and they're just waiting to get a good deal to invest that capital so geithner is not being truthful because if he was he would indicate that there are no solvent investors or banks in the world today they're only possible action is to dodge innocently to use a steve cain word loan out fresh.

geithner home, i guess. in the meantime members of the european people's party grouping in the european parliament are gathering, trying to forge a common standpoint, a common position to take with them up to brussels. and christian phrasier, our correspondent, is there. >> they will be the most decided days in the euro zone's short history. but if 11th hour negotiations are still to be had, they will be had here. timothy excite they are in is here at the end of a grand tour of europe. and was meeting the spanish prime minister whose government will be backing far-reaching changes to the liz bin treating. on the evening of their arrival the french and german sent a letter to the president. it's a blue print to a new treaty with mandatory penalties for those who break the policy and committing all governments to strict rules, and also the british prime minister has vowed he will block any changes that threaten the city of london and will go their own deal drafting a treaty outside the existing treaty. the sta

geithner's presence in europe underlines the intense global pressure on the euro. the french and german leaders have today pledged they will not leave the brussels summit until a powerful deal has been reached. emily reports. >> the latest up for the u.s. treasury secretary, the french finance ministry. the mood is somber as the eurozone crisis threatens economies on both sides of the atlantic. >> [speaking foreign language] >> we have the same concerns. that is to make sure this crisis of financial major ends and to find ways to multiply our efforts so there will be a revival of activity, a support for investment, and the creation of jobs. >> geithner was cautiously optimistic about the latest plans by france and germany to build a stronger europe. >> they are encouraged by the progress they are making, not just to put in place economic reforms across europe -- to create the conditions for stronger growth in the future, but to build a stronger architecture for fiscal union. >> this is timothy geithner's fourth trip to europe in as many months, an indication of the

geithner's visit is like a two-pronged wakeup kaup for european leaders. the warning about downgrading the euro zone credit ratings along with mr. geithner coming here to europe is just emphasizing the importance of this european summit that's coming up in a day. we're looking to see mr. geithner come through, perhaps, saying what he said yesterday in germany which was fairly positive in tone, at least in the public remarks saying he was behind the reform efforts that are being made in italy and greece and spain. and that he was hopeful about this, what's now being called the fiscal compact that germany and france are talking about. closer political relations between the two. by the way you were talking with andrew a little bit about the reform of the eu treaty. we got last night here, kind of an indication of the timing the political leaders are talking about. the prime minister of france said last night they're hoping in france anyway, to have a revision of the european treaty done by march of 2012. this would be apart from the kind of agreement they're

so that's the tradeoff. >> bergman: and this is where secretary geithner and the industry agree, that there should be no cap, no limit, on credit card interest rates. why shouldn't you be limited in how much interest or how many fees and how big those fees are? >> if the government were to place caps on interest rates or fees, then essentially what you have is the government setting the market. the government is determining what the rate of interest or rate of return or the rate of fees should be. and that will destroy our free market economy, which is the heart of capitalism. >> we are in a historic low- interest environment right now. historic. treasury bills are practically at zero interest. and yet, credit card interest rates are outrageously high. they have not come down as interest rates have come down. this is not the normal workings of the market vis-a-vis interest rates. these are... in effect, they're phony rates that are ginned up by the banks to maximize their profitability. >> bergman: no one's proposing capping interest rates. >> no, they're not, and they're not going to

timothy geithner isn't coming up for the sake. world, he's coming up for the sake of the american economy. the american economy will be very badly affected if the euro goes down the tube. and so, it's just a way, i think, of passing the message, this whirlwind tour to show that really the world is watching, and this has to be pulled off this time. >> hugh schofield. hamid karzai has arrived back in pakistan, the day after the deadliest bomb attack in three years. at least 55 people were killed in the blast. mr. karzai has been in germany for the bonn conference on afghanistan, but this blast was aimed at members of the country's shia minority, taking part in the commemoration of the holy day ashura. a taliban spokesman condemned the attack. suspicion is now falling on militant groups based in neighboring pakistan for this incident. our correspondent in kabul, quentin somerville, says the nature of the attack does set it attack from earlier violence in the country. >> there were two things that distinguished these attacks. this is

timothy geithner has travelled across the atlantic to stretch the urgency of resolving europe's debt problem. >> and our meet our. the u.s. treasury secretary and his counterpart shoulder to shoulder as they try to work out how to keep the currency afloat. the message of timothy geithner was that he is reassured that european leaders are acting to prevent the euro from shattering. >> i am very encouraged by the developments in europe over the past few weeks, including the reform commitment made by the new governments of italy, spain, and greece. and the new steps we have heard about progress towards a fiscal compact for a -- for the eurozone. >> he had been to the central bank in frankfurt at the start of a world tour. it comes at the -- it comes as the rating agency standard and poor's, which assesses credit risk, threatened to strip european countries, including germany, of their aaa rating. there has been irritation from political leaders. the chairman of the eurozone says that the threat to downgrade was a wild exaggeration and unfair. in paris, there were similar annoyances. "we

we learned today from secretary geithner. he is in germany. trip to meet with european banking officials. secretary geithner denied federal reserve had any plan to lend money to the eurozone but we have signs the debt crisis will get worst before it gets better. the credit rating industry, standard & poor's warned of another downgrade today. this time, to europe's bailout fund. remember the crisis overseas affects every one of us but clearly wall street is not too concerned. look at the numbers on wall and broad up 103 on the session. it has been a banner day after a banner week last week. and now peter barnes from the fox business network. secretary geithner overseas had a lot of people concerned. what else did he say? >>guest: he is lobbying the leaders to step up the leaders to fix the debt crisis before it spreads across the continent and possibly the atlantic. he is pressing leaders to complete work on a bigger rescue plan which they say they are doing. the americans are doing what they call a strong financial firewall to contain the cris

tim geithner is hopscotching across europe on a three-day mission to push leaders to step up effortsntaintary debt crisis. before it spreads across the continent. and possibly across the atlantic. and hurts the u.s. economy ahead of an election year geithner's boss. >> the united states and economy as a whole that germany and france along the other nations to build a stronger europe. >> reporter: the americans want a financial firewall to contain the crisis. countries and banks. credit rating agencies standard & poor's wants that, too. expanding its downgrade the debt of european countries to include the new bail-out fund as well. the europeans are considering a proposal. including a stronger central union with pro-government spending and maybe more help from the european central bank and the imf. but the u.s. is under fire for its own fiscal problems and congress is unlikely to consider any more taxpayer funding for the imf to help europe and the white house has no plans to act. so officials say geithner can offer little more than feedback and advice. >> restructuring the currency u

at the risk of repeating myself, the judgment of the administration and not just secretary geithner but the administration broadly is that best way to work with our llies on this is not by threatening our most severe sanction against their largest financial institutions but to work with them and to build on the international consensus that already exists and take these

wants the eurozone to stay together and i think tim geithner's message is bailouts at any cost don't screw it up look we just had a crisis in two thousand and eight which was partially the result of watching a slow motion train wreck we saw coming for months and months and months and we kept thinking they would try little things and then it really did have a collapse in late two thousand and eight and it proved to be incredibly costly with serious damage to the economy and i think that's the message that geithner has to be taking is that whatever it is you can solve it in multiple ways you could have the easy be printed a lot more money you could have some sort of joint euro bonds or germany guarantees the debt of other countries whatever it is don't let yourselves collapse don't watch don't watch it happen don't go over the cliff while everyone is paying attention to it so i suspect that's going or the main message how they want to do it is up to them but i think of what a collapse at any cost. yeah and that's something that i think that we probably need to be hearing a little bit m

secretary geithner is going over, i believe. what are the stakes here? >> when you ask folks in the administration what worries them most, it always starts and ends with europe. there's a sort of a helplessness, a sense that what the europeans do is the single most important factor about the u.s. economy and president obama's re-election chances next weir. what we saw last week was the fundamental problem is europeans can't agree on how much they should guarantee each other's debts. we saw movement towards the sense that bilateral treesies could do it. but there needs to be a political bye inn. the other thing you need is for the european central bank, their version of the federal reserve, to step up and do a bit more of its backstopping of debts. but that won't happen until that will power is shown. tim geithner, i believe, is going there to try and buck up his spirits and try to put more pressure on them to come to an agreement. and also, neither the united states nor the i.m.f. is going to come in and make it easy for them and take the hard decisions

timothy geithner has run off from the banks to the capitals to reinforce the u.s. message for the need of a long-term solution and stability. >> latest stop for the u.s. treasury secretary is the french finance ministry. it threatens economies on both sides of the atlantic. >> we have the same concern, to make sure that this crisis of financial major ens. and to have joint efforts so that in the real economy, there will be a support for investment and the creation of jobs. >> he was cautiously optimistic with plans by germany and france to build a stronger europe. >> we were encouraged by the progress they are making, and not just to put in place economic reforms across europe to create stronger growth in the future, but to try to build a stronger architecture for fiscal union. >> this is timothy geithner's fourth trip to europe as many months. for president obama senior at the g-27, his political future might be at stake. in a fragile u.s. economy remains vulnerable to any financial contagions from europe. the british prime minister david cameron also needs europe

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tim geithner, the u.s. treasury secretary there.his week, there's been optimism that european leaders get it, they get that they're behind the curve and working hard to get ahead of the curve. >> credit scores. yes, we'll talk about credit scores. they're about to get detailed if one company gets its way. tell us more about this. >> it's a company called core logic. please follow me on twitter. the core logic is finding ways to enhance your credit score, working with traditional credit agencies putting new things in there like whether you're under water on your home. some are speculating what kind of prescriptions you're taking. what your property tax liens, if you're behind on your homeowner's association dues. i'll be honest with you, the credit rating agencies know way more about you than they think you do. and one executive at a credit rating agency told me about a year ago, we know what you're going to do in your finances before you do. they run these algorithms on how you behave, how other people behave in your own age group a

geithner will meet with the french and italian leaders. the european union has launched an antitrust probe against apple and five major publishers over the pricing of electronic books. the eu says agreements between the publishers and apple prohibit competition and allow book sellers to fix prices. the eu suspects the deals breech antitrust law. the publishers include harper colins, penguin books and a french company. in march eu authorities conducted onsite inspections in the subsidiaries in the block. is it the first antitrust investigation in the e-book market. >>> share prizes are rising in tokyo following an overnight gain in new york. the nikkei is at 8,423. observers say that investors are buying shares hoping that eu leaders will come up with measures against the debt crisis during a summit that begins on friday. this follows standard & poor's announcement on a possible downgrade. >>> the dollar remains unchanged against the yen. the euro is now 104.09 to 15 yen. our sources say that investors are on the sidelines prior to the eu s

treasury secretary timothy geithner applies to germany. his presence increases the pressure further. the u.s. is deeply concerned about its exposure to the euro zone and like so many others washington wants the instability to be over. >> timothy geithner touring european countries this week. angela merkel tanseh nicholas's, are trying to get their position clear. no matter what is decided, it still has to and get past euro zone members. >> proposals from the two are one thing, but we will get another set of proposals probably today or tomorrow from the president of the european council, who will chair the summit this week. those are going to be out there. diplomats i've spoken to or from some of the smaller member states say that france and germany have a deal but we need to see the details and we need to see the fine print because if we want to know exactly how they plan to make this work. it was important to have a sense of confidence and togetherness about them at the beginning of this critical week, they say. that was really highlighte

treasury secretary timothy anderson is the eurozone will not manage to solve this crisis -- timothy geithner says the eurozone will not manage to solve this crisis. there is a make-or-break som ummit starting tomorrow. he has been critical that europe is moving too slow. today, he has been meeting with leaders in france. >> with the eu summit in brussels approaching, pressure is building to get their financial house in order in europe. in paris, u.s. treasury secretary tim geithner told french leaders that washington wants swift action to solve the eurozone debt crisis. it is a position his hosts share. >> we have the same goals. that is to make sure that this financial crisis ends and to find ways so that in the real economy, there is a revival of activity in europe. >> a number of proposals are now on the table to tackle the crisis. there are reports that the european stability mechanism could come into force in 2012 and exist parallel to the current efsf bailout fund. another option would be to increase funding to the imf said that it could help troubled eurozone countries -- so that it c

treasury secretary tim geithner arriving here later on in europe. now, we should talk about exactly what they'll discuss and they've often clashed on various things in particular how to try to change those rules, it governs how much other countries, germy and france just two of those. how deep will the changes go and will they trigger referenda in various countrys? hopefully not because it could take months, if not year, to be ratified. >> i think that's the point. all very well for those two to get together over a cozy lunch at the palace elysees. particularly as popular is not their strongest suit in either case. >> reporter: the interesting thing about these two heads of government, charles, is that they're both going to be facing re-election in the next year or two. and exactly how they steer europe through the crisis will also have let's say be very much in the forefront of their electorate's minds, having to serve two constitution, the euro sewn and world to source out the problems and their own electorate so sick of perhaps sending more to ba

as you said, timothy geithner is here been sent by the u.s. president ahead of this very key summit to try and reinforce the message that the united states is consistently put toortd to europe that it must get its fiscal house in order. it must get agreement because it isn't just the euro-zone at stake. the problem of the euro-zone have much wider ramifications across the global economy and on the u.s. economy. carol. >> diana magnay reporting from berlin, thank you. >>> democrats have ruled out a plan to extend the payroll tax cut before it expires at the end of the year. it is worth $1,000 annually to the average family and it'll affect more than 160 million americans. the plan was paid for by a so-called millionaire's surtax. a 1.9% tax on millionaires and increase fees that fannie mae and freddie mac charge mortgage lenders and includes cutting the payroll tax to 3.1%. >>> it may take you long story get your mail. the u.s. postal service is proposing a two to five-day delivery. it is a move to save $2 billion. it means shutting down hundre

in the u.s., treasury secretary timothy geithner says the world is watching eurozone leaders but sayse does see progress. >> the u.s. treasury secretary had positive words for europe. at the finance ministry in berlin, timothy geithner expressed optimism over the course eurozone leaders are taking with the debt crisis. >> i am very encouraged by the developments in europe of the past few weeks, including the reform commitments made by the new governments of italy, spain, and greece, and the new steps we have heard this week about progress towards a fiscal compact for the eurozone. this, of course, will take time. >> earlier, germany's finance minister met with his austrian counterpart to discuss the latest plan to save the eurozone. s&p has placed both countries under a credit watch. >> the warning by s&p for aaa countries is not based on real economic data. it is based on the uncertainty in financial markets over the eurozone as a whole. so we see the assessment as added confirmation that we do all we can to achieve a good result on december 9. >> s&p certainly added to the pressure.

there's also a lot of domestic politics involved i geithner. >> indeed.e last time timothy geithner went to europe he was given the big brush off. i can't imagine that went down very well. >> well, mean that really remains to be seen if the europeans are too keen to really hear from timothy geithner because that something has to be not done everybody is well aware of that. still if we look at the market overall there seems to be a bit of optimism that the

treasury secretary timothy geithner says the u.s. federal reserve has no plans to give money to the imf to support the european bailout fund. geithner is encouraged by the reforms being made by euro nations. wall street though, investors really proceeded with caution yesterday and the results were pretty mixed. taking a look at the numbers, the dow stands at 12,150. added 52 points in trading yesterday. the nasdaq was off by about 6 and the s&p 500 was up by about 1 and a half points. city group is slashing 4500 jobs worldwide. that's about 1.5% of its work force. the bank says it is part of an effort to trim costs. the cuts will be made over the next few quarters. >>> lehman brothers has one approval in court for its reorganization plan, ending the largest bankruptcy in history. that bankruptcy is often cited as the trigger for the global financial crisis of 2008. lehman will begin payout of an estimated $65er million to creditors. the end of the sad, sad chapter in american history. >> wow. hopefully. >> thank you, jess. >>> sure t