we have secretary geithner here. it could not be a more timely moment. the headlines today across europe and the wall street journal -- the handling of the european debt crisis, and the timing of the banking committee as well. i want to give you the opportunity to talk about the crisis in the eurozone, the fact that we see rates rising dramatically in italy, which certainly signals there is some fear in the markets about contagion spreading from greece to spain to italy. italy is going to be the big concern. sunday, you are going to the g- 20 meeting. a lot of major players will be there. your perspective on the european crisis, the possibility of contagion, and how well- capitalized our system is. today, we learned there is a lot even the best bankers do not know about business in their bank. for all of the assurances that the u.s. now is immune, are we really? >> good question. obviously, it is still a challenging moment for our economy and the world. you are seen growth slow a bit. that is in most of the other major economies around the world. we have

treasury secretary timothy geithner says there is little time to act on the crisis over european debt. he urged our zone leaders to come up with new solutions to calm markets and to do so quickly. geithner called on them to come up with concrete plans and they will gather next week at a g-20 summit in mexico and then later this month at an eu summit in brussels. >> if you wait to move on these things and you let the market get ahead of you then you increase the costs of the solution and make it harder to get there. >> geithner also commented on speculation about a possible exit from the euro zone by greece and some other countries. >> they considered this very carefully. they decided it is in their interest to hold it together. and what they say to us privately is they will do whatever is necessary to hold it together. >> geithner said u.s. officials do not need to play a bigger role in solving the problems. he said europe is a rich continent and european leaders have the capacity to deal with the issues. >>> the president of the european commission has suggested some solutions. josep

and you all know secretary of the treasury, tim geithner. just wanted to make a few introductory remarks. turn off your devices not just on vibrate. we are delighted that we have secretary geithner here and at a -- could not be more timely moment the headlines today threat spreads across europe in "the wall street journal." the financial times, fear rises over e.u. handling of the debt crisis. and of course the timing with the banking committee hearings today as well. and you going to the g-20. we wanted to give you an opportunity to talk about the crisis in the euro zone, the fact that we see rates rising dramatically today in italy which certainly signals that there is some fear in the markets about contagion spreading from greece to spain to italy and italy of course would be the big concern. we've got an election in greece on sunday and you're going to the g-20 meeting which is not called obviously to discuss this, but a lot of the major players will be there and it is an unavoidable fact. your perspective on the european crisis. the pos

treasury secretary geithner -- onus on the u.s. and other countries to do their part to boost global growth. plus output levels at the opec meeting in vienna. crude could slump to $50 a barrel. and another profit warning and round of job cuts from nokia, the ailing phonemakers forecast bigger than expected loss in its mobile business. once again, sending its shares sharply lower. >>> you're watching "worldwide exchange," bringing you business news from around the globe. >>> welcome to today's program. one hour until the trading day in europe. stocks on the downside, advances being weighed down by the decliners ratio a little bit more than 7-3. european stocks yesterday, it was a mixed session, the ftse 100 is down 18 points. we're pretty flat for the xetra dax, the cac current down a quarter. we'll come in to spain but that country's debt rating one notch above junk according to moody's. there are individual stocks worth pointing out. bskyb, down 7%, bt down nearly 3%. the total package for the premiere league 3 billion. bt spendin

geithner called on leaders to come up with concrete plans. they'll gather next week in los cabos, mexico, and get together again later this month at a summit in brussels. >> if you wait to move in these things and you let the market get ahead of you, then you increase the cost of the solution and you make it harder to get there. >> geithner also commented on speculation about greece and some other countries exiting the eurozone. >> they considered this carefully and decided it is in the their interest to hold it together, and what they say to us is they will do whatever is is necessary to hold it together. >> he said u.s. officials do not need to play a bigger role in solving the problems. he argus europe is a rich continent and its leaders have the capacity to deal with the issues they face. >>> members of the european parliament aren't ready to sign a free trade deal with japan just yet. they voted overwhelmingly in favor of a resolution to delay negotiations. the eu resolution says the japanese government hasn't done enough to eliminate no

and i wouldn't personalize it to the secretary of the treasury, timothy geithner. there actually has never been a full accounting of all of the programs and all of the money spent, used, and deployed to save wall street from itself and to save our economy and financial system from wall street. there's no question that it's way, way, way into the trillions of dollars. the alphabet soup is mind boggling. never mind the additional programs done by the fdic and all of the regulatory agencies. so on the one hand you're right, which is we still don't know the exact amount. we do, however, know it was trillions and trillions of dollars and it's never been detailed one of the things that better markets does is keep track of the crisis. we actually have a section called cost of the crisis. we try and catalog not only the things that were spent, lent, and guaranteed, but another thing nobody ever talks about is the social costs. we have over 10% unploim. we have about 15 million americans underemployed, three million disclosures. we have the highest free stamp use in the his

we're going to leave now to hear remarks from treasury secretary timothy geithner. live coverage now on cspan 3. >> i remind everybody to turn off all of your devices and be just on vibrate. we are delighted that we have secretary geithner here and at a couldn't be more timely moment, the headlines today, threat spreads, they theorize over ha d handling of the debt committee. we want to talk to you about the crisis in the eurozone, the fact that we see rates rising dramatically today in italy which certainly signals there is some fear in the markets about contagion spreading from greece to spain to italy, and italy, of course, would be the big concern. we've got an election in greece on sunday, and you're going to the g-20 meeting, obviously not to discuss this, but a lot of lead players will be there. your possibility of contagion. only today we learned that it's a lot that even the best bankers don't know about risk in their banks. for all the assurance the u.s. is now immune, are we really? >> good questions. obviously, it's still a very challenging moment for th

this afternoon on c-span3 we'll have remarks from tim geithner. he's a featured speak or the council on foreign relations event where he's expected to talk about u.s. economic recovery efforts and preview next week's g-20 summit in mexico where world leaders are gathering to discuss issues surrounding europe's debt crisis. again, that's live here on c-span3 beginning at 4:30 eastern. and in about 25 minutes over on c-span, starting at 1:00 eastern we'll have live coverage at the u.s. chamber of commerce. they're having their 2012 job summit. the chamber is releasing their third annual enterprising state study that looks at how specific states are doing in today's economy. a number of governors are also going to be on hand to discuss the findings. >>> it turns the committee did wrap up and they did adjourn. defense secretary leon panetta again saying a balanced approach saying the defense cut is needed to have the $5 billion level and he urged members to find a solution to stop the sequester and half a trillion dollars in cuts saying such decisions

geithner saying 2% growth is not enough to get americans back to work. he says the most helpful thing washington can do is extend middle-class tax cuts and remove the threat of default. we get a report on jobless results at 8:30. >>> let's talk corporate headlines. cell phonemaker nokia cutting 10,000 jobs and warning that a second quarterly loss from its cell phone business will be larger than expected now. the company says it will take restructuring charges of $1.3 billion. dick clark products, the producer of the golden globes and the new year's rocking eve. redskins owner red zone capital bought dick clark products for $175 million five years ago. there's a lot of intrigue behind this sale. we'll talk about it in a little bit. >>> and a panel of outside advisers has give a thumbs up to an artificial heart valve. it can be inserted without cracking open the chest for surgery. we'll keep an eye on that stock today. >> sounds painful. let's check on markets this morning. the futures, take a quick look, up ten points. not a whole lot happening. we have a

the bigger disaster is geithner and barack obama want to make us greece or france. want to do more of what's not worked? the answer -- and the people will vote for it -- is no. >> i've got to go. thank you. i appreciate it. coming up, dangerous times for the well to do. occupy wall street class warfare extremism is scaring the super rich. they are putting up extreme security measures. eamon javers has the details up next. >> follow us on twitter and like us on facebook. "the kudlow report" will be right back. you're watching cnbc. capitalize on it. ♪ i'm making my money do more. ♪ i'm consolidating my assets. i'm not paying hidden fees or high commissions. i'm making the most of my money. and seven-dollar trades are just the start. i'm with scottrade. i'm with scottrade. i'm with scottrade. and i'm loving every minute of it. [ rodger riney ] at scottrade, we give you commission-free etfs, no-fee iras and more. come see why more investors are saying... i'm with scottrade. want to start the day with something heart healthy and delicious? you're a talking bee... honey

geithner is interviewed by andrea mitchell of abc news. this is about 40 minutes. [inaudible] >> you know kim geithner. the want remind everyone to turn off your devices. we are delighted to have secretary geithner here and could not be more timely moment. the headlines today spread across europe and the wall street journal. financial times of the-we wanted to give you the opportunity to talk about the crisis in the euro zone and rates rising dramatically today in italy which signals there is some fear in the markets about contagions spreading darryl -- from greece to spain. italy is the big concern. they are going to the g 20 meeting. many players will be there. is an unavoidable fact. your perspective on the european crisis and the possibility of contagion and halt well capitalized our system is. even the best bankers don't know about risks in their bank. and the u.s. -- are we really? >> the global economy and the world, you are seeing growth slow in most major -- many challenges here. europe is in the next stage of another escalation making it work and contain

. >> treasury secretary tim geithner. >> tim geithner saying that europe is taking action and making themselves more competitive. his view is that europe has decided its in its interest to hold it together and do whatever they can. making the comments on what spain did. shows that spain is committed to a more dramatic can'tization. on the u.s. economy he is saying that growth is not strong enough to make progress on the job front and making a case for some of the obama administration economic proposals. >> thank you so much. with the latest on mr. geithner. >> italian bond auction and jobs on everybody's radar for tomorrow. my next guest will tell us why they think that will move the markets. joining me now is ridgerow and folcom securities. >> tomorrow, obviously, cpi, jobless data as well. i think the jobless numbers are going to be terrible and i want to see the market reaction. we have been very resilient terrible economic data. i want to see a market that gets drilled on the numbers and comes back. when it does i am a buyer. >> tom lee told me the same thing that we are approach

geithner did expeek this afternoon. speaking about what europe is doing.ng that he endorses system of these moves that the europeans appear to be making. especially when they start talking about bring all their financial regulators together. some kind of financial union. he seemed to back that. he said that the kinds of changes they are talking about are more than he has heard in the past. and he supports that as well. >> shepard: the bigger question i suppose is whether these austerity measures will be what they have been, which is a failure, or at some point begin a long-term recovery. the problem with austerity measures is fewer people work. there is less money in the economy. and it tends to just go like this. less money, fewer workers, things get worse, not better. that's what we have seen thus far in europe. >> we have seen it in greece. that's where it's really played out. >> shepard: and spain. >> i have to tell you though greece doesn't have the money to pay off its debt. the question is do you create more debt that you then have to pay off or you

>>> plus, tim geithner unleashed. well, sort of. >> who's that? >> mitt romney. >> you want me to respond to that? >>> helicopter hang-up. the state department says new or old russian helicopters can kill. >> we have repeatedly urged the russian government to cut these military ties completely. they continue to deliver and we believe that the situation is spiraling toward civil war. >>> and have american nuns gone rogue? >> okay. you're radical feminists. >> we're certainly oriented toward the needs of women and responding to their needs. if that's radical, i guess we are. >> sister simone campbell joins me about the showdown with the vatican straight ahead. >>> plus, snack attack. how does the army celebrate its 237th birthday? well, with 5,000 camouflaged cupca cupcakes, of course. someone tell mike bloomberg. >>> good day, i'm andrea mitchell live in philadelphia. in our daily fix today, this hour, only 250 miles apart in an all-important battleground state, president obama and mitt romney offered dueling visions about how to fix the economy. i

a thrift subsidiary regulated by the treasury which was eventually timothy geithner's responsibility was writing the credit default swaps. and there was a symmetrical capital treatment. the fed was given capital relief to the buyers of credit default swaps which was appropriate to do so long as the sellers were posting an ewal amount of capital. i doubt they were, because they don't ever quite work it that way. i would say this. supposedly according to chairman bernanke and secretary geithner, paid off 100% of the credit default swaps and won't lose a dime on the bailout of any institution that is wrote them including aig. so i don't see what the problem was. but there was a huge price disconnect, because the price that s.e.c. had them booking the value of these assets at was twice what they were worth. didn't make any difference until somebody had to sell. when bear stearns had redemptions, it was the first time anybody sold. and the whole market, of course, crashed. so the last question we had is, why weren't the shorts short shortly after this whole bubble started? like in 2002, o

>> the president and secretary geithner and others have shared the united states' experience with the kinds of challenges that the europeans have been facing, whether it's the need to implement very strict stress tests on banks, the need to ensure that financial institutions are recapitalized. these are decisions that are sometimes difficult politically but important for the long-term fiscal health, in the case of the decisions we made here in the united states, and in the case of the decisions being made in europe of the countries of the eurozone and the region. you know, he's discussed, as you know, and he talked about at camp david, he has discussed with european leaders the efforts that we have taken here in washington to restart our economy, to reverse the extreme economic decline that was taking place here in 2008 and 2009 and to put the economy on a path towards economic growth and job creation. that focus on growth and job creation is very important in the near term, and as you saw coming out of the g-8, there was a commitment by and a consensus from european leaders there to

geithner, last october at the council in new york i asked you this question, does the europeans have the financial power to solve this issue? my question to you today, are you satisfied with the gean

tim geithner wakes up every day wondering what the world would be like if there wasn't a goldman sachssn't wonder what the world would be like if there wasn't a middle classes. >> that's the clear difference you see with iceland taking care of their people versus the policy of the united states which has been to protect the banks at all cost. >> david davids for fire dog lake. >> that's exactly right. it's not tim geitner is a bad guy. it's that he lives in a bubble. in his bubble, all he sees and meets with are bankers. he thinks that's the real economy. meanwhile, our middle class has been devastated. when we come back president obama says that he was too busy to go to wisconsin. do you believe that? we will have that discussion when we >> stephanie: 49 minutes after the hour. "the stephanie miller show"." >> announcer: it's "the stephanie miller show." [ ♪ music ♪ ] [ train whistle blows ] [ ball hitting paddle ] [ orbit girl ] don't let food hang around. yeah! [ orbit trumpet ] clean it up with orbit! [ orbit glint ] fabulous! for a good clean feeling. try new orbit micro packs. ad

supposedly according to chairman bernanke and secretary geithner, paid off 100% and won't lose a dime on the bailout, including aig. so i don't see what the problem was. but there was a huge price disconnect, because the price that s.e.c. had them boog the value of these assets at was twice what they were worth. diplomat make any difference until somebody had to sell. bear stearns was the first time anybody sold, and the whole market, of course, crashed. so the last question we had is, why weren't the shorts short shortly after this whole bubble started? like in 2002, or 2004, why couldn't they stop it? because a lot of people say it was irrational exuberance everybody thought house prices were going up. a., there is absolutely no evidence in my mind that anybody based irrationally. everybody behaved rationally. there is no theory that says that's true. and even the leading nobel prize winner, behavioral economist, says even if everybody is irrational, the people who short securities are totally rational. so it doesn't take anybody else to be rational, only the shorts. so why didn't t

geithner, last october, the council in new york, i asked you this question. does the europeans have the financial power to solve this issue. my question to you today, are you satisfied with the german position on this crisis? have the germans made up their mind? >> i think -- i know there's a lot of focus on germany, but i think it's unfair to look to germany as the sole source of the problem now. what germany is saying is to make monetary union work, we're prepared to put a substantial commitment of resources behind this broader endeavor. but for that to work, there needs to be in support of reforms and changes in the institution so they'll be locked in. can't erode over time. and that is a very reasonable position. you can differ with -- with lots of elements of the strategy and how it's evolving and how quickly it's evolving. but on that basic premise -- i don't have to quote martin wolf again, but he wrote this too, that's perfectly reasonable and acceptable. and you need both for this to work. just a simple fact. you need reforms that will endure with co

i asked geithner why not have the president do this before the election and show the business communityshow the world, show the american public that there is the possibility of two parties working together. and he said, interestingly, that he thinks that simpson-bowles is where they're going to end up, but clearly doesn't think that that's going to happen before the election because there doesn't seem to be any momentum on either side to be specific. willie, you talked about hearing from both candidates, they're both in ohio today, but neither are being specific about economic policies. as you point out we don't know what we're voting for. >> that is, actually, specifics. i think is what the american people want to hear. again, even -- i would just say, politically have the president push simpson-bowles and these other proposals and make the republicans say no, make the republicans look bad. i would say the same thing of a republican president in this position. instead, we're going to be looking at 30-second ads like the one that mitt romney's team is airing right now. let's take a list

after the commencement speeches by tim geithner error, michele bachmann, and others. -- tim geithner and michele bachmann and others. >> warren buffett was a featured guest. he talks about his life and career and briefly discussed the nation's debt and deficit problem. his remarks are about 45 minutes. >> ok? thank you very much for coming this evening and honoring us. it is fair to say you are the most respected investor in the world. [applause] the most respected businessman in the world. not as because you have made a great deal of money but because you have done it with enormous integrity and ability and as people see tonight with enormous sense of humor. in addition to being a business person that everybody would aspire to be, he has in recent years become the largest oil and oppressed in the world -- thropist in thehopist i world. his net worth is a little bit higher than mine. $50 billion more or less. he has committed to give 99% of that away and is in the process of doing so. thank you on behalf of the country and everybody else for doing that. [applause] your background is

i think tim geithner is held in great respect in europe. direct evidence of that i might add. and i think actually that a more vocal -- a more vocal approach for the united states today probably would be sensible. because we're getting right now -- we're playing right on the edge of the cliff here. >> alec, real quick, when you look at -- when you're looking at numbers in the morning, we actually had this conversation with alan greenspan last week, what is the one or two numbers in terms of europe right now that you're looking at in terms of how you think about the entire day? >> we look at the spread over the german ten-year that we're seeing in spain, italy, that's a big one. watching the cds. but i'm really watching the headlines. i want to see signs of a compromise between germany and spain. that's what the markets want to see and they're getting increasingly turned off no progress is being made. >> alec, thank you. roger altman, thank you both for your perspective this morning. >> if you have comments or questions, you can tweet us at@

up next, moments ago treasury secretary tim geithner addressed the world economy hinting the u.s. could be impacted by a european financial melt down. as i said -- and i hate to say it again, folks -- but i'm getting a whiff of global recession. "the kudlow report" will be back. sure. canned goods and withdrawals from greek banks. you can take care of virtually >> announcer: this cnbc >> announcer: this cnbc program is sponsored by legalzoom.com. quyou to start your business... protect your family... and launch your dreams. at legalzoom.com, we put the law on your side. >>> welcome back to >>> welcome back to "the kudlow report." i'm larry kudlow. in this half hour, new numbers out show for every dollar wall street has given barack obama they have given mitt romney and his super pack six bucks. in 2008 they gave all the money to obama. why the change? plus, new poll numbers tonight show mitt romney taking away the swing state of wisconsin from president obama. we told you scott walker's crusade against public worker union entitlements would have an effect. the question now, will o

secretary timothy geithner. and they have been urging decisive action because the problems here are threatening the u.s. recovery. analysts i've been reading say this should provide an immediate boost when the markets open in new york tomorrow when rumors of a bailout started on friday, it had a positive lift, so maybe a lift on stocks tomorrow morning. i don't want to bring doom, but next week greece couoey electricity a government that would refuse the lift of a $125 billion bailout, which could put risk with more countries. >> which means the 25 hours of opening may not hold through the week. duncan, thank you so much. >>> do the politics of escalating of words from obama and romney on the economy. rick santorum is slamming obama when he said the private sector is doing fine, and mitt romney's comments on cutting public sector jobs. >> he said we don't need any more teachers. 250,000 teachers have lost their jobs in the last couple of years. that is dramatically bad news for the country. it's certainly not go

geithner. -- you all know secretary of the treasury tim geithner. please turn off all your devices. not just on vibrate. we have secretary geithner here. it could not be a more timely moment. the headlines today across europe and the wall street journal -- the handling of the european debt crisis, and the timing of the banking committee as well. i want to give you the opportunity to talk about the crisis in the eurozone, the fact that we see rates rising dramatically in italy, which certainly signals there is some fear in the markets about contagion spreading from greece to spain to italy. italy is going to be the big concern. sunday, you are going to the g- 20 meeting. a lot of major players will be there. your perspective on the european crisis, the possibility of contagion, and how well- capitalized our system is. today, we learned there is a lot even the best bankers do not know about business in their bank. for all of the assurances that the u.s. now is immune, are we really? >> good quest

timothy geithner was not some separate from him. jamie dimon then and now was and is a director of the new york fed. he is the new york fed in a lot of instances. but on a wider point, jpmorgan chase benefit from two very big things that senator merkley did not mention, which is they achieved an acquisition of bear stearns for which the government is still backing to the tune of $29 billion in guarantees for the assets and that acquisition, and received very favorable terms in negotiations to acquire washington mutual. the results of the entire eriod was for jpmorgan to emerge by the help of some anythings senator merkley mentioned to become the largest bank in the united states. for him to say, this is just because i was really good and i'm taking one for the team on wall street, otherwise the arm twisted the and i had a gun to my head and could not help but had to take the money, is absolutely ridiculous. >> i want to ask about this incestuous relationship between people connected to jpmorgan chase and the senate and house committ

in washington, geithner urged more than 55 countries to impose maximum financial pressure on the syrian regime. and he held open the possibility for further u.n. action. >> we gather in the shadow of a massacre. and nothing we say can adequately respond to such an event. nor can sanctions alone bring about the change we seek. but sanctions can play an important role. strong sanctions, effectively implemented, aggressively enforced, can help deprive the syrian regime of the resources it needs to sustain itself and to continue its repression of the syrian people. >> sreenivasan: u.n. peace envoy for syria kofi annan briefs the u.n. security council on syria tomorrow in new york. defense secretary leon panetta today defended the american use of drones and said they will continue to be used as a tool in the war on terror. his comments come two days after a drone attack in pakistan killed al-qaeda's second-in- command. he said the u.s. will keep targeting other al-qaeda leaders as long as they pose a threat to the u.s. speaking in india, panetta dismissed the pakistani government's charge it

. >>> coming up this afternoon on c-span 3, live coverage of remarks from tim geithner. the secretary's expected to talk about the recovery efforts and preview the g-20 in mexico where world leaders will discuss the europe debt crisis. live at 4:30 eastern here on c-span 3. earlier this morning jpmorgan's ceo jamie dimon apologized for his company's multibillion trading loss, also saying that it should be put in perspective. while shareholders lost money, no client taxpayer money was impacted by this incident. regulators are working on language known as the volcker rule, which would limit trading by banks for their own accounts. the regulations, which are part of the 2010 dodd-frank financial reform law don't go into effect until july of this year. >> jamie dimon is a crook. this guy should be going to prison. him and 18 others. you need to listen to bernie sanders. these guys sit on federal forums. they take billions of dollars in u.s. taxpayer bailouts that at zero interest. this man is a crook and needs to go to jail and these are not the job creators. they are the jo

when tim geithner was being interrogated by paul ryan, he claimed to stabilize the economy over the next 10 years. in fact, you are adding $10 trillion to the debt. unbelievable to me and other citizens. that is called stabilization. at the end of the 10 years, it shoots straight up. he did not deny it. he said we do not like your plan because it does not protect the middle class or seniors. ryan said i bed to differf -- i beg to differ because of special protections for different classes. he preserved medicare for those 55 and older and on and on. there is nothing but demagoguery on the other side. no efforts to protect them. we cannot sustain it. i do not understand how anyone can vote for this guy given what he is doing. we cannot sustain this. if the republicans win back both houses of congress, we cannot stop it. we are on autopilot to bankruptcy without power over his veto, we cannot stop it. he ignored the bipartisan budget commission. host: we want to get you into a conversation with the rest of the country. we will do that by phone. the phone lines are starting to heat up. you w

treasury secretary time think geithner welcomes -- timothy geithner welcomes this. >> they are willingd out $25 million to prop up spain's banks by bad loans and lower property values. the others are greece, ira land, and portugal. >> -- ireland. and portugal. >> we spent more than we have and because of this we have a bad situation. >> spain is conducting an audit to determine the final loan amount. america worries it will drag down our economy especially during the election year. >> the british government worry that is the euro crisis will damage england's road to recovery. the attempt to pull itself out of a recession is killed by us. >> they are struggling to pull the country out of the second recession since 2009. >> trouble areas are high mounting debt. >> opening statements get underway tomorrow in the sex abuse trial for former coach jerry sandusky. he is accused of abusing 10 boys. he denies the allegations. it brought down long time coach joe paterno who trustees say did not do enough to report the allegations. >>> they are celebrating gay pride month. a picnic will be held a

in washington, treasury secretary timothy geithner welcomed the e.u.'s bailout. there are fears europe's economic crisis could cross the atlantic and drag down the fragile u.s. economy. turning our attention to new mexico where three wildfires are burning across the state, one of them expanding from 100 to 10,000 acres overnight. this is only making matters worse in a state where firefighting resources are already stretched to the limit. lee cowan has the latest. >> reporter: what they called "the little bear fire" was until last night just that, little. but stiff winds turned it into a monster. it jumped 100 times its original size before the sun came up today. 10,000 acres and growing. firefighters say flames are leaping 150 feet in the air and hot embers are being carried by the wind, igniting the tinder-dry forest as far as two miles away from the main fire line. while the area is not heavily populated, at least a dozen homes have been damaged or destroyed. but it's the frosty of the blaze that has fire crews concerned and conditions are only expected to dete

in washington next week ahead of the g-20 summit, timothy geithner will speak about the state of the global economy. andrea mitchell, nbc's chief correspondent, will serve as moderator. >>> also in washington bob woodward will talk about his role in reporting the watergate scandal. sunday marks 40 years since a team of burglars broke into democratic party headquarters leading to the scandal that eventually forced the resignation of richard nixon. >>> and twins mary-kate and ashley olsen turn 26. >>> all day long you can stay on top of the very latest developments in those stories and more as they break on msnbc. and tonight be sure to watch brian williams with "nbc nightly news." >>> finally, here's a look at what's coming up later this morning on the "today" show. star jones offers her expert analysis of the jerry sandusky trial. and in a "today" exclusive, the parents of a 7-year-old who played darth vader in a popular super bowl ad speak up about their son's upcoming open heart surgery. >>> now keep it on this channel for continuing local news, weather, sports, and more. i'm lynn

and you've had the obama presidency and tim geithner and the republican leadership both say since 2008, we don't have a structural problem, this is just a normal business cycle. you can quote them, it's not even a debate. they explicitly have made their policy selling us on a cyclical response to a structural problem. >> and i don't totally agree with that and for two reasons. number one, it's not -- >> you don't agree with which part? >> i don't agree that they've totally said this is not a structural problem. because on the other hand, you've got two issues, you have a short-term problem. >> sure, an acute symptomatic problem. >> and that's what a stimulus is designed to deal with. i'm of the school that the stimulus was not enough -- >> fair enough. >> -- totally blocked from doing anything by the republican congress. >> you're bleeding is a hole in the bucket, we're going to stop the bleeding, what do we do for the fact that you have cancer which as i can tell for the past four years is absolutely nothing, we'll pretend it doesn't exist and hire tim geithner. >> for example, health

treasury secretary timothy geithner praised the move.e called it vital to the resilience of the euro area. >>> coming up, one of the country's most famous past pastors is taken to jail. what he is accused of doing to his daughter. >>> plus, how much police are willing to pay to get guns off the streets. >>> and check out this line. would you believe these people are waiting for a sneaker? ♪ [ male announcer ] for our families... our neighbors... and our communities... america's beverage companies have created a wide range of new choices. developing smaller portion sizes and more low- & no-calorie beverages... adding clear calorie labels so you know exactly what you're choosing... and in schools, replacing full-calorie soft drinks with lower-calorie options. with more choices and fewer calories, america's beverage companies are delivering. >>> another big hit for kanye west today. not his music but his new limited edition sneakers released by nike called air easy two think. only about 3,000 to 5,000 pairs were up for sale this morning aro

ben bernanke and timothy geithner organized the call with finance ministers and central bank presidents from six other nations. instability in europe's banking system could spill over and affect the u.s. economy. >>> overseas markets got a boost from those talks to stem the european debt crisis. tokyo's nikkei added nearly 2%, while hong kong's hang seng gained more than 1%. >>> wall street investors also got relief. dow finished up 267 points while the nasdaq rose 18. >>> the nasdaq reportedly plans to compensate facebook investors who lost money during the company's initial public offering. technical glitches delayed the ipo. there's no word on how the index will handle the compensation, but banks and trading firms lost $100 million because of the delay. meanwhile, facebook stock lost another 4% on tuesday to sink blow $26 a share. >>> and the outcome of a ballot measure raising the price of cigarettes in california is too close to call. the measure would impose an additional $1 per pack of cigarettes. millions of votes have yet to be counted and it could take days before an official

. >>> timothy geithner is pushing european leaders to lay out specific steps on how to solve the kopt nent's debt crisis. last night the treasury secretary said that by presenting concrete plans on fixing europe's finances, leaders will help improve investor confidence. his remarks come days before an important vote in greece and next week's g-20 summit in mexico. >>> europe's debt crisis weighed heavily on overseas markets. there are concerns that cyprus could be the next economy to buckle. that sent asian stocks lower. tokyo's nikkei was down a quarter percent. the hang seng lost 1%. on wall street, news that retail sales slipped in may sent stocks lower. the dow lost 77 points. the nasdaq was down 24. and the number of homes that entered the foreclosure process was up in may. the firm realty trac reports the number of homeowners received default or scheduled home auction notices was up 12% from april and 16% from a year ago. and terrell, that means more homes could hit the market and drag prices down. >> erica ferrari in new york with us this morning. erica, thank you so much. the

there's pressure on germany to start to reinflate the european economy, geithner is also discussing, according to reports, given support to lead to a hyper inflated bubble. the glass eagle could stop that if congress that has the will and the courage to do that.