then hamilton's treasure secretary jack lew, it's the first american president for a depreciation. appreciating him before he's depreciated, it is the "inside story." ♪ >> welcome to "inside story." i'm ray suarez. i'm going to break form today and acknowledge and announce a bias. i think alexander hamilton is a coolest founding father. not born to genteel respectability, in new england, he was born out of wedlock on a tiny caribbean island, had to fall back on his talents and got others to pay his college tuition in new york and through raw talent and burning ambition was a stand outsoldieout soldier and politician. yet the american treasury is about to shrink hamilton's importance. at the very same moment his story is being told on the broadway stage to rave reviews. >> i've seen the play, it's that good. >> i was blown away. it is revolutionary, it will revolutionize american theater. >> rock stars and a-listers lined up of the broadway premier last month of what's being held as a heartbreaking american masterpiece. the founding found story of founding father alexander hamilton.

finally treasury secretary jack lew has a message for china. for the wall street earlier urged the second-largest economy to reaffirm its commitment to a consumer driven marketplace. and it will -- he will be arriving in seattle today. and the obama administration getting tougher when it comes to currency, i could go on and on. >> the things jack lew didn't address. unique to focus on the chinese consumer. that is being carved on china. >> smoke and mirrors. they don't focus on the things that actually matter as you just referenced. china will do whatever china is going to do to deal with economic issues and the value of their currency, what they do is use every tool in the toolbox just like the united states. >> since jack lew is a world class of bureaucrats who doesn't have any kind of capitalist class in his head never mind going after the chinese on some real topic so this is just an example of american mediocrity in politics. dagen: jack lew said we made clear to china's officials they need to keep the commitments they made to the u.s. in

jack lew: we can. what i would say, the snapback provisions that are in this agreement if iran violates it, the sanctions will be back in place. senator: the challenge will be to mobilize. jack lew: i don't think there is a challenge. the way it was constructed, it is a very strong snapback provision. in a way that weakens, that we can work out will by exercising a veto if there is a disagreement with us. senator: did you have a comment? mr. kerry: there is a surreality here. with all respect, the president of the united states is not mandating war. he doesn't want to go. it is not his choice. he is not advocating war. what he is saying is that if you analyze the alternatives here, and this is what i mean by surreality, could the united states continue sanctions? to what end? to negotiate? with whom? do you think the ayatollah is going to come and negotiate? senator: please shorten your remarks. mr. kerry: the reason the president talks about the possibility of war is iran has made it clear that if thi

but what does jack lew think of this volatility? steve liesman with the hiblgts. steve?s pre-amps and amps. our steve leaseman joins us now with details from -- okay, back to steve after a quick break. get more guitar info from him. thanks for watching. back in two. >>> welcome back, a strong session for markets today. the dow closed higher by 200 points, or a 1.8% gain. similar gain for the s&p 500. look at the nasdaq up 2.5%. and crude made a comeback. it was weak earlier in the session, but finished higher, almost 2%, as well. now with all this market volatility has you panicked, next guest says, it's more beneficial to be taking a longer term view. joining me now is dan gallagher. welcome back to post-9:00. >> always great to be here. >> markets, look, this is the way they work, they fluctuate. people get scared when they see the fluctuations, but it is the greatness of american capital markets. >> does it remind people we have freer markets in china? >> it should, yeah. and markets are still running. >> all the same, especially here, the new york stock exchange has

treasury secretary jack lew is criticizing the way china announced changes in it's currency policy last month. in an exclusive interview lew adds that china needs to continue reforms aimed at shifting from an export to a consumer-based economy. >> there's an economic and political reality to things like exchange rates. and they need to understand that they signal their intentions by the actions they take and the way they announce them and they have to be very clear that they're continuing to move in a positive direction and we're going to hold them accountable. >> now jack lew and his chinese koun counter part are attending meetings on friday. you can see the exclusive interview at squawk box today at 6:00 a.m. eastern. >> the imf is also offering some advice to china and the world's most powerful central bankers. the fund has called for monetary policy to remain acocommodative in the face of slowing growth. to the fed the imf urged the board to keep it's decisions data dependent. to the bank of japan, he is advised to stand ready for further easing. this coming from the imf. some advic

then hamilton's treasure secretary jack lew, it's

treasury secretary jack lew sitting down for an exclusive interview. he addressed head on the recent volatility and concerns brewing about systemic risk and economic weakness. >> we're keeping a careful eye on market volatility. we're looking at what, if any, risks there are and have not seen the stresses that would cause us to have any immediate concerns but we're obviously always watching. >> it was a monday about a week agatha the market opened down about 1,000 points. tell us what you were thinking. >> i keep my eye on the market but i try to not respond immediately and make judgments based on minute to minute or day-to-day market moves. what i tend to do veeis reach o to my colleagues and senior leaders in the financial world to get their views and there was a pretty strong sense at that moment that it was a response to some specific concerns, particularly concerns about c o china. >> do you have concerns about high frequency trade something? is it something we need to do more? >> it's something we need to continue to look at. we see the market op

key manufacturing index came in at a heading of 59 and near a 10-year high and treasury secretary jack lew is on cnbc saying he's watching the volatility in the stock market and he does not see it as a danger to the u.s. economy. he says it's simply a reaction to the slowdown in china and that the u.s. economy is doing well and that it is insulated from the troubles in the chinese economy and as a result of that he feels as though the market volatility will kind of smooth out as the market adjusts to the fact that china is simply slowing down. they may come in at a growth rate of 6% to 7% which is still pretty darn good. >>> mexican game developers are hitt g back at donald trump after the candidate's comments on illegal immigrants. they've come up with a new video game that allows users to throw soccer balls, cactus leaves and tequila bottles at mr. trump. it's called trumpilo and it is selling like hot cakes. [ laughter ] >> no word on whether you can get it here in the u.s., but the game developers that made that game up are now millionaires. >> well, there you go. >> okay. >> look at t

then hamilton's treasure secretary jack lew, it's the first american president for a

jack lew telling steve liesman, we will hold china accountable. twitter's board meeting is today in new york. we will get answers on the permanent ceo role. details of nut tesla x and the lower costs on the model three that will not start production until 2017. draghi holding a news conference. he says asset purchases going smoothly. adding the plans to fully implement them. they see a slower increase in inflation lowering their growth request through 2015. 1.4, 1.7, 1.8. now, they are talking about, can we change the size or duration of their plan? >> they are crushing europe. the dollar is soaring. this is a level that american exporters obviously are saying, are you kidding me. they have to get the euro down to be able to maintain growth. this is really great for germany. they don't talk about -- maybe they are talking about the immigration situation. obviously, germany is going to be able to build all the housing that it says it is going to. that could be expansive for the german budget. at the same time, it is going to -- this euro this week

the end of september if congress can't recall budget disputes, and treasury second quarter tear jack lew predicts a face offis congress over increasing the debt limit. for "nightly business report", i'm hampton pearson in washington. >>> whether a rate hike comes later this week, later this year or even into next, it is coming. there will be more after that, but the pace of the interest rate hikes is expected to be gradual. the size of each rate hike expected to be small. while the impact may be limited in the short it were, the same can't be for the long-term effect. according to the most recent survey, economists see the cycle ending in about three years in the third quarter of 2018, with the fed funds rate reaching 2.79%. the current target rate is near zero. there are steps you may want to consider taking right now to prepare for high are borrowing costs down the road. if the full thrust of the rate hike debate has you wondering what fa do where your investments, you're probably not alone. yet, those ups and downs as dramatic as they may be, are a good reason to keep an eye on your a

on tuesday, we talked with treasury secretary jack lew and we asked him about u.s.about the chinese economy? >> china's economy is going through a long and what will be a hard transition from a heavily industrial export driven community to something more of a community driven economy. they have to open up their markets to competition and they have to led the exchange rate go up and down when market forces determine. >> reporter: but they are not doing that. >> i think if you look at over the last several years, they have moved in the right direction. what we saw in the last several weeks was kind of a question of whether or not they are changing direction. they have restated their intent to have market forces play a stronger role. they have agreed to refrain from competitive devaluation and ultimate it has to be proven from the policy steps taken, not just the commitments at the meeting. >> reporter: the 10 dollar bill. you said there is a woman on the 10 dollar bill? >> what i said is we are going to put a woman on our currency. we are looking at the 10 dollar bill

a lot of concern from jack lew and others as of late about what's going on in chinese policy. president xi just defending his government's economic stewardship saying they took action over the summer to defuse systemic risks, as well. he said look any ship however large, may occasionally get into unstable sailing in the high seas. referring to his country, of course, as a ship on those high seas but saying we're going in one direction and that is market reform. >> all right. cnbc's steve sedgwick from across the pond. thank you. >>> before he sets foot on american soil for the first time ever today, pope francis wrapped up his visit to cuba yesterday,. where more than 100,000 people turned out to celebrate mass in spite of the scorching 104 degree heat. nbc news' anne thompson was there and has this report. >> reporter: under an unforgiving sun, a hero's welcome for pope francis in holguin. traditionally this is cuba's agricultural heart. it's its spiritual center. >> i'm in love with this person. ♪ >> reporter: for many cubans francis is not just improving their souls, but th

treasure sect jack lew published an op-ed in "the wall street journal" questioning president xi's commitmento market reforms. the market is of great importance to many parts of the american economy. president x will meet with five u.s. governors including terry branston who has known xi since he visited iowa 30 years ago. they still have a personal relationship and also an economic one. >> china has become a major trading partner. we're the leading soybean producing state in america. 30% of our soybeans go to china. they also recently a chinese company purchased smithfield foods because they wanted safe reliable supply of pork. >> reporter: the other issue, cyberattacks that the u.s. government believes were orchestrated by the chinese government. president obama is expected to press the leader on cybersecurity. the u.s. has been considering whether or not to unleash economic sanctions on chinese companies an us oo accused of hackers. the president's response could determine whether or not sanctions are imposed. tonight president x will make a policy speech in front of hundreds of political

labor movement and the 20 secretary kerry: jack lew 2015 . on the next "washington journal," the regulatory authority talks about the organization role as a non- governmental regulator of the securities industry. we'll have a look at the cadillac tax on the expensive health insurance plans. that tax goes into effect in 2018. we'll talk about that with kaiser health news. in our spotlight on magazine series, peter grier of the christian science monitor turns up to talk about his recent article on how americans decide who to vote for in presidential elections. "washington journal those quote is live for your phonecalls on c-span. secretary of state john kerry speaks about the iran nuclear agreement wednesday at the philadelphia constitution center. you can see it live at 11:00 a.m. eastern here on c-span. >> the c-span cities tour, working with our cable authority . we are joined by our charters to learn about the life of colorado. >> especially here in mesa county, outside of grand junction, we are surrounded by morrison rock. within morrison

yeah, jack lew's at the dinner.ay the right thing, but i think the market is now very, very skeptical. >> david, thank you, and our thanks to michelle caruso-cabrera as well. >> thank you. >>> quarterly results from blackberry on the same day that the iphones hit shelves. smart phone survival of the fittest when "squawk box" comings right back. opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. >>> that is traffic in new york city right now, doesn't look bad considering the folks here. the people are taking advice to stay off the streets. welcome back, everybody. we are watching shares of blackberry this morning as well. the company reporting a quarterly loss of 13 cents a share, 4 cents wider than estimates, and revenue short of analysts' forecasts, and the stock dropping 7% this morning. a programming note, don't miss

tomorrow don't miss the exclusive with jack lew. lot more "squawk on the street" is back in a moment. [ male announcer ] we know they're out there. you can't always see them. but it's our job to find them. the answers. the solutions. the innovations. all waiting to help us build something better. something more amazing. a safer, cleaner, brighter future. at boeing, that's what building something better is all about. ♪ at bobehold, these are twolding socan you spot the difference? the wind farm on the right was created using digital models and real world location-based specs that taught it how to follow the wind. so while the ones on the left are waiting, the ones on the right are pulling power out of thin air. pretty impressive, huh? now, two things that are exactly the same have have never been more different. ge software. get connected. get insights. get optimized. >> take a look at the map. all the components in the green led by home depot as we continue to get decent reads on housing and mortgage apps. another chance for you to

secretary treasury jack lew sending a letter to u.s. lawmakers saying that the country can still borrow through to late october. the treasury's cash balance will rise temporarily at least after the quarterly tax payment deadline set for this month for individuals and businesses. lew is also urging congress to raise the u.s. debt limit as soon as possible to avoid unnecessary risk to the markets and consumer confidence because no one wants to see what happened in 2010 remay. >> this side of the atlantic the biggest issue is the on going migrant refugee crisis which is expected to overshadow today's meeting of european finance members. julia is on the ground. earlier she sent us this report. >> the european migrant crisis, the finance ministers are not expected to discuss this. just don't understand whether or not some kind of deal on quotas can be reached when the interior ministers meet in brussels on monday. it's given the push back from various different countries across the eu but longer term no one that i speak to says this is going

secretary jack lew and others meet in turkey on friday. >> now the impact of the china slow down on the german economy is one of the main talking points taking place in frankfurt. well, carolyn is there and joins us now. good to see you. it did slow down a little bit in the first quarter but the big question is what happens in q-3 and q-4 as a result of the slow down and the market volatility that we have seen coming from china. how worried is the finance ministry about what's going on there? that's the question i put to him. >> the euro zone is doing well. most of our exports still go to the european countries and our neighbors and we have a very good economic development in germany. we still do expect 1.8% of growth in germany. >> what would you identify as the biggest risk for the german economy? is it really china? is there anything else we're forgetting about? >> well, we're still a bit wondering why are we doing so well when so many regions in the world are in trouble but we just did labor market reforms and pension reforms and did a lot to get from 10 years ago to one of the grow

month but concerns over china's economy and market volatility are expected to be top of agenda when jack lew and other g-20 finance ministers meet in turkey on friday. >> that's not the only meeting taking place this week, the imfact is one of the main talking points at the conference taking place in frankfurt. carolyn joins us once again. good to see you carolyn. market volatility, china, it has to be top of the list in talking points. >> absolutely. it's front and center here and many of the banking executives are still grappling with the implications of the china slow down and volatility we've seen in the stock markets. but what does it mean for the german economy? the finance minister expects gdp growth of 1.8%. that's stellar if that actual happens but earlier this morning i spoke to the deputy finance minister of germany and he said, yes, we're watching china but we're not too worried. >> germany someone of the biggest exporters in the world. >> when you talk to a member of the german finance ministry you also have to talk about greece. we know that negotiations surrounding the third b

jack lew estimates the u.s. can continue to borrow at least through late october. a standoff over the debt limit lead s&p to downgrade the credit rating causing market turmoil. many nonessential government functions would cease. this includes the national park sites. it resulted in 9 million viewer visitors in october costing $414 million in lost revenue. a large percentage of government workers would be put on furlough during a shutdown. in 2013 that meant the food and drug administration halted routine food inspections and improvements for drugs and medical devices. heres something you wouldn't think could be related to a possible shutdown. the start of the crabbing season in alaska was delayed. federal workers who issued crabbing permit with were off the job. carolyn back to you. >> thank you. everyone is effected. even the crabs. >> that's right. okay. so let's check in on the headlines, shall we on this thursday? as we get ready for the u.s. markets session. bmw shares are skidding on a report that the car maker also exceeded emissions limits but ten vw revers

a host of measures that don't look like as jack lew has been putting it that the country is moving in the right direction on reforms, on market friendly reforms, there's a lot of things that happened in the last couple of weeks that would suggest that this is more than just about the stock market. >> there is a signaling system going on and i think the signals are saying amber and then you have to refine your efforts and focus more and look at overinvestment in many of the sectors. the impact of over investment and over capacity. it's been enormous because you already had a very slow growth in the world and there was already overcapacity and the chinese come with an enormous amount and the market prices have dropped so these kind of impacts are very important and more and more because sometimes my impression is that chinese underestimate their muscle. >> not too worried about what's going on in china specifically but it suits a lot of other players. it suits the other 18 nations plus the eu in the g-20 to have the attention on china because from brazil to indonesia to south africa to

treasury secretary jack lew is criticizing the way china announced changes in it's currency policy meeting last month. in an exclusive interview lew adds china needs to continue reforms aimed at shifting the country from an export to a consumer-based economy. listen in. >> there's an economic and political reality to things like exchange rates and they need to understand that they signal their intentions by the actions they take and the way they announce them and they have to be very clear that they're continuing to move in a positive direction and we're going to hold them accountable. >> lew and his chinese counter part are attending meetings in turkey on friday. you can see more on squawk box today at 6:00 a.m. eastern right after this show. >> now the imf is also offering some advice to china and the world's most powerful central bankers. in a note prepared ahead of the meeting it's called for monetary policy to remain accommodative. to china, it says that the government should stick with reforms to liberalize the economy. to the fed, well, the imf is urging the board to keep it's decis

. >>> tomorrow do not miss steve liesman's interview with the treasure of the united states, jack lew6:00 a.m. eastern right here only on cnbc. >>> coming up next, despite the massive downturn, hsbc says it's time to be overweight energy. does our desk agree? i see some heads shaking, eyeing rolling. >> not mine. >> tough questions coming up. we'll talk to the analyst behind that call as well. >>> plus, the techcrunch has hit apple hard. now, negative, should you stick with the investment? we talk with someone who has a big stake in that name. as we go to break, tech stocks deep in bear market territory. we're back right after this. >> we want to hear your crowd noise. tweet us @halftimereport. more "halftime" after this. you. one you won't find anywhere else. one-second trade execution. guaranteed. did you see it? in one second, he made a trade, we looked for the best price, and the trade went through. do the other guys guarantee that? didn't think so. open an account and find more of the expertise you need to be a better investor. i'm watson. and today hundreds of companies are putt

. >> reporter: the press is also given his treasury secretary jack lew authority to impose financialst anyone deemed a bad actor in cyberspace. which the white house argues puts countrys like china a notice. >> merely putting it on the table can surveys deterrent and can serve to advance the interest of the united states. it. >> reporter: in not continue front being gin pink directly. eric holder last year announced the indictment of five officers of the chinese people's army on hacking charges. >> these represent the first charges for infiltrating the united states targets. >> reporter: scuttling any chance of reaching an agreement on cyber security. this time china factors say the u.s. is likely to move cautiously but forcefully after president li. >> i think there will be frank discussion about we have had enough of this. you have to stop it. the next step will probably be a shank against some lower, you know, some less important chinese company. not one of the big state-owned organizations. >> reporter: a ban on state sponsored sib air at could be as tough as nuclear talks and wi

secretary jack lew today which questioned whether or not xi jinping is committed to reform.absolutely thinks he is committed to reforms but china isn't monolithic and it's incredibly difficult to achieve reforms when you have a plurality of plurality of vws should be happening in the stfer stur. i also asked him about his successor at goldman sachs, lloyd blankfein and the announcement that came from mr. blankfein about having the highly curable form of lymphoma. here was former goldman sachs ceo hank paulson's message to current goldman sachs ceo lloyd blankfein. >> i think lloyd has got great support from so many friends all over the world, from people like goldman sachs. his whole life has been about overcoming obstacles, that's what he does and he is going to overcome this. >> reporter: so coming up in the next hour, guys, we will play you a lot more of what hank paulson had to say about the issues of cyber security, what should the u.s. do about that and its relationship with china and more about how china can grow and overcome this difficult spot that's in right now in

she tookoch, much needed, decisive steps and unlike citigroup where jack lew our treasury secretary workeddid not need a government bailout to help it survive. david: good point. >> hewlett-packard is a company that employees a lot of people, makes money, it does pretty well. and if you talk to some of the people there, even one of her critics, tom perkins on the board, the venture capitalist he's said she's taken decisive steps. there's going to be a lot of mudslinging. my good friend jeffrey sonnenfeld attacked carly as well. people are going to attack donald. if they didn't hate each other so much, they might make a good team. [ laughter ] >> i don't think that's going to happen, but interesting idea. >> here's why. david: quickly, charlie. >> they're extremely resilient business people who take decisive steps and remade themselves and both have gray areas, did good things, bad things, net net, very, very, very good business people. you're fired, asman. unlike you, you're done. david: that's james cagney by the way. charlie gasparino. >> go back to forbes. melissa: honestly, one of the

especially, let's not forget, what they've done with the currency, which was brought p by jack lew, treasury secretary, in the op ed journal today. >> a whole host of issues, michelle, to go over and to follow over the next many days. i know we'll be be back with you throughout this affair, and later this afternoon, of course. do not miss michelle's exclusive interview with former u.s. treasury secretary hank paulson. comes up today on the closing bell. that's at 3:00 p.m. eastern time. are we anywhere near a bottom? go to the floor at the cme for answers coming up. plus, bank of america shareholders voting not to split. the chairman and ceo rolls today. what does that mean for the company and the stock, and for you, the investor. we head there live. we'll talk with stop list mark mayo. first in business world business worldwide. but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another

what the general media focuses on when you read all the press, but we, the financial press, know jack lew is involved in these discussions as well and the concern about what exactly and why do they do what they did with the currency that caused tumult in the markets. are they going to be trying to be interventionist with the financial system there. are they going to continue if the allegations are true to steal intellectual property from the american companies that are doing business here or via cyber attacks that are here in the united states? like you said, scott, there's a lot on the table. very tense. then, by the way, this event that we're about to watch unfold could be very dramatic because president xi jinping has agreed to take two questions. standard protocol is two questions from the visiting foreign pregnancy, two questions from the american press. is he actually going to answer them? he has only taken one question before from an american reporter. it was beijing, 2014. he almost didn't answer it at first, and then finally came back around to it. now we have to see what's going

>> jack lew, maybe? it sounds like the next treasury secretary is going over to discuss what the policies are going to be going forward. i do think things will get better before they get worse as it relates to what's going on right now. with the chinese economy and the chinese markets. i think a lot of hype and volatility in august had everyone overwhelmingly concerned. but you want to hear things like this. you want to hear that the chinese policy makers are out there. talking to other people. those are the right necessary steps. i think it's consistent to what we're seeing in the marketplace. >> the other issue here, pete is that i'm not convinced until i see otherwise that this market is in any way shape or form ready for the fed to move next week. >> or stable? >> i just don't think that's the case. >> you know, i would just say this, scott. we h bee anticipating this move for quite some period of time now and it's been pushed and pushed. maybe it gets pushed again. i think the market can actually ac

the situation room, sat one on one with intelligence officials, sat down with treasury secretary jack lew. one by one i think the white house won over these votes as members asked questions and got details about this deal. she, like many others, put out a five, six-page response over the weekend in terms of why she came to a decision, but i think it was one by one over hundreds of questions they asked the white house. >> ifill: as you know, as well as anyone, just because the president has these votes, doesn't mean all the opposition goes away. we'll see more rallies to that point tomorrow on capitol hill anti-iran deal rallies. what happens next? what is the next shoe that has to drop? we have a deadline next week, right? >> that's right. there's a deadline next week. congress has 60 days to act. they will act before that. we expect a vote in the house this week, and talking to senator mcconnell's staff in the senate, it looks like we could have a vote in the senate as early as friday, maybe that will slip into next week, but in the coming days that will happen. of course, once these vot

secretary -- treasury secretary jack lew woonched the hazards of rejecting the agreement, warning us that foreign governments will not continue to make costly sacrifices at our demand. indeed, and i say this in response to something that my distinguished colleague from california said, indeed, they would more likely blame us from walking away from a credible solution to one of the world's greatest security threats and would continue to re-engage with iran. ehe -- he went on to say, instead of toughening the sanctions, the decision by congress to unilaterally reject the deal will end a decade of isolation of iran and put the united states at odds with the rest of the world. we certainly don't want to do that. today, something very interesting happened, mr. speaker. there was a statement put forth by the u.s. -- the u.k. prime minister, david cameron, french esident francois al mand and german chancellor angela merkel. they wrote an op-ed and said, this is an important moment. at a time of -- it is an opportunity at a time of global insecurity to show what we can achieve. this is not b

joined by secretary of state john kerry, energy secretary ernest moneys, and treasury secretary jack lew. all of whom helped negotiate the agreement. from july, this part of the hearing is about two hours. we welcome our distinguished witnesses and thank them for joining us today. we appreciate senators kerry and secretary minis and secretary lou being here. i did not request the presence of secretary kerry or moniz or secretary lew. i am glad they are here at their desire to do so since the focus of today's hearing is on the strategic and military implications of the iran agreement. othere want to know among things as how this agreement will affect regional security, proliferation, and the balance of power in the middle east. what impact it may have on iran's malign activities and hegemonic ambitions in the region. what it means for perceptions of american credibility and resolve among our allies and partners, and what the consequences are for u.s. defense policy, military planning and structure. when we consider the consequences of the agreement, the second order effects what has been

agreement, secretary of state john kerry, energy secretary ernest moneys, and treasury secretary jack lewiscussed negotiation. this is an hour and 10 minutes. [applause] >> the committee will come to order. i want to thank the witnesses for being here today, and we look forward to a hearing. i want to thank all of those in attendance. i know there was a little bit of an outbreak prior to us convening. we thank you for being here. we do hope you will respect that now the meeting is in order. outbursts of any kind are unwarranted and we respect the democratic process that is taking place. we thank you for being here. we also thank you for your courtesy as we move ahead. agreedthe witnesses have to be here as long as we wish. so we will start with seven minute questions. i do know based on last night's presentation, there is sometimes a tendency for witnesses to want to interject. what i would say is obviously we conduct our meetings with a lot of respect and courtesy, and i told ask the witnesses respond directly to the question with senators on both sides of the aisle. when you ask it dire

we'll talk about the financial market turbulence with treasury secretary jack lew. steve will have that interview for us tomorrow at 6:00 a.m. eastern on squawk box. >> everybody you know blaming china. they cover the wall street journal saying that china is the reason for our drop but i do humbly submit this chart we showed on power lunch yesterday that we made for the show which is this, the s&p 500 going back about ten years. the reason we made this, i want to show that china has been slowing down but every time it slows down all that happens here is that we have gone higher. not saying that china's not the reason or that china is not important but their stocks have gone higher too. >> exactly. listen, the chinese stock market is only about 2.5% of global stock market weight. i'm not saying china isn't part of the market but it's a lazy headline. >> i think it's much more than china but china plays a key role in terms of thinking what happen with the economy there if it catch understand with us that has people thinking these markets are priced to perfection. >> y

first hearing, secretary of state john kerry, energy secretary ernest moneys and treasury secretary jack lew discuss negotiations. this is an hour into minute -- and 10 minutes. [applause] >> [applause] >> i want to thank the witnesses for being here today. we look forward to a full committee hearing. i want to thank all of you also , there wasattendance an outbreak prior to us convening, we thank you for being here. we do hope you'll respect that now the meeting is in order, outbursts of any kind are unwarranted and we respect the democratic process. we thank you for being here, we also thank you for courtesy as a move ahead. the witnesses have agreed to be here as long as we wish. we will start with seven minute questions. i do know based on last night's presentation there is a tendency for witnesses to want to interject. i would say obviously we conduct our meetings with respect and courtesy. i would like to tell the witnesses to respond directly to the questions from senators on both aisles. if someone else wants to doerject, they can and -- so, but senators should feel free to say no, i

we heard from jack lew just because the deal is done doesn't mean the spigots will turn on.ve to be in full combines with the deal. >> just in terms of the type of modification the iranians have to do to be compliant with the deal. we don't see it being a million barrels. we think it's 375,000 to 500,000. what is so interesting about the saudi story, they keep emphasizing demand. demand is going to pull prices higher. they do say that we are seeing u.s. production gently rolling. not a big deviation from what they said at the opec meeting. i go back to what if we don't get that demand-driven recovery into the '70s next year? do they reevaluate their policy on production? >> that is the question over all this. thank you. >> thank you. >>> time for a cnbc news update with sue herera. >> thank you, kelly. here is what's happening. in what is considered a surprise move, hungary today announcing it will send buses to take hundreds of migrants to austria's border. now it is up to austria to decide whether they will accept them. >> the world food program reporting funding shortages

they are joined by john kerry, energy secretary, and treasury secretary jack lew. from july, this part of the hearing is about two hours. we welcome our distinguished witnesses and thank them for joining us today. we appreciate senators kerry and secretary minis and secretary lou being here. i did not request the presence of secretary kerry or moniz or secretary lew. i am glad they are here at their desire to do so since the focus of today's hearing is on the strategic and military implications of the iran agreement. othere want to know among things as how this agreement will affect regional security, proliferation, and the balance of power in the middle east. what impact it may have on iran's malign activities and hegemonic ambitions in the region. what it means for perceptions of american credibility and resolve among our allies and partners, and what the consequences are for u.s. defense policy, military planning and structure. when we consider the consequences of the agreement, the second order effects what has been a bed deal and it looks that much worse. to t