jack lew says the s.e.c.uld and he still supports the strong dollar. >>> plus, a painting, the tri something or other, fetches $142.4 million. and it's not even sigmund freud. it's one of the biggest auctions in history. >>> and elan musk breaks his silence. the tell us tesla ceo says the automaker isn't recalling model s cars. it's wednesday, november 13th, 2013. 11- 13-13, which means nothing. "squawk box" begins right now. >> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. the treasury department will release figures for september. speaking to cnbc asia earlier today, treasury secretary jack lew sounded optimistic. >> we obviously went through a period of economic difficulty. but what we learned is it did get to the 11th hour. but in the 11th hour, there was a broad bipartisan consensus in the united states to be where

taro aso has urged secretary jack lew that he was relieved that the u.s. avoided default in october, but he did point out that the nation could face the same situation again next year if the conflict continues in congress. aso said he hopes the u.s. will consider the impact the default could have on the world economy and deal with the problem. lew is discussing how to boost regional growth and complete the transpacific partnership agreement talks early next year. he spoke during his visit to tokyo. >> first of all, let me ask you about your assessment of the u.s. economy. how resilient is the economy? >> i think the u.s. economy has shown its resilience over the last few years, and particularly in recent economic data. i think we're seeing a lot of signs in a lot of parts of the economy of strength, and, you know, we're going into the end of the year, beginning of next year, with great optimism that we see signs of increased growth on the horizon. the most recent data was quite encouraging and consistent with that. we've come through a long, difficult peri

jack lew was here earlier and said he thought the system crossed a threshold in october and realized it doesn't want to go back and do that again. are you confident it won't go back and do that again. by the way, oecd, organization of economic cooperation development, suggested that the u.s. get rid of the debt ceiling entirely. would you be in favor of that? >> i think that the way our system is set up is like a loaded gun. once people thought we can get leverage on policy disputes by threatening default, that was an extraordinarily dangerous precedent and that's a principle i had to adhere to but for the next president that you will not be able to threaten the entire u.s. or world economy simply because you disagree with me on a health care bill. i would reich to believe that the republicans recognize that was not a good strategy and we're probably better off with a system in which that threat is not there on a perpetual basis. i do not foresee what we saw in october being repeated in january but the broader point is one that i think all of us have to take to heart. we have to be a

i am delighted to introduce to you a first keynote speaker, treasury secretary jack lew.hand on thea steady tiller of our economic team. simply put, jack is the embodiment of the best of america. he hails from a middle-class family from queens, the son of an immigrant who married his high school sweetheart. with this foundation, jack has worked his entire career to help ensure that more americans reach their economic dreams. a great, affable manner, jack began his career as a legislative aide, rising to forme senior policy advisor former house speaker tip o'neill . eventually, he joined the clinton administration and rose to serve as director of the office of management and budget. he worked at nyu and then in the private sector for citigroup before returning to government with the obama administration. in 2012, he served as the white house chief of staff, and for the past eight months, our nation has been very fortunate to have him serving as treasury secretary. for me personally, when i first took this job as secretary of commerce, jack made me feel like such an integra

lew. ary jack secretary lew, it is time to answer the questions of the american public. i yield back. the speaker pro tempore: the gentleman yields back. the chair recognizes the gentlewoman from texas, ms. jackson lee, for five minutes. ms. jackson lee: mr. speaker, today i rise to speak of messages and missions yet undone. this congress, both house and senate, was sent here on behalf of the american people to ensure that their voices and their needs are adhered to. they're not interested in the clanging of voices. they're interested in the rolling up of sleeves and making sure our government works, and so i stand here in reflection of a very successful enrollment day in houston, texas, last saturday where people came and stood in line to be able to seek information and, yes, enroll because they have faith in this nation. and as the affordable care act broken ng and fixes promises and broken technology, what we should be focused on is making it work for the america people, making sure that those with pre-existing disease can have insurance, young people with minimal income can have i

[applause] >> jack lew also spoke at the conference. his remarks are 25 minutes. [applause] >> good morning, secretary, thank you for joining us. you just got back from an interesting trip to asia. i want to come to the domestic story in a minute. you were actually in china. can you give us a sense of what you think how serious the reforms that were announced and whether this will represent a radical change in china's economic structure? >> whatever issue we were discussing, they knew what they needed to do. moving to market allocation of resources, moving to a market- determine exchange rate, opening markets. what i did not get a sense of the sequence. i suspect they are looking at several years of change. obviously, it makes a big difference what order they take things in. i think they know that they have to get more market signals in their economy in order to get the growth rates they need. obviously, the global economy needs them to do that as well. i definitely got the sense that they are serious about economic reforms. >> ceos from a lot of companies in the

. >> up next treasury secretary jack lew at last week's white house summit on business investment. he called on congress to pass the immigration bill, reform the tax code, and replace across-the-board spending cuts none of sequestration. introduced by commerce secretary this is a half-hour. >> the first-ever select u.s.a. senate meeting. as you may have heard, we are sold out with 1200 attendees. business leaders from 58 countries and across the united states are here today. a warm welcome to all of you from all of us in the obama administration. let me be clear -- [applause] let me be clear, this summit is about you. it is all about business. it is all about connecting investors with communities. let me start with the story. when the select usa program was just starting out, an austrian company that makes auto parts was considering investing more in the united states. we went into action. the commerce department's vienna staff counsel the company on how to successfully established a new plan in the united states. the u.s. ambassador in austria met with the company's leaders. we co

. >> can you see all of treasury secretary's jack lew's remarks at c-span.org. we're live again waiting to hear from ben bernanke. speaking before the national economist's club in washington. the associated press has a bit of a preview of ben bernanke's speech. bernanke says the great recession made it essential for the economy to become transparent so it could explain why record low interest rates were needed to support the economy. in that story, he goes on to say the recession meant the fed's communications had to evolve in ways he didn't envision when he became chairman in 2006. so we'll hear from federal reserve chairman ben bernanke momentarily. the room has filled up. more about the health care law. >> joining us now is tom daschle former senate democratic leader from 1995 to 2005 and represented the state of south dakota. welcome. >> thank you. >> talk about what you brought to the table as far as the affordable care act. >> i had an advisory role. talked to my former colleagues and members of the administration, given my views. i had written a book call

jack lew said unless republicans embrace an overall of the nation's tax code and agree to increase revenues, a comprehensive multi year fiscal deal is not likely. >>> there wasn't a lot of agreement today at another house hearing on the botched rollout of the healthcare.gov website. several testified about security flaws in the online marketplace but henry chow assured lawmakers the site was secure and mostly complete but the team hadn't finished the payment system for consumers to buy insurance. >> 30% of the systems are left to be developed, not 70% and that 30% represents the payment aspect and acounting aspects of making payments in the marketplace for all marketplaces, not just facilitated marketplaces and that functionality has to be in place for the january 1st effective date enrollment. >> in other words, no one has to pay for new insurance policies bought on the website until coverage actually begins on the first day of the year. >>> from health care wows to a healthy housing market, as you mentioned earlier in the program, big gains on home sales and remodelling helped sales and p

treasury secretary jack lew spoke about the recent government shutdown and ceiling debate and why he believes president obama's option is the >> -- president obama's budget is the best option for the economy. here's a look. >> so what are we going to do on the debt issues that congress has successfully kicked the can down the road a few months. are you saying we're not going to have another experience like we had in october? >> i think if you look at the things republican leaders have said since october, it was clear this was not a good experience, either for the country or for them politically. i know the right answer. the right answer is they should extend the debt limit and have >> and not have any sense of crisis at all. i hope that will happen. they said february 7 is the date the debt limit will expire. we do have extraordinary measures about a month after that. they have some time. i hope when they resolve the budget when they start moving forward, they just do the debt limit in a businesslike way and kind of give some certainty to the u.s. and global economy. that would be th

japan's finance minister tell us so as to urge u s treasury secretary jack lew to prevent the recurrence of fiscal problems. so to lose that he was relieved that the us avoid a default in october but he pointed out that the nation could face the same situation again next year. if the conflict continues in congress also said he hopes the us would consider the impact of the default code or if you consider the impact of the fall could have on the global economy and deal with the problem properly secretary lewis traveling through an asian nations this week he's discussing with his counterparts how they can boost regional growth and achieve the us goal of completing the trans pacific partnership agreement talks by the end of the year. he spoke to the nhk world trade coast cried during his visit to tokyo. already asked you that your sunscreen at the us economy how resilient is economy. and india's economy has shown its resilience over the last few years and particularly in recent economic data. i think that we're seeing a lot signs of a lot of parts of the economy is strength. and you re going

i don't know if you had jack lew here or not -- >> we did. >> he was able to do more extraordinary measures. that could be into the summer as late or spring but i do not believe we will have -- >> the debt limit -- >> that's going to go on later. these are disjointed events. i do not believe that you'll have the kind of theatrics surrounding that as well. >> why do you think that it will be different this time within your own conference because the speaker didn't want the crisis that happened the last time. i think and correct me if i'm wrong, i don't think you did. >> that's correct. >> but yet you couldn't control your own members. how can you prevent that from happening again? >> obama care is here now. so you know the reason this happened from our perspective was -- now people understand why we fight obama care so much i guess. you have to understand the mindset of a house republican going into this. we were doing all of these oversight hearings, getting all of this testimony, seeing that this program was not ready for prime time and seeing the damage that was going to come to the peopl

. >>> jack lew has been visiting the land of on abe-nomics today. while he applauded japan's efforts, he sought reassurance that the end wouldn't be kept artificially low. on the on flip side, japan's wanted assurances that the u.s. would work out default issues. >>> on to a different subject, sotheby's is said to hold its finest and rarest wine auction on thursday with highlights including wine from the 18th and 19th centuries. it's timed to celebrate the 250e anniversary featuring grand vintage champagnes spanning nearly a century. >>> and earlier, we asked what would you pay to get your hands on a single bottle of 1865 chateaud'yquem? it can be yours for around 3,200 to 3,600 pounds. joining us for more, director and worldwide head of wine at sotheby's, serena. thank you for joining us. i'm a bit worried that you only have to peel off the wrapper and you've blown the money. >> you could droipt, of course, which i advice against it. the best thing is to drink it. >> really? >> yes, it is. >> why not keep it? won't it go up in value? >> wine is a l

we heard from new jersey governor chris christie and general martin dempsey and jack lew and larry summers with his approval numbers lower than ever. overall job approval rating is down 13% points this year, 42%, that is tieing his all time low in this poll. one driving force behind the decline is of course obama care. 63% disapprove of how he handled the rollout and 57% oppose the entire law. that is up 8 points in just four weeks. but more people enrolling on healthcare.gov. october's numbers are already doubled this month but they are still far off their goal of 3 million enrolled by the end of year. a political writer says democrats can't -- obama care bears the president's name but it's a democratic party creation full stop. if democrats help republicans obliterate it it will be an enormous admission of governing incompetence. if i'm accurately representing your argument, you're basically saying democrats are stuck with obama care, they may as well embrace it

he says "is it jack lew?" yes, it is. dean young cannot get there. he s i is it tim geithner now? no, it is not. asks who's your political hero, bradley britain says winston churchill. pretty out there. that's a foreigner, as you know. dean young, for his part, says judge roy moore. that's the guy who got thrown off the court for putting up the ten commandments in the courtroom. yee-haw! next question, who is the republican whip in the house of representatives? which, of course, is the institution that these guys are running to join. mr. byrne says the republican whip is kevin mccarthy, which is true. dean young says, "i don't know. eric cantor? is that who it is?" no, that is not who it is. this was a real hard one. do you think gay people can feel the same love for one another as straight people? bradley byrne says yes. dean young says, "when you start talking about that, i don't even know. homosexuality is wrong and that's just the way it is. always has been, always will be." they saved the stumper for last. where was president barack obama born? mr. byrne says he was born in h

jack lew was able to delete called more extraordinary measures rated that could be into the summer. --o not believe -- doing these are disjointed event. i do not believe he will have the theatrics surrounding that. >> why do you think that it will be different this time, within your conference? the speaker didn't want the crisis that happened the last time. correct me if i am wrong. i do not think that you did. >> that is correct. >> but you cannot control your members. how can you prevent that from happening again? >> obamacare is here now. happenedeason this from our perspective was now people understand why we fight obamacare. yet understand the minds of the house republicans going into this. we were doing hearings getting this testimony, saying that this program was not ready for prime time commenting the damage that was going to come to the people we represent. we wanted to do everything we could to stop it. many didn't think it was the way to stop it. it is clear that the shutdown does not stop obamacare. the government did shut down. he did not stop obamacare. that is in the

he says "is it jack lew?" yes, it is. dean young cannot get there. he says, it was paulson. is it tim geithner now? no, it is not. asks who's your political hero, bradley britain says winston churchill. pretty out there. that's a foreigner, as you know. dean young, for his part, says judge roy moore. that's the guy who got thrown off the court for putting up the ten commandments in the courtroom. yee-haw! next question, who is the republican whip in the house of representatives? which, of course, is the institution that these guys are running to join. mr. byrne says the republican whip is kevin mccarthy, which is true. dean young says, "i don't know. eric cantor? is that who it is?" no, that is not who it is. this was a real hard one. do you think gay people can feel the same love for one another as straight people? bradley byrne says yes. dean young says, "when you start talking about that, i don't even know. homosexuality is wrong and that's just the way it is. always has been, always will be." they saved the stumper for last. where was president barack obama born? mr. byr

speaking to cnbc asia earlier today, treasury secretary jack lew sounded optimistic. >> we obviously went through a period of economic difficulty. but what we learned is it did get to the 11th hour. but in the 11th hour, there was a broad bipartisan consensus in the united states to be where the united states has always been, that we stand by our obligations and the full faith and credit of the united states cannot be called into question. >> among the catalyst, there was expectation that the fed could taper sooner than expected. today, andre pinalto will speak at 8:45. fed chairman ben bernanke will appear tonight at 7:00 p.m. the treasury auction of $43 billion in ten-year notes could be a key thing to watch for the markets today. if you take a look, the yield on the ten-year, 2.76%. it has picked up steadily since friday's jobs reports. but that treasury auction is set for 1:00 p.m. we're watching oil prices and api will be releasing its latest inventory data this afternoon. appeared rue, right now, over to you. >> can you do that little electric dance for us? i don't know -- >> i

before hofstra, they get him in this room, the morning after that mock, david axelrod, david enough, jack lew and the .. debate coach the four of them and say basically, mr. president what is wrong with you? you know, you are not doing this. something is going on inside your head that is keeping you from performing the way you need to perform to win this election because we think that the voters might accept one bad debate performance but if you do another thing like denver which is, which last night was even worse than that you could lose the whole election. >> and this is what david plouffe said if he does this again we could lose the conversation they had to have the conversation with him and here he is on the cover of the magazine i am not wired in the way that this event requires. i don't know if i can do this. in is as unnatural for me as asking me i am left-handed and asking me to write with my right hand i am lost and expressing a discomfort with the kind of campaign he has been running all yearlong people have been criticizing him for not having enough of an agenda, his team is telli

vice president joe biden and treasury secretary jack lew have asked senate leaders not to impose newran while kerry is still negotiate i can. >> iran's former minister said fighting between sunni and shia muslims is probably the greatest threat toe world security. he accuses some sunni countries of fear mongering, saying they are fanning the flames for short sighted political interests. syria, iraq and pakistan are among the nations now coping with a large increase in sectarian violence. >> syria's largest opposition group has not decided if it will join negotiations in geneva. a spokesman for the coalition says it is still ironing out details about terms being south. one demand is the guarantee of a political transition. the u.n., u.s. and russia hope to start the summit by the end of the year. >> a book by the young activist who risked her life calling for education in pakistan is banned from the nation's private schools there. the 16-year-old's memoir is being called disrespectful to islam by pakistani schools. the officials there, the taliban, shot the teenager in the head while

treasury secretary jack lew recently said that if too big to fail is still a problem at the end of the year, it might be time to consider other options. anyone counted how close we're getting to the end of the year? [laughter] now, i applaud secretary lew for laying out a timeline, and i'd like to see the other administration officials and regulators follow suit. if dodd-frank gives regulators the tool to end too big to fail, great. end too big to fail. but if the regulators won't end too big to fail, then congress must act to protect our economy and prevent future crises. we should not accept the financial system that allows biggest banks to emerge from a crisis in record-setting shape while working americans continue to struggle. and we should not accept a regulatory system that is so besieged by lobbyists for the big banks that it takes years to deliver rules, and then the rules that are delivered are often watered down and ineffective. what we need is a system that puts an end to the boom and bust cycle, a system that recognizes we don't grow this country from the financial sector,

stuart: so some breaking news from treasury secretary jack lew.street journal that the debt ceiling should be raised way in advance of the february deadline and also speaking of the vo called volcker rule that limit what a bank could trade in, lew says when in doubt regulators should e. rr on the side of more financial regulation. those comments made at a conference. the ipad air, ipad mini, you can bet they will sell well this holiday season. which is the smart buy? our tech geek tells us after the break. ♪ you tell me that it's evolution♪ ♪ well, you know, we all want to change the world♪ ♪ when you talk about destruction♪ ♪ don't you know that you can count me out♪ clients are always learning more to make their money do more. (ann) to help me plan my next move, i take scottrade's free, in-branch seminars... plus, their live webinars. i use daily market commentary to improve my strategy. and my local scottrade office guides my learning every step of the way. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (an

jack lew is right, we need to get this thing finished. we need to get the rules written and we need institutions to understand exactly what they can and cannot be doing. but with morgan stanley, i think most of the large institutions have anticipated the state and are already complying with that. >> what do you think a successful bank will look like once the bank regulators are finished? >> there is no single business model. a lot of people look at the industry and look at it as we're ordering the same thing. we're not. there are custody banks, commercial banks, trading houses and so on. you know, what successful banks look like, it doesn't matter what business you're in. it's give your shareholders a return above the cost of capital. create an environment where employee committees feel like they're special and they're delivering something with enormous value. .morgan stanley has been around 77 years. the heart of our dna is living through various devicing activities and that's really the essence of success. >> but it's very different com

the treasury secretary jack lew. >> the safety of child boost per seats is finding that more expensiveels aren't always the safest. jeff is at the institute for highway safety in arlington, virginia. good morning. a lot of people interested in the results. >> reporter: good morning. and good morning to viewers out west. it's where the seat belt falls on your child if in a booster seat. the shoulder belt should fall in the middle of shoulder and chest according to research. if your child is in a booster seat like this one, that's the best way to keep them safe. this crash is an example of what can happen if a child between the ableges of four and eight isn't strapped into the booster seat. children in boosters are 45% less likely to sustain injuries and crashes than kids restrained by seat belts alone. some booster seats perform better than others. jessica is the iihs spokesperson. >> boosters weren't doing a great job properly placing belts on kids. >> the test began five years ago and found that lap belts and shoulder straps on some seats did not properly fit children. this year a rec

as japanese prime minister abe and jack lew are working to solve the budget issues.on the other hand, pressed abe to deliver on the final aerial of abe-nomics. ross, back to you. >> thanks for that. have a nice weekend there in tokyo. and a reminder of what's on the agenda in asia on monday, cautious consumer spending may dampen chithailand's third quar gdp. in china, the house price index will be released. and gome reports third quarter earnings from hong kong. meanwhile, still to come now, could acoustics be the key to cutting gun crime? in the last of our innovative cities week of reports, find out how one company is using technology to pinpoint the location of gunfire and alert police forces all in realtime. i'm only in my 60's... i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call now and find out about an aarp me

[applause] >> also from the council, secretary jack lew. he spoke for about 25 minutes.applause] >> good morning, secretary, thank you for joining us. you just got back from an interesting trip to asia. i want to come to the domestic story in a minute. you were actually in china. can you give us a sense of what you think how serious the reforms that were announced and whether this will represent a radical change in china's economic structure? >> whatever issue we were discussing, they knew what they needed to do. moving to market allocation of resources, moving to a market- determine exchange rate, opening markets. what i did not get a sense of the sequence. i suspect they are looking at several years of change. obviously, it makes a big difference what order they take things in. i think they know that they have to get more market signals in their economy in order to get the growth rates they need. obviously, the global economy needs them to do that as well. i definitely got the sense that they are serious about economic reforms. >> ceo's from a lot of companies in the w

jack lew worked there for a while and larry summers.l street firms. lori: spoon feed us. so what does this mean for average investors. >> i think it is this. if you're looking to make money off of this story, don't, it has nothing to do with average investors. what i think we need to do in the media point out conflicts of interest. lori: okay, bingo. >> bill deblasio claims to be this man who is going to stick up for the little guy. we should point out his wife wrote speeches for chuck prince. the guy, that led citigroup down the hole of near bankruptcy before the, before it was bailed out. one of the ways she got to be, one of the ways she got in at citigroup was mr. schlein. he worked in the dinkins administration in early 1990s. that is where i first met him. he was number two in the new york city department of finance and then he went to citigroup from there to be, i think he worked as a municipal bond banker. he kind of worked through the ranks. he was very close with jamie dimon. jamie dimon was fired by sandy weill. he kept him o

treasury secretary jack lew now speaking at a white house summit on business investment.he discussed the state of the global economy and called on congress to pass an immigration bill, reform the tax code, and replace across-the-board spending cuts note a sequestration. this portion of the conference is 15 minutes. >> thank you for that very kind introduction. it is great to be with you this morning. i want to thank the commerce department for hosting the first select usa summit i'm here with a very simple message. we do not take investment in the united states progress ted -- for granted. it is important for our prosperity. in our increasingly global economy, the united states cannot settle for the status quo. that's why president obama made fueling america's competitiveness the cornerstone of his economic policies. our economy is the largest in the world and looking to the future, we need to make it stronger by improving worker training and education, upgrading our infrastructure, and growing our manufacturing base. the truth is, there are additional things we can add a

we placed jack lew a week after the supreme court ruling came down in june of 2012. i think the conventional wis come he was expressing was, yeah, sure, technically the courts allowed the states could opt out. there will be an immense amount of pressure from the hospitals and their states to take this money. at the end of the day, this is one of those things we will all have to give in. here we are, as we say, a week and a half later, that just hasn't happened. is that a surprise to anyone here? what has happened that alleged the stalemate? >> i think it underestimated the challenge. right now, this is one of the affect. ed ways for republicans to protest this law. they've done a number of symbolic things. they've voted over 40 times in the house to repeal it. they've shut down the government over obama care, which nobody knew it wasn't gng to work and succeed into funding that law. so this is one of the ways to effectively throw a monkey wrench in the plan, it does interfere with the law of the land. it covers a large swath of people through the expansion of medicar

the confidence that has been placed in me, and honored to be nominated to follow in footsteps of jack lew and to have the opportunity to serve alongside one of our nation tossed finest -- nation's finest permits. i will introduce my family. me aents who inspired in desire to pursue a career in public service, i've brother and sister in law, and my husband, danny paul the the, who has been my best supporter. we thought it best to respect the regular order of this committee and not bring my one- year-old daughter. >> we are child friendly. >> as someone who began working for senator kerry, i start with a deep respect for this institution. i welcome a shared responsibility for american foreign policy, and if confirmed i pledged to help make both diplomacy and development more effective and more agile their daily professional path i have ever known has been public service. from my time in the senate to my service as deputy director of a white house management and the domestic policy council, to my appointment. over the course of my career, i have learned how to get results. i have seen it tak