right so it would be a very rare thing indeed i don't think geithner has any chance of being elevated i'd be very concerned about somebody like larry summers the job all boy we also have only fisher i mean the head of the bank of israel what about stanley fischer. well there are a number of people that i think would be very interesting picks but it's my position that the fed is essentially boxed themselves into a corner and the bank of international settlements has made this rather clear they've said look you guys turn this crank you maintain discredit issuance by essentially absorbing all of the net debt issuance of the federal government over this four five year time period so you've allowed that to happen in you continued to deceleration towards zero of the interest rate curve but now you're at zero zero which is what it is what are you going to do it zero and we've seen it is possible to break the bank i mean george soros did it so there is a precedent i mean can you talk about that. you know that's the problem is that the fed as it continues to take the leverage on to its own bal

fed secretary of something else it's one big revolving door that you can look at right now timothy geithner is one of the highest paid ever and you can one hundred thousand on par with bill clinton how he's the only player how in the world is that ok and you can look at this across the board throughout the obama administration if you look at this susan right susan rice is the highest paid cabinet member of all the ministries mean the highest paid but she definitely is the wealthiest she. did there's so much going on right there she has what's going on here that i can tell you is there is a constant now with what we're talking about revolving door and like i said today another good example it's only a matter of time before we see a dime in and all these other guys joining in the ranks of tim geithner is certainly saved many this is been great thank you much so much for joining me if you want to weigh in in today's show before you sure to like us on facebook at facebook dot com slash prime interest and you can follow manny himself on twitter at money well underscore i hope i got that right yo

secretary of something else it's one big revolving door that you can look at it right now timothy geithner is one of the highest paid ever and you can one hundred thousand on par with bill clinton how he's the only player how in the world is that ok and you can look at this across the board throughout the obama administration if you look at this susan right susan rice is the highest paid cabinet member administration in the highest paid but she definitely is the wealthiest. and. there's so much going on right there she has what's going on here that i can tell you is there isn't something else but what we're talking about revolving door and like i said today another good example it's only a matter of time before we see a dime in and all these other guys joining in the ranks of tim geithner is certainly has had many this is been great thank you much so much for joining me if you want to weigh in in today's show be fertile to like us on facebook at facebook dot com slash prime interest and you can follow a man himself on twitter at money well underscore i hope i got that right you can follow

. >> if not timothy geithner maybe tim tebow. you. >> all right ty when we come back you'll meet these three incredible people and they have incredible stories. they are young americans that are giving up big bucks to help the saumpt we haveusa. we have more on that on "power lunch" in two minutes time. rver. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this ...is going to be big. it's time to build a better enterprise. together. weekdays are for rising to the challenge. they're the days to take care of business. when possibilities become reality. with centurylink as your trusted partner, our visionary cloud infrastructure and global broadband network free you to focus on what matters. with custom communications solutions and responsive dedicated support, we constantly evolve to meet your needs. every day of the week. centurylink® your link to what's next. in a world that's changing faster than ever we believe outshining the comp

man americans trust with all of their money do in his spare time after he steps down well timothy geithner is still spending his time counting cash only this time it's his own the former treasury secretary is making big bucks these days in the private sector by delivering speeches at financial conferences and i'm not talking about a little bit of chump change try hundreds of thousands of dollars so how does this big fat pile of cash stack up against his other earnings over the years well at as the president of the formal as a federal reserve bank in new york in two thousand and eight he made four hundred eleven thousand and two hundred dollars annually or took a huge pay cut to become the treasury secretary but his pockets were still lined with all that green he made one hundred ninety one thousand and three hundred dollars each year from two thousand and nine to two thousand and twelve but what he earned in one year running the fed or two years as treasury secretary he made delivering just three speeches this year alone talk about putting his money where his mouth is but still many financ

the reuben boys, tim geithner, jacob lew and jason fuhrman. this is one hell of a way to make one of the most important economic decisions. they're going to do it on the basis of boys versus girls? >> this is just something that continues to happen withins obama white house, even on public policy as well. what i always say is what is best for the country? i'm not very interested in having a woman into a leadership position, i'm not interested whether someone reflects my anatomy, i'm interested whether they reflect my principles and values and embrace what we need for the economy. this is another instance of having a failure coming out of the obama administration. you won't have the right fit for the job if it's based on gender. >> jessica, this is kind of the ultimate quintessential democratic interest group politics only the stakes are extremely high, federal reserve chairman. do you think that in fact the battle that's being described now between the women and the men over this is correct? do you think that's true? do you think that's going

"i think timothy geithner is the administration's pick. yellen is in there. lawrence summers is polarizing, and you don't need that in a fed chairman." meanwhile, politico reports former obama economic advisor lawrence summers is the leading candidate to replace bernanke. some predict a contentious senate confirmation hearing regardless of who's nominated by the president. political chaos in egypt is causing world-wide shocks to the oil market. oil futures topped $106 per barrel on concerns violence following the coup and removal of eyptian president mohammad morsi will spill over to the suez canal and sumed pipeline, which are critical to the flow of oil from the middle east to western markets. also driving up prices at the pump - demand from american motorists. "we are seeing one of the biggest moves in the energy market consecutively than we have seen in years. even if we see a higher price for crude, it isn't necessarily going to impact to the degree the price at the pump as it did a couple years ago." "but the fact is we are still paying at or near recor

geithner recently made $400,000 for just three speaking engagements. one at deutche bank in june and two private company meetings in april and may. >>> computermaker dell shares rose 3% today. dell shareholders accept the $224.4 billion buyout offer from michael dell and his backers, silver lake partners. dell's offer was countered by a competing offer from carl ikon, that would keep part of that pc maker public. accepting dell's offer won't be easy. one of dell's major shareholders called dell's bid unreasonable and says it exploits the company's weak share price for the personal benefit of the ceo. we shall see. >>> turning to our market focus, we begin with intel. this is a stock that dragged down the dow today. evercore partners, marked intel down to underperform citing unfavorable risk reward at current levels. investors sold intel at double the usual volume, and the stock closed more than 3.5% lower at 23.18. >>> facebook was a winner as it expanded access to graph search. this is a tool to find anything indexed on member's pages. facebook posted

geithner wasn't the only big name at the conference. >> geithner cannot speak to any financial institutions that receive money from the u.s. government in the bailout. >> not formally. >> he can't, but he cannot. if citi wanted him, he couldn't do it. any of the t.a.r.p. it is interesting. jeffries, where he did something recently, remember, ron baron referred to geithner saying something about -- >> yes, why he. >> that was at a dirch and they didn't take money, either. he has to make money, the poor guy. >> wiping our eyes. >> he worked hard. >> how many times and by the way it is not just guys that served in official confident. if you look at the martin feld signs of the world, anyone with access or perceived access, if you want to talk about money makers, guys that have the ear of the fed and history of the fed makes ones as you know. for get 2 milly seconds on wall street. if you think you are getting some kind of insight, it is usually valuable. >> the policy rather than out right banking and maybe afterwards you kberve a chants t

were allegedly spying on bloomberg terminal users including such power users as ben bernanke tim geithner well the current attorney general of new york eric schneiderman who was funded by george soros by the way is no investigating the matter the a.g. position is one that eliot spitzer held before becoming governor spitzer is now once again so you know elected office as new york city comptroller to oversee the city's one hundred forty billion dollars pension fund oh and mayor bloomberg himself is suing the current comptroller of the problem because we smell the gangs of new. a york style fight brewing here well prague this function of politics was a little rockwell in just a bad and i'll probably file the dysfunctional city of detroit as well and here's what they knew our prime minister and. i. i. the first hearing on detroit's bankruptcy began today the city has faced multiple lawsuits from retirees and city pension fund lawyers they're challenging the constitutionality of the chapter nine bankruptcy filing itself in court union lawyers argue the bankruptcy petition is unlawful because i

but the principles of leadership, geithner, since and how you mask your equipment at the right place at the right time never changes. lori: it is a national treasure, but obviously with sequester cuts and so many broader budget issues the country is facing, might be in a little bit of jeopardy. what do you want to see done and how necessary it is to preserve this landmark. >> that is a great question and i will tell you gettysburg is a terrific example of public, private partnerships that allows with tapping these three days july 1 through the third at gettysburg without that partnership it would not have been. with other budget cuts it is difficult for the park services to do it itself. because it was gettysburg, in partnership with the foundation, they are allowed to use the private sector support morally and with the will of giving in order to improve upon the educational programs. i don't know how you can do it in the future. this is a great example of that. it is important to understand the outcome of the nation. lori: thank you so much. massive protest in egypt as demonstrators

he's got tim geithner.ood, too. >> geithner is in the talent pool. >> what is it with yellen other than her being a him who, what is his attachment other than her being a woman? >> i strongly supported her when she was put on the fed, i let my confidence get comfortable with her because of the fact that she has the credentials. she understands monetary policy. now, people say she's dovish. she may well be dovish. that makes the.that she was fairly severe back in the 90s. i suggest she adjusts to the situation. >> she's a massive monetary expert. she has done much of the heavy lifting on the economics of qe. >> you think it will be her? >> i think it can be her and i don't know. >> that's the left disruptive to the market. >> i think the questions you ask are excellent the once about loyalty, that's political f. you ask me, by the way, we asked the street. the street like on a two to 3-1 basis on our survey likes yellen over summers. >> those are economist, right? >> and managers. they've give yellen much hi

he wants to take testimony of hank paulson, and tim geithner who is the head of the new york fed, allthree of those, sort of the main players in the bailout of 2008 so he is not stopping here. i will say this. i know for a fact they want to take one. bernanke can appeal this decision, we spoke with the colombia university professor one of the smartest guys when it comes to corporate law, he says it is a very low probability he can block this. it looks like ben bernanke will be given testimony. does that expedite his leaving? liz: he is leaving anyway. charlie gasparino, who did not mention the $2000 spent on tuna which every business network is still stuck on that. >> this was a planned thing. liz: steve cohen had a party. thank you for getting to the consumption. >> when he is done conspicuous consumption in the past i've gotten him in trouble right after settling with the sec making some like it nothing to worry about, obviously he had a lot to worry about. and his defenses is was a charity thing and it was a cancer charity. you never know. i hate to think other people making mounta

it is interesting the first inspector general for tarp, said something that's tim geithner told him these programs were meant to be foam on the runway for the banks. that has been the attitude. it is meant to help them work through more than the homeowners. tracy: the banks are doing dandy, the homeowner on the other side not so much. this is supposed to help 4 million borrowers? 46% are defaulting, what happens going forward? should they scrap this thing? speak it has done more harm than good. >> this and a lot of other modification programs really created a large shadow of inventory over the market. i think it has been cruel to the families. they are not adjusting th addreb loss. keeping them in a little bit of a limbo. we should be helping people move on through an unsustainable situation, not continue to extend the unsustainable situation. tracy: to default twice on your credit report certainly will not help you get a job down the road. >> you have had these fees tacked on, the household has more debt at the end of the process than they do going into it. some of this the banks did not

are we ever going to see tim geithner on the stand?ictions of who we're going to see on the stand. we follow the evidence. we will continue to follow the evidence. as it is becoming clear, the irs scandal, the agency in crisis, whether their procurement, their spending, it is a control of documents, it is choice of vendors. they just chose a vendor who already lost 123,000 social security out of their secure database, that's the new irs control dump of your personal data. these are all areas of concern. as we follow it, we have to follow where it leads and fix it. >> i don't have a lot of time. what about leadership on your side? is there some inside d.c. inside the beltway that maybe leadership is asking you to back off a little. are they? >> not at all. leadership has been extremely supportive. we have a complex problem here. we have to get to the truth, and the irs often stands behind what's called 6103, this idea that they're protecting the 501(c)4s by not disclosing information, in fact, these are the victims. that's frustrating,

plus then treasury secretary tim geithner unveiled a similar plan in february, 2012, said new revenue would go to deficit reduction, saying, quote, we can reduce distortions that hurt productivity and economic growth, permitting us to lower corporate tax rates in a fiscally responsible way. though the president is now proposing to use new revenue from the changes for new spending on everything from community college training to infrastructure programs. >> it is just a further left version of a widely panned plan he already proposed two years ago. this time with extra goodies for tax and spend liberals. >> reporter: the president ripped republicans noting they have long supported corporate tax cuts but don't want to get on board now because it is his idea, and he sounded like a man who's about to block approval of the keystone xl pipeline. >> they keep talking about an oil pipeline coming down from canada, that's estimated to create 50 permanent jobs. that's not a jobs plan. >> reporter: even the business round table gave this lukewarm response, saying they support corporate tax rates,

it certainly was the way treasury operated when i was there under secretary geithner and that is how i felt working directly for the president. >> what is the president's management or leadership style? >> when it comes to economics, the president has outstanding intuition and is well-read. he will point out articles i need to read. i do my homework. the difficulty i have had is when i worked at treasury, i knew what the treasury secretary's portfolio was. that was during the financial crisis. the president has many other issues on his plate. i try to be judicious in not overloading him, but providing him the information i think he needs the most. i have enjoyed being adviser to him. it is a funny thing. as a professor, you have a completely different life. you write articles and try to discover new things. as an advisor, it is necessary to be discreet. it is necessary to be mindful of your principal's time and not take up more time than necessary. it is to anticipate what information the principal needs. sometimes that information is available. sometimes you have to develop and have

that's what, actually former treasury secretary timothy geithner told us a year ago in may.should get a good deal there. >> i'm all for lower tax rates on anybody. i don't believe in industrial policy we shouldn't pick winners and losers. let's get the rate down. if you lower tax rates in @anufacturing in revenue neutral reform, you have to raise them for somebody else. why? david: bottom line i don't think we'll see the change. we're pretty far apart. >> this discussion will lead to something an president has to go further. david: dean glenn hubbard, columbia business school. wonderful to see you. liz: thanks very much. david: a new study says the health care law will cause 800,000 low income workers to ditch their jobs. our next guest says, believe it or not, that could be good news for the economy. that's a tough sell. he will be here to make it next. liz: two reality tv stars getting a serious dose of reality, facing up to 50 years in prison on fraud charges. we'll bring you all the details next. ♪ >> i'm dennis kneale with your fox business brief. factory outlet posting

now, it's fortunate and i think because of the extremely skillful management of secretary geithner and i would also give secretary paulson a fair amount of credit, that we were able to shore up the financial sector, then get private capital in after conducting the stress tests, and have taxpayers repaid and repaid with a profit from the financial system. not from some of the other investments but they were not designed to make money. they were designed to rescue the economy. i think we can look back at it, it wasn't so clear that we wouldn't have been in a much, much deeper crisis. >> all right. bring you in the conversation. i think we have a question in the back. >> [inaudible] >> if you just say your name [inaudible] >> while we're doing that, we'll ask you about senator elizabeth warren. spin what about her? [laughter] it's an open-ended question. >> she has been a champion of consumers and particularly in the financial area for decades. i think she brings a new element to the u.s. senate. i haven't had all that much contact with her as an academic. i've had some contact with her w

one guy to look out for is tim geithner.uy names roger ferguson who used to be the number two at the fed. right now it is really yellin and summers i think we have to keep an eye on. david: isn't the summers pick kind after feint, jon? seems janet yellen is so much more obamaesque in her extreme dovishness. larry summers kind of queasy about the whole idea of continuing qe much longer. he is known as sort of a centrist democrat. she of course is far to the left on monetary policy plus her husband and she, her husband is nobel prize-winning economist who spoke out of against global warming and we have to do warm in that regard. she seems to be more obamaesque, no? >> she is very liberal, no question about that. this is one of the things so fascinating about this story is the constituency for summers is inside the white house. some of obama's closest advisors jack lew, gene sperling, these are people who have long relationships with obama, i'm sorry with summers and obama does too. summers worked for obama in the early part of

we heard from tim geithner that there was a way that treasury could respond to some of the structural budget issues in washington, and we're starting to see some of the first glimpses of that. why do you think maybe we are going to stay where we are, or what sort of issues do you see with terry's argument here? >> i think the mayans had a crazy call, too, and we found out they were wrong, and you have to be aware of the apocalyptic scenarios. you can have deflationary shock, and central bank paranoia is a good ammunition to prevent that from happening and you talk about the behavior. the instinct of every federal reservist is to keep chairman and an institution as a job. if you go down to 5,000, i find it hard to believe any central bank will be in existence. and also in the midst of an equity bubble. if you have every single retail investor in the market, and clearly we're nowhere near that. so as much as it may sound like extreme, i think you have to really be careful about assuming that you will see such a setup, and if you are going to see dow 5,000, i hope i'm told when so i can

tim geithner i think did a good job in many, many ways. know he's received a lot of criticism but again without their help and support as we did out of the white house, this would have been very difficult to do. so i endorse what barney's just said. think it is more testing how people do in the jobs they have, whether or not where they've come from necessarily. but again i'd emphasize the important point of reaching out just beyond that sector when you are talking about leadership in our financial services area. >> congressman frank, i want to sort of ask you in the broader picture here. there is some concern i think in american society, after the financial melt dourn that was of historic proportions just a few years ago, that the little guy is still being ignored and i point you to an article on the front page of the "new york times" yesterday that talks about aluminum cans. "hundreds of millions of times a day, thirsty americans open a can of soda, beer or juice. every time they do it, they pay a fraction of a penny more because of a shr

ferguson is going to be more like is more like a geithner. >> you don't know who?u don't have the insight? some think that summers is coming up more and more. somebody is floating a balloon somewhere, mohamed? >> yes, i read the same articles that you do, joe, believe it or not. >> okay. she is a friend of the show. like i said. we like him. >> yeah, we would. >> connections at harvard. >> okay. >> oh, you got that, too, though? >> man! my daughter is set. my daughter and son. >> thank you sh, mohamed. >> thank you. >> coming up in the last few hours, we have quarterly reports in goldman sachs and the two dow components, and we will talk it all over with jim cramer when we return. >>> tomorrow on "squawk box" bank of america reports before the opening bell. we will bring you the numbers and instant analysis. live from cnbc's alpha conference in new york. this morning. looking at the futures the dow opening five points higher, and the dow up about 4.75 and nasdaq up. and we can take on coca-cola and the weather and of course, j and j. >> well, j&j is the ceo who com

we're going to be talking about eliot spitzer's future in politics, geithner's speech making payday,e'll reveal the fortune 500's list. the futures sharply higher on this monday morning. dow futures up by about 90 points. "squawk box" will be right back. wi drive a ford fusion. who is healthier, you or your car? i would say my car. probably the car. cause as you get older you start breaking down. i love my car. i want to take care of it. i have a bad wheel - i must say. my car is running quite well. keep your car healthy with the works. $29.95 or less after $10 mail-in rebate at your participating ford dealer. so you gotta take care of yourself? yes you do. you gotta take care of your baby? oh yeah! >>> you know, we all have our own private hells. i hope his private hell is hotter than anybody else's. >> that was ken langon in 2008 comments on eliot spitzer. this morning there's news former new york city governor turned pundit eliot spitzer is returning to politics with a run for new york city comptroller. joining us to talk about that story and much more is stephanie meda. also ben

that is the story i am giving to tim geithner -- to "varney and company" in your vast audience.d one to make him cry. i demand the release of the unedited kimmel tape on "varney and company". stuart: we may or may not have you back. you are a monster. thank you very much, good having you. let's change the subject, somewhat more serious. washington lawmakers approved a living wage for non-union large retailers, got to pay $12.50 an hour. the result walmart will not open three new stores in bed d.c. area. we have a lead supporter of this, listen to him defend its $9,000 a year. how we could lead of investors across from maryland and virginia borders. stuart: we were shocked the people of washington d.c. fired their councilmembers, would turn down 2,000 jobs. we were shocked at this and i can simply hardly believe it but that is the way things stand and i don't think things are going to change in d.c.. >> the district of columbia is one of the least dance retail markets in the country. district presidents are used to shopping in maryland and virginia. it is estimated $1 billion in

. >> tim geithner who i think we still -- >> i think people look at geithner with much -- >> gene sperling. you know what, if the huffington post is slamming summers, the kind of people that write in to the huffington post and follow them and the progressives. if they don't like larry, he is the guy for the job. >> there are questions on the financial times about what larry summers thinks about qe and its effectiveness at this point. wondering how effective it is. people are blowing this up making him sound really hawkish. i think bernanke is -- sample we may be in qe infinity for the next five years. >> i think bernanke himself questioned it. >> mort tucker has a piece on it, too, i think it's in the "journal" how unceremonyiously he is dismissed with someone who should not credit him, himself, with saving him for saving the economy. >> by august, you will hear who the obama administration will nominate. >> i hope they don't think they have to nominate a woman just for gender purposes, you know. >> you are right, larry summers does not want your endorsement. is not helpinging. anyway, whe

plus, former treasury secretary good geithner building a treasure these days.in just three speaking engagements. it pays to be tim guy near. top of the hour, and as we do, stocks now, nicole on the floor of the new york stock exchange trying to make a nice four-day winning streak. what's pushing the dough hirer? >> beyond the hat trick, going for the fourth day of gains. the dow moving above 15 p 3 -- 15305 today. we really are getting closer and closer to the all-time highs. right now, you see the market continues to move higher, earnings season underway, we heard from alcoa. later in the week, financials are key. you are seeing buying across the board, a little less worried about the risks seen, and that volatility was the back-and-forth action, and, today, buying again. drug stocks, retail stocks, bank stocks doing well, gold higher, and everything has an up arrow for the most part. tesla is jumping, barnes & noble. back to you. cheryl: nicole, thank you very much. see you 13 minutes from now. well, positive earnings results help markets shake concerns over

. >> timothy geithner is certainly another name.ry summers are certainly the front runners. cheryl: what happens with the markets and quantitative easing and tapering? we have had this discussion before. could this back drop upset what the market is expecting in the next three to four months? >> along those lines, i think we are in unchartered territory. they have to pull back. how that is done is really going to, in a large part, to determine the fate of many markets. no candidate has experience in pulling back. i do like the idea of the number two. cheryl: janet yellen, at least she would be pushing for employment. i cannot see larry summers being the guy pushing for employment. >> absolutely. clearly, janet yellen will push more of the democratic issues. larry summers, he will be on the office side of that. cheryl: we need jobs. we need jobs in this country. we will leave it here for now. you will both be back later in the hour. we will see which one of you is advancing to the next round of the fox business summer showdown. we ha

three times as many as treasury secretary geithner. tweet me that dennis kneale. truth in the irs scandal? cheryl: all right. is not a movie. it is a mob cyber attack on the market that is now underway. we will explain coming up. dennis: original series scores emmy nominations. lots of them. my media minute is next. cheryl: this rolling stones cover. charles payne coming up. ♪ my mantra? always go the extra mile. to treat my low testosterone, i did my research. my doctor and i went with axiron, the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especially those who are or who may become pregnant and children should avoidcontad as uneected signs of puberty in children or changes in body hair or increased acne in women may occur. report these symptoms to your doctor. tell your doctor about all medical conditions and meditions. serious side effects could include increased risk of prostate cancer; worsening prostate

it certainly was the way treasury operated when i was there under secretary geithner and that is how i felt working directly for the president. 's what is the president management or leadership style? >> when it comes to economics, the president has outstanding intuition and is will read -- will read. he will point out articles i need to read. i do my homework. difficulty i have had is when i worked at treasury, i knew what the treasury secretary's portfolio was. that was during the financial crisis. the president has many other issues on his plate. i try to be judicious in not overloading him, but providing him the information i think he needs the most. i have enjoyed being adviser to him. it is a funny thing. as a professor, you have a completely different life. you write articles and try to discover new things. as an advisor, it is necessary to be discreet. it is necessary to be mindful of not principal's time and take up more time than necessary. it is to anticipate what information the principal needs. sometimes that information is available. sometimes you have to develop and ha

there was the message after meeting with tim geithner, " there will not be indictments." to petraeus. he escalated the war. he did the same thing that richard nixon did in 1968. he carried along the wharf are ar for another six or seven years. he is not really a progressive. that is just my feeling about him. guest: thank you for sharing that. it is important to speak up in moments where our elected officials are not doing what they need to do. country, around the people are speaking up. social security, we saw an organized outcry. it is on all of us to speak our truth. go to moveon.org and connect with other progressives that feel the way that you can do to help you to raise that voice. another example that i think is -- in texas, there has been a showdown in the state legislature. the texas state legislature decided it was going to ram through it essentially a strong anti-abortion bill that would have closed all of the clinics in texas that provide abortion services. americans believe multiple things about abortions. most do not favor an outright ban. the texas state le

other names floated about our under treasury secretary timothy geithner, potentially roger ferguson,former fed governor. a couple of other candidates out there. certainly some that the white house is thinking about. executive who would be the replacement, that will be through the rest of the summer. host: please go ahead with your question or comment regarding the fed and consumers. ylan mui is our guest. caller: good morning. my question is comparing of the dollar when buying bonds and securities and putting money into the economy. isn't this affecting the countries around the world, the unrest that we have in egypt, turkey, and other countries? doesn't the fed actually affect those countries with the money poli they have right now? guest: certainly the value of the dollar can and does affect the markets all over the world, having a strong impact particularly in emerging markets. it is responsible for the u.s. economy, not the central bank of the world. so it has to focus on its two containing inflation and price stability. other countries have decided to pay their currencies to the

very much wanted the job but president obama went with tim geithner in the beginning.t least a part of that decision was also based on personalities. >> bill: you've seen nancy pelosi lined up behind janet yellon. i've never seen this before with the appointment of the fed. >> the public campaigning is a bit unusual. i think senator schumer is also behind janet yellon, at least i thought i saw a statement from him last week. this is unusual that people are being so overt about their choices. and i suppose this is the -- a symptom of the increased politicization -- oh, god, how do you say that word? >> bill: i avoid it because i can't say it. >> we're all getting more politicized. the fed chair is the latest public office to field that. >> bill: speaking of being politicized, you've written it out. i'm just working on a column on mark leibovitz's book "this town." i was at the book party last week when the book was launched. doesn't paint a pretty picture of washington, d.c. >> well, you know, i loved it. >> bill: i did, too. still not a very pretty picture. >> that's t