they went to find lew wallace.they found him a couple of miles north of the battlefield marching steadily but not exactly desperately. it was not a terrible march but was not the kind of speed we a soldier who was determined to try to save his buddies who are fighting for their lives. there was not that kind of speed. wallace to tryto to convey to him the idea that it will be a good idea to go a was goaded rawlins to almost completely lose his temper by wallace's smart assurance that he knew better what he wanted his division to do then did grants to most trusted staff officers who had just come directly from grant. they didn't know what grant wanted lew wallace to had not seen grant since the morning. he supposedly knew what grant wanted. that was not really a reasonable assumption and it bothered john rawlings a lot who was really at the point of actually having lew wallace arrested. mcpherson remained calm. not only calm but downright suave. that is how he always was. he kept his cool, were main to calm. -- rema

secretary lew, i've got the right secretary this time, secretary lew provided a lot of data showing arkable increase in inversions in recent times and potentially the consequences to the tax base. under those circumstances careful, thoughtful, rational examination of the data could lead one independent of being told to do so to the decision that this is the right thing to do. and so i wouldn't sell out -- and you weren't selling out but i'm using a little hyperbole here, the integrity of the tax policy people. >> i want to get the audience in, so steve, share if you will. >> i just want to say, first question you had is will it work? and i also agree with john. if you adopt regulations in the two areas that i've discussed, some deals will still go forward. and that is fine in my judgment to the extent that those are good business deals and are not being driven by tax savings. so, that part of the careful, thoughtful analysis a treasury has to reach. the second is will it hurt tax reform. in my judgment, it hurts tax reform for some companies to be able to put themselves in a different

. ♪ coming up, next on c-span treasury secretary jack lew talking about the economic effects of climatehange followed by president obama's recent visit to the u.n. where he addressed the general assembly and led a security council meeting on foreign terrorist fighters. good afternoon. on behalf of the hamilton project thank you for joining us this afternoon for a public discussion of the economic costs of climate change. it is our privilege today to host u.s. treasury secretary jacob lew who will give remarks on climate change and followed by a round-table discussion between secretary lew and former treasury robert l suching bin and professor of economics at chicago michael green stone, before i turn it over to secretary ruben i would like to give a brief introduction to the project, and this is at the brook ings institution is named after alexander hamilton the first secretary who laid the foundation for the modern american economy so it's fitting we welcome two u.s. treasury second secretaries. this is to prevent evidence-based policies to work to secure economic growth, shared prospe

following jack lew's crackdown on inversion deals.down to the open with a top 10 trades -- the only stories -- count you down to the open with a top 10 trades, the only storage need to know. number 10, carmax reporting an 11% increase in quarterly revenue. earnings, however, missed analyst estimates. shares are falling on the premarket. >> number nine, dick's sporting goods. cited entry competition from amazon and shares are falling sharply. it has been a rough year, off 20% so far. >> cf industries confirming they are in a limited discussions regarding a potential merger, paring the world's biggest fertilizer supplier with sales. sales -- shares are rising on the report. >> number seven, phillips, splitting up its business in two separate units. the companies will continue to use the philips brand. six, a seen a retail targetinga retail, marketing issues, and forecast full-year profits that trailed analysts estimates. my nieces used to love justice. now they are little older. >> number five is herbalife. shares are continued to climb

what would be the big move the jack lew could make? the headline would be jack lew takes the juice out of tax inversions. right now, u.s. corporations that invert sidestep a lot of taxes. it becomes economically attractive for them to flee our country. there are pending legislative proposals to remove those incentives, but many believe that secretary lew can take steps on his own which would remove some of the tax incentives for u.s. companies to leave. >> that's what i mean. would it is essentially being banning all of these inversion deals from this date on, period? >> the secretary cannot ban inversions. what the secretary can do is prevent interested actions on loans by a foreign parent to a u.s. corporation. invertsu.s. corporation , it often leverages up with a lot of debt from its parents, it's foreign parents, taking lots of interest deductions and reducing and eliminating its u.s. tax. secretary lew could try to limit or prevent those interested actions. know i agree that everybody thinks inversions are bad. there are many ceo

and secretary lew's the reform holds out that hope.and perhaps today's discussions help moving forward. on a personal note, let me just add that i was privileged to work with secretary lew as was another one of other panelists. he never forget fundamentally what it's all about. he has a remarkable ability, deep in a conversation, whether it be about global capital flows, international trade, federal revenues or complex corporate structures to retain a focus on the shareholders, the employees, the small firms on main street and ultimately the families and individuals who make up our economy. he balances this clear sense of mission with a deeply pragmatic approach to problems. and we are lucky to have him in this post and lucky to have him here today at the urban institute, please join me in welcoming secretary jack lew. [ applause ] >> thank you, sarah for that introduction, and thank you to the urban institute for having me here this morning. for nearly half a century, the urban institute has applied rigorous research and analysis to h

jack lew warning congress you do it or the white house will. representative chris van hollen is charge saying they should launch a buy america campaign now thatburg enking's acquisition will make it a canadian company and he'll join us next. >>> also later, our own robert frank says that the nation's widening wealth gap can be explained in one word. that would be stocks. he lays out that case later on "the closing bell." i make a lot of purchases for my business. and i get a lot in return with ink plus from chase. like 50,000 bonus points when i spent $5,000 in the first 3 months after i opened my account. and i earn 5 times the rewards on internet, phone services and at office supply stores. with ink plus i can choose how to redeem my points. travel, gift cards, even cash back. and my rewards points won't expire. so you can make owning a business even more rewarding. ink from chase. so you can. e financial noise financial noise financial noise financial noise >>> welcome back. treasury secretary urging congress to pass legislation. aym aym aym

we've got specially around lewes, right, there we do have some heavy rain. planner for today is the heavy downpours this morning and the high winds. the on and off rain continues through midday. but by the end of the day, the rain will taper off. and the winds will diminish a bit, as well. so things will be improving by the end of the day, rain may not be completely gone for the afternoon rush it, will get better. that's a look at your weather authority forecast. route 202, northbound, as we check traffic, this is between route 29, malvern, and route 252, paoli. we've got construction out there in the rain that has one lane blocked. dawn? >> sue, thank youment well, hope solo at the center after controversy. should she be allowed to continue playing soccer? even though she's facing domestic violence charges, what soccer officials have decided coming up. >> phillies are just trying to finish out the season. let's go to miami. look how excited these people r guy keeps good company. but texting in a ballgame? come on, please. doesn't anybody talk to anybody any

dover there is light rain and we have all the buoys and we can get live data from the buoys, this is lewes, delaware and these are wind gusts, along the shore we could have wind gusts of 40 to 45 miles per hour tomorrow. and this could cause minor tidal flooding, the big story is the rain, we haven't had a soaker like this in more than a month. southern new jersey, it's moving in between now and 9:00, for the philadelphia and metro area, between 9:00 and midnight. most of evening is rain free, and the rain is moving in at midnight and 9:00. the problem with the slow pace is that future tracker is showing the heaviest rain occurring at a bad time for the morning commute, torrential rain and this really slows things down. the storm system moves slowly and the heavy of the rain moving from 10:00 until 1:00 and it allows plenty of extra time and the rain is tapering off into the afternoon and cloudy and cool and breezy and we are looking at 1 to 2 inches of rain locally and 3 inches along the coast, we have more details on system and what is on tap for the weekend in the accuweather forecast.

out near dover and generally dry near the central part of kent county, going south of milford, in lewes delaware, and on the tip of cape may, rain is barking in from the ocean in the next half hour. temperature-wise though we are still below normal. 70 in allentown, 66 in millville. 68 in dover and it will be one of those raw, cool, rainy nights and tluts the day on thursday, especially with the wind coming in, with the easterly direct and the winds are 16 in philadelphia and up to 18 miles at the shore and a persistent effortly wind piling up the water with the coastal storm to the south. that is why we see minor tidal flooding at the times of high tide. we have the wind tunnel affect going on high pressure to the north and coastal storm to the south and it wraps around a high and enter a low and it continues to funnel in and wraps around the storm and it stays on the windy side through thursday morning and then the low pulls to the north and east and it eases the wind speeds by tomorrow afternoon. satellite and radar, the actual low is near charleston, south carolina and starting to s

lew and her son were already in the air. investigators had to make the airline turn the plane around. agents arrested her at dulles airport. >>> tomorrow night, president obama will address the nation to make the case for escalating the fight against isis terrorists. today he called in congressional leaders, asking for their support and it looks like he'll get it. steve handelsman is on capitol hill with the latest. steve? >> reporter: right, doreen, thanks. good evening. the so-called islamic state is so threatening, it's actually uniting this congress and the american people against it. it's not hard for president obama to sell a stepped-up war on isis. to congressional leaders who came to the white house. >> we have a very serious problem and what we need is a strategy. >> reporter: a year ago, president obama failed to get support for intervening in syria. since then, isis grew enormously there and invaded iraq. brutalizing local residents and beheading two u.s. journalists. 71% of americans now back u.s. air strikes on

por otro lado, la oficina del mÉdico forense del condado de santa clara cientÍfico a lean lew y a su hallÓ que el hedor provenÍa de la vivienda de lew, donde habÍa una mezcla de sustancias quÍmicas. la explosiÓn de lo que parecÍa ser una bomba casera causÓ el pÁnico en un vecindario de pittsburgh, la policÍa llegÓ desactivar el dispositivo, y tuvo que emitir una alerta para que los recientes permanecieran dentro de sus casas. >> alguien dejo esos explosivos dentro de una casa, ya las autoridades buscan a esta persona que presuntamente habÍa sido desalojada de la casa donde se encontrÓ lo que parecÍa ser una bomba casera. la policÍa desactiva la aparato provocando una explosiÓn que no causÓ daÑos materiales ni tampoco heridos. en este salmo vecindario de la cia de pittsburgh, la explosiÓn de unos artefactos encontrados en una casa vacante de pittsburgh dejÓ este profundo agujero. la policÍa es activo lo que parece una bomba casera compuesta por varios cartuchos de bengala cubierto de cartuchos de rifle. en un comunicado, la policÍa indicÓ que emitió una orden para que los residentes d

jack lew is opening comments to participants.s from blackrock, kkr, other institutional investors committed to investing in the space. his messages, listen, if we don't invest in infrastructure, it will do harm to the u.s. economy and the government can't and shouldn't do it alone. >> unless we reverse this trend, the consequences of failing to provide and maintain our infrastructure will be severe. the price will be paid if your jobs created and some lost. a rising prices for goods and services that will cut into worker paychecks. times, higher greenhouse gas emissions, and a lower quality-of-life, from traffic jams, airport delays, water main breaks, and potholes. >> the reality here is, the reason they are looking into the private sector in part is, the government cannot get its act together with a stalemate the summer. they're looking to the private sector to step up. there is plenty of opportunity. as 2% of highway funding projects in the last six years had public-private partnerships behind them. there is a lot of room here

we look at the ones over lewes delaware, gusting to 37 miles per hour.ith the rain, will come some very strong winds right over the open waters of the atlantic. future tracker showing by 11:00 tonight, we are still waiting for the rain in the northern half of our viewing area. this is slow moving up to the south and after midnight and the wee hours of the morning and it will be a nightmare in the morning for the commute and take extra time to get from point a to point b. as we look at future tracker rainfalls, how much to expect tonight into thursday afternoon. a general 1 to 2 inches of rain and pockets of 3 inches of rain especially along the shore closer to the center of the low. and we'll talk more in depth about the timing of this system and when the rain bands pull through your community. >>> a remaineder you can get access to the conditions on your smart phone or tablet with our app. it's available for your apple or android device. >> revel was set to be sold for pennies on the dollar but instead the sale hit another snag. nora muchanic explains.

lew was in a coma for 11 days.his week, he met and thanked the woman responsible for saving his life. heather von kurtz and her daughter, alexandria were honored by the rescue department. >> while i was in a coma and my outcome uncertain, my wife, mary, was most sad that our son nathan may not have memories of baba and our yet to be born daughter might never meet her father. thank you for giving me a second lease on life and family. >> they also celebrated michael's 32nd birthday, which happens to be this week. >>> well, it's being called a game-changer for virginia's economy. four major energy companies have agreed to work together to build natural gas pipeline that will run through the state. it would run from harrison county, west virginia, southeast through virginia with an extension to chesapeake and then south into north carolina. well, an independent study found that construction alone would bring in $1.5 billion to virginia and support more than 8,800 new jobs. once complete, it would continue to bring in m

secretary lew, i've got the right secretary this time, secretary lew provided a lot of data showing aremarkable increase in inversions in recent times and potentially the consequences to the tax base. under those circumstances careful, thoughtful, rational examination of the data could lead up with, independent of being told to do so, to the decision that this is the right thing to do. and so i wouldn't sell out -- and you weren't selling out but i'm using a little hyperbole here, the integrity of the tax policy people. >> i want to get the audience in, so steve, share if you will. >> i just want to say, first question you had is will it work? and i also agree with john. if you adopt regulations in the two areas that i've discussed, some deals will still go forward. and that is fine in my judgment to the extent that those are good business deals and are not being driven by tax savings. so that's part of the careful, thoughtful analysis that treasury has to reach. the second is will it hurt tax reform. in my judgment, it hurts tax reform for some companies to be able to put themselves

, the obama administration tries to rein in tax inversion deals because the treasury secretary jack lew yesterday announcing a crackdown and u.s. companies that may want to get a foreign address to escape u.s. tax laws. for some companies, the action will mean inversions no longer make economic sense. any deals that are still pending, those companies have to look at how the deals are structured. >> if i read the rules correctly, the new combined entity will have to get a to percent of its business outside the u.s. in order for u.s. companies -- >> i don't get it. where is the power to do this? >> there's always talk there is room within treasury to make unilateral moves to bylaws. we had a law professor on not so long ago who intimated that. the question is, what happens next? >> or the company's push back. >> the companies say they're delivering their next steps. those are the front page stories this morning. >> syria is front and center. the islamic state is attacked by bahrain, united arab emirates running the united states. the president will speak to the united nations as he stands

jack lew warned he would do it.al's were announced to make corporate tax and inversion deals less appealing to companies. smaller foreign firms located in a country with corporate tax interest rate. all may now be rethinking their deals. former ceo of one of the companies with an inversion deal still pending. now he is a management professor at harvard business school and with the -- was -- with us this morning. what do you think of the news? >> i saw it coming. obama made it clear he would do something like this and he has carried through on it now. it will have some impact. a lot is in the details and no one is seeing that there is a 44 page statement and i have not seen it or talk 21. but i think you'll have some impact. the deal in particular was done to make very good sense financially. they will have to think through how it can best finance this based on new rules. but there are a lot of problems with this. goingof all, it is like to the doctor and finally you have skin cancer, so the doctor puts an ice patch

treasury secretary jack lew talks about the economy and climate change. and monday's white house reefing. later new jersey governor chris christie campaigns in new hampshire. >> c-span debate coverage continues thursday night at 9 p.m. sunday, the iowa u.s. senate debate between first braley and joni ernst. war than 100 debates for the control of congress. >> next, treasury secretary jack lew talks about the economy and climate change. secretary lose remarks are a preview of president obama scheduled speech at the united nations tomorrow on climate change. part of you and climate summit. johns hopkins university and the brookings institution hosted this event. >> good afternoon. on behalf of the hamilton project, thank you for joining us this afternoon for public discussion of the economic costs on climate change. it is our privilege today to host u.s. treasury secretary jacob lew who will give remarks on the challenge of climate change. these remarks would be followed by a roundtable discussion among secretary low and the former u.s. secretary and the pr

. >> lew is known from hiding himself in plain site, from his native china to wall street. his work incorporated more and more people. >> translation: i people as more begin to participate i'm able to make a stronger comment or society and social phenomena. i'm able to encompass the masses and address that. >> reporter: lew addresses desire and greed. his people strike poses and are pointed over. >> the work is about the relationship with money, and the dynamics created. >> he photographs each model. he marks with tape where the money will go. a small army of the artists work off the photographs, bringing the human canvases to life. it's a gruelling process. each person takes between 6-7 hours to paint. >> we are painting for eight hours, but they are kind of standing in awkward positions, which can be hard on the bodies. >> it's a bit hard. i have pain in my legs. i'm curious to see the result of this work. >> the work will be shown here, in a gallery that it was created in, and the subject will have an opportunity to watch themselves disappear into the background. >> for

treasury secretary jack lew slammed the practice saying it may be legal but it's wrong and that u.s. laws must be changed. >> by effectively renouncing their citizenship but remaining here these companies are eroding america's corporate tax base. that means that all other taxpayers including small businesses and hardworking americans will have to shoulder more of the responsibility of maintaining core public functions that everybody depend on. we're talking about national defense, education, medical research, courts and infrastructure such as roads, bridges and airports. >> lew says the obama administration will decide soon what actions it can take to make inversions less profitable for american firms. >>> for most americans summer vacations end a week ago and the kids are already back in school, but washington isn't like anywhere else. and today the kids, members of the house and senate, returned to the nation's capital after a five-week summer recess. and lawmakers have a lot on their plate. but will anything get done? john harwood joins us now from washington. john, what does cong

secretary treasury jack lew says this is a top priority. he also spoke about philosophical differences between the u.s. and some of its partners in europe. but that's an understatement, isn't it? >> yeah, that was one thing that he made perfectly clear here at the g20. that europe really needs to get any internal squabbles amongst countries sorted out and focused on the growth agenda going forward. those comments made here at the g20 finance ministers and central bank governors meeting which wrapped up yesterday afternoon. with the latest in the communicate saying they are close to 2% growth over the next four or so years, out to 2018 above current expectations, the australian treasurer joy hawke chairing the meeting, saying they are 90% of the way there. and they are saying about 1.8% on top of current growth levels is what would be achieved with the 900 policies with the nations putting on the table that were enacted. but the u.s. secretary of treasury jack lew says the countries need to do more. i idea him at the press conference just wh

the president through some sort of executive action could go out there and impose a penalty as jack lewatened. but the fact that warren buffett is involved is going to make it that much more harder for jack lew and president obama to do that. >> thank you so much for the weighing in. >>> come up, our fox news focus groups deliver a verdict on media credibility and it isn't pretty. >>> and later, we'll call foul on espn's reporting on the showering habits of the nfl's first openly gay draft pick. people. what about excess? i think about the coverage of ferguson as the latest example. it seems to me that cable tv in part turns it into a nightly reality show and may have exacerbated racial tensions there. and i don't think that that helps the media's reputation, either. >> absolutely, howie. it's supersonic social media. david brought it up before. that -- and i've used this analogy before, it's like a blitzing linebacker, releasing the ball too soon because they're afried they're going to get beat to the punch. they put out audio that wasn't authenticated. 36 hours later, they put their o

that is why jack lew is the more important player. >> he walked through a tight rope here. he wants to put forth a fix but doesn't want to take the heat off congress to pass something more comprehensive. >> he would much rather have this off his plate and there is agreement among democrats and republicans that inversions are not good and the ultimate solution is a reform of the entire corporate tax code. that is a long way off so the pressure will be on jack lew to come up with something to deal with these kinds of transactions in the short term. the question is how far do they go, how painful it will be, and how far back they will go. >> a bit of a difference there. thank you so much. turn to the economy. august payrolls were certainly a disappointment but did they ?hange michael mckee says it would be a mistake to actually that that way. move thet enough to needle on any final fed policies. >> 142,000 jobs. the fed won't raise rates until the end of next year? no. first, growth. we need growth to get jobs and we are getting it after the awful first quarter. second quarter

jack lew talking tax reform.tter buy-in has stock up 2%. >> everybody's back. >> yeah. >> an exciting time. i think that we should not underestimate the fact that alibaba's investing in companies, they fund a lot of companies, the uber competitor apparently. and then we're going to have to figure out, go back to the yahoo! issue, how can that company only be worth $11 billion? i think yahoo's! been a buy, i've been behind yahoo! a long time. you can reinvent yahoo! if you wanted to, make an acquisition. >> what's taking them so long? >> they need money. look what they've done. they've bought back more than a third of the stock over the last five years. hey, it's been a winner. i mean, i think it's -- it's like pepsico's a winner. >> you know the story on yahoo! is a winner. it's all because of alibaba. >> but do we asterisk? i don't want gains because they're from alibaba? how many -- asterisk. >> fine. but you can make an argument current management team's not doing anything new, despite getting enormous amount

what we heard from secretary lew this morning the change because of those developments. that is perfectly fine idea agree with the secretary these are important to change the opinion but for make it much more important. >> that does not mean he asked to use it i disagree with your reading it says that he can't but they have the authority. >> i with tax analysts as part of my questions professor at maybe you could clarify what you were saying so i think that it adjust to those that had expatriates' to put that down? >> what i said good policy would cover all and authority from the statute to take gone from factual cases and to recommend only the heighten the standards and mentioned in the footnotes to reduce the earl obvious -- the lobbyist to get that done. >> my question is the regulatory authority of the due process absence of the administration makes a unilateral changes in that the professor talks about 385 to make them are richer a. i am carious how was that carried out in a matter of weeks? >> to process is normally in rulemaking through common claus it takes more

jack lew said that he did not think treasury had any tools in the toolbox to deal with these issues.hat they are doing is hop scotching. it limits firms. it makes it less economically attractive going forward. they are tightening the rules on what constitutes ownership stake and equity ownership stake in the company. it makes it more difficult for foreign companies to meet ownership thresholds required by the u.s. government for tax purposes. they are tightening the tax rules for subsidiaries for taxation purposes. they are tightening up these rules to make it less attractive. what is important to note is that, in his comments associated with this, jack lew said that these first targeted steps make constraining this and meaningfully reduce the economic benefits of inversions. possible, stopping them altogether. he goes on to say that this is a first step and the treasury department is prepared to go further, if necessary, to deal with the wave of inversions. short of congress acting on its own, which is what the administration would have .referred, that did not happen there are a lot

two other ferries will run to lewes, delaware. >> if we can switch the camera view, paper mill road andccident a car into the median we have a tow truck on the scene, dave. >> reporter: sunny start ahead cool in the 50s right now. 62 by 9:00 a.m. not much wind and no rain we'll end up mostly sunny throughout the afternoon. warm afternoon of 77. warmer for the weekend. warmer for the weekend! >> reporter: yeah, we like it. >> make the most of this one. we'll see you back here in 30, for traffic weather and updates. pumpkin coffee for the morning, and i've got my pumpkin k-cup packs for at home. now i can have my pumpkin coffee any time i want it. pumpkin's perfect. it's dunkin' with a press of a button. bring home pumpkin or any other k-cup packs for $9.99. america runs on dunkin'. guess what? the money we need to fund our schools lies right underneath your feet. that's right. down in the ground, pennsylvania has deep deposits of natural gas. but because of governor corbett, we're the only state in the country that doesn't make oil and gas companies pay an extraction tax. as governor, i'

what did you make of what jack lew just said?hat we need to keep the companies at home and we need to change the law to make sure they do. >> we should change the law to attract more companies to the united states. they have the most arcane corporate tax scheme in the world. it has the highest tax rates in the world for corporations. it has territorial tax systems. pay taxes ine to the united states for money they earn in germany. the idea that companies would act in a way to maximize their taxes paid is ridiculous. thes are crossed corporation, just like any other costs. corporations manage their field so they pay the minimum amount of taxes. about this whole idea. you are running these companies, but it rubs people the wrong way. it is unpatriotic. you should stay within your own country, support your own employees, support your country if you can afford to do it. is not a question of what to afford. it is a question of what maximizes the company's business. if i am in new york and paste a pet -- estate taxes in new york corpor

jack lew dressed additional sanctions against russia. take are prepared to additional action. military being engagedops and recognizes ukrainian sovereignty, we will be delighted to roll back sanctions. >> president obama outlined his strategy tonight. for expanding airstrikes for the u.s. to attack the extremists inside syria. today.es it for be sure to tune in to bloomberg for special coverage of the president's is a dress at 9:00 p.m. eastern time. wall-to-wall coverage throughout the address. tomorrow, we will be joined by and gross on his total fund how it will take a beating. i will be joined for an exclusive interview. head of the american action form sounds off on findings over the weekend, that foreign governments are funding some of the most prominent washington think tanks. fishy goingething on there? that is all tomorrow at 8:00 a.m. eastern time. ♪ >> bloomberg television is on the markets. let's take a look at what is going on with stocks right now. we do not have a lot of change in what is going on with shares today. a little bit of a decline in theks today, in

>> sure, i think we could in the near future, according to what lew said.n is meant to prime the environment for that sort of action. he is known as the senate democrat's leading political strategist and is very good at barking anger and demagogue ingssions -- demagogu issues. >> over the weekend we heard from the president who said he was going to delay any action on immigration until after the midterm elections and republicans were up in arms over this, saying that he was basically playing politics and that it was a cynical move by the president. josh, tell me how that is reverberating right now in d.c. >> i think that is basically true. obama came out at the beginning jim, and said that if house republicans don't reform immigration laws, i will do so myself unilaterally at the end of summer, and people in washington were expecting that to happen. over the last couple weeks there has been a growing pushback from senate democrats, who think this could really hurt them in a number of races in the fall, in states like arkansas and iowa. it becomes clear when

the first interview since you got the big investment from lew frankfort's family investment arm.k of our team? weren't they great? >> i think it is terrific. i wish i had been there to ride with you. liz: that is so much fun. they're in the booth working on the show. >> we'll get you back. liz: there you are, hi, guys. none of us could walk. everybody is in there saying hi. we had so much fun. tell you something, jay, when i first started noticing you guys, fran, beat me. i want to kill her. when i first started noticing you guys, just a couple of years ago, i thought to myself, then you opened one in new jersey, got excited about that. suddenly more than 25, just amazing, the growth. why did liz frankfurt who was excited about you guys decide to put in this investment. >> lou and his family invested in flywheel couple years ago. it started with the product. they saw potential in the business. first thing lou said after experienced flywheel. this is big brand. the brand is bigger than the business. i want to be involved in it. that was couple years ago. he brought in another roun

i introduce the distinguished secretary of the treasury, jack lew. [applause] >> thanks bob for that introduction and for your strong leadership. thank you to the hamilton project and brookings for hosting this event. this is of great significance to our nation's economy and future. i want to talk about the economic implication s of the changing climate. before i begin i want to say a few words about the u.s. economy. the u.s. emerged from a financial crisis. through effective policy resilience of he the american people, the economy is 62% larger. g.d.p. increased and our private sector has created 10 million new jobs over the past 54 months. the longest stretch of job growth in our nation's history. while more work remains, confidence in meerks history is strong at home and internationally. something i saw in australia at he g-20 finance minute fer's meeting. later today, i will have more to say about our ongoing efforts to address a demraring loop noel the u.s. tax code and unfair practices in which corporations acquire farm businesses and switch t

. >>> breaking right now a fire damaged one of the cape may lewes overnight. the fire broke out before 3:00 p.m. two crew members were on board at the time. both were able to get off safely no passengers were on board. coast guard water boats along with fire crews along with lower township and ocean city are working to get the fire contained. we have a crew heading to the scene, stay with "action news" as we work to get you new video and all the latest information that's just ahead. >>> a woman was badly burned during a freak accident at a gas station. katherine scott is joining us live from port richmond in philadelphia with the details. good morning, katherine. >> reporter: good morning, tam, that woman remains in the hospital with third degree burns. we are told she is expected to survive. her baby was rescued and not injured. you can see that the cars have been towed at this gas station, but you can see the pump which has been tipped over and remains on its side on the ground. it happened at 11:30 at this sunoco at somerset and aramingo in port richmond. a

he picked jack lew as treasury secretary because he would carry his water better than anybody else. this isn't necessarily about paper. but i do know this, preet has been competing for this for years. one negative with him is that he and holder don't get along, i don't know how much say holder is going to have with his replacement. they actually hate each other. neil: as it's effect on race relations, whoever comes after him, you can't be nearly as fiery, nearly as controversial, nearly as divisive. what do you say? >> i don't know if it will be in position to him. if it is kamala harris or someone else who is a black person. to charlie's point, not only is he confrontational with the big banks but the ideology that driving him has operation chokepoint where they went after small gun shops or the gibson guitar thing. we remember the speech, we're a nation of cowards, the way we deal with race relations in this country. the idea that we've gotten to where we want to get as a nation in terms of race, everyone grease we've got a ways to go but should have been in a celebratory mood, we

and today, jack lew is making a keynote speech on it.details, we have this from new york. >> reporter: burger king made headlines when it said it was shifting its headquarters across the border. all part of its deal to buy canadian coffee shop business tim horton's. so why all the fuss? burger king's move is part of a tax strategy known as an inversion. that's when a u.s. firm buys a foreign company and relocates its headquarters abroad to lower its tax bill. one incentive is that america's corporate tax rate is 35%, the highest in the industrialized world. tax inversions aren't new, but they're back in the spotlight. >> the multi-nationals are leading the charge on this. >> financial consultant benjamin alderson said it's not just big companies trying to take advantage of this loophole. >> i increasingly get asked by a number of clients what can we do and what would you recommend we do, and i think it's very much something that's very much in demand right now. >> reporter: but the most powerful man in america isn't a fan. even calling t

clocking in at 24 in the lehigh valley, and as high as 47 miles per hour right along the shore in lewes delaware where you get the wind coming in off the water, it doesn't hit land and there is no friction to slow it down. the raw northeasterly wind and temperatures in the 50s. a miserable night with patchy fog. however monica when we come back we'll show you the five-day forecast, we'll make you smile with the temperatures skyrocketing. >> thank you adam. stay on top of the changing weather situation with the new 6abc.com. you can visit 6abc.com/weather for storm tracker 6 radar and the hourly and seven-day forecast, and the latest videos from our meteorologists. >> in other news, two former school principals were arrested this morning for the cheating scandal. barbara mccreery and arthur milton changed wrong answers on standardized tests in order to boost scores. mccreery worked at technical bach high school and both face forgery charges. >>> police are looking for a man that robbed the market here on tuesday, he pulled a gun from within his coat and ordered an employee to hand over c

lew who will give remarks on the challenge of climate change. these will be followed by a roundtable discussion between secretary lew, former treasury secretary robert rubin, and professor of economics at the university of chicago, michael greenstone. before i turn the podium over, i would like to give a brief introduction to the hamilton project. the project is named after alexander hamilton from the nation's first secretary who laid the foundation for the modern american economy. it is fitting that today we welcome two treasury secretaries. the project's vision and intent is to promote evidence-based policies that work to secure economic growth, shared prosperity, and economic security. our goal is to foster innovative, nonpartisan ideas, and ultimately to introduce new and effective policy options into the national conversation. we at the project knowledge that a defining feature of our nation's history is that succeeding generations of americans having enjoyed standards of living that are better than the generations that came before. but loo

the obama administration, jack lew treasury secretary announcing new rules to make it more difficult for u.s. companies to cut tax deals striking these deals in terms of merging with a company domiciled overseas. some get access to their offshore cash without paying u.s. tax on it. >> we have looked at the tax code. there are a lot of obscure provisions in the tax code. we do not believe we have the authority to address this inversion question through administrative action if we did, we would be doing more. >> a lot has changed since then. let me just say at the outset. it's very complex. in speaking to as many people as i could this morning and late last night, these actions are harsher and more severe than might have been anticipated, though frankly, many of the companies that have yet to invert may be in deals. we are talking about the two biggies. we haven't heard from them yes. everybody is trying to work through this and understand it. medtronic deal, just to give you some sense what we are talking about and why it is important. bernstein, if medtronic were not able to use its

two other ferries in the fleet continue to run between west cape may and lewes, delaware. >> a freak crash at a gas station has left a woman on fire and her infant in need of rescue. katherine scott is live on the scene with the detail. >> reporter: good morning, tam we have updates for you, we spoke with the victim's family who rushed to philadelphia when they heard what happened. the victim was identified as 21-year-old jaqulyn lopez coming from school picking up her 3-year-old daughter. she remains in the hospital with second and third degree burns, but is expected to survive. the 3-year-old daughter was not injured. the driver remained on the scene. it happened at a sunoco in port richmond at aramingo and somerset around 11:30 when lopez was pumping gas when another car smashed into the gas pump and knocked it after and then started a fire. there was a 3-year-old in the car that was hit, the daughter of lopez. the passenger of the other car was able to jump out and when that car was on fire smashed out the back window and pulled the 3-year-old baby from the vehicle. the baby esca

in that context, let me invite to the podium secretar y jack lew. [applause] michaelg to on invite -- uninvite michael. i will only invite jack. say one thing. when jack was in the clinton administration, he was a pleasure to deal with. he is immensely substantive, and very sensitive to the politics of the issues he deals with p review knows washington, and he also knows how to work with all of us numbers as we dealt with our issues. introduced east distinguished secretary of the treasury, jack lew. [applause] >> thank you bob for that introduction and for your strong leadership. and thank you to the hamilton project and brookings for hosting this event. issue of great significance to our economy and to our nations future. i want to talk today about the economic applications of a changing climate and i would like to say a few words about the u.s. economy. the u.s. economy emerged from the financial crisis that triggered a devastating recession pushing us to the second great depression. now 6.6% larger than when the recession began in 2007. dvd incre