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

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

mr. geithner. >> italian bond auction and jobs on everybody's radar for tomorrow. my next guest will tell us why they think that will move the markets. joining me now is ridgerow and folcom securities. >> tomorrow, obviously, cpi, jobless data as well. i think the jobless numbers are going to be terrible and i want to see the market reaction. we have been very resilient terrible economic data. i want to see a market that gets drilled on the numbers and comes back. when it does i am a buyer. >> tom lee told me the same thing that we are approaching capitulation. we will be watching that. what do you watch for tomorrow? >> tomorrow we get u.s. and euro zone cpi. softer cpi has acted as a stimulus. we own adidas and vw in our equity fund. we will see the italian bond auction. today was one year bills and had to pay 50% higher. >> all right. we're out of time. clock is striking. rob mo began, you're up. >> i will finish that thought. that is what i will be watching. it will give us a snapshot for the appetite and give us clues whether they might need a bail out. recent

mr. geithner and the president and white house an openness to say perhaps we should take a bigger step and a more assertive step around debt, tax reform and for that matter jobs plan. >> here in the united states? >> here in the united states. the president can control this. he controlled immigration issue by taking charge and be more in charge of our debt, tax reform and even a jobs plan that might garner support from republicans, prior to the election. >> on that immigration question, the most recent gallup poll has the president up 43 points still, tightened from 53 points a month before that. >> set up an extra seven. >> if it is political as some are accusing the president, why would we do it? he's up by 45 points. do you believe this was a political move by the president or because of what he believes? >> belief? what belief? there's no belief here. >> come on. >> there's no belief. you believe in the early days of your administration if you're that -- and the president talked about immigration back in '09 and 2010. that was the opportunity then to really set the course. by that poin

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

mr. geithner was in europe the last few weeks, asking them, telling them, get a plan together in case you go over that cliff. president obama wants that plan to proceed. he does not want to see europe crash. bill: how dire is this? because it is not just greece, right? it is spain too? >> let me give you a example. in greece over the last few days they have been stocking up on emergency food and fuel is up price. they have been taking money out of the banks. this is greece, a country of 11 million people. they're taking $800 million euro as day out of their banks. they don't like the banks. the spaniards are doing the same thing. that is an indicator of crisis that is right there, right now. bill: what you're watching on your screen is protests from earlier in the year. there is a vote on sunday in athens, throughout the country of greece. >> that decides whether they're in or out of the euro. bill: okay. if that is the case, depending on the outcome, can all of this be avoided yes or no? >> if there is massive bailout, a huge bailout you avoid the crisis of the immediate future. i hate t

mr. geithner said anything, it get that money back to the taxpayers. >> but in a way what you were trying> that's right. >> the question is when you look around the industry, thodo you them doing things you want them to be doing, not doing things you want them to be doing? >> i see them doing things two, three years out, things that are tied it the company. you have to look at each company, what's their culture. how they set number. >> what about overall numbers? >> still too high. >> in a capitalistic system people would say if you're worth the money, you got to pay the money. it's a market. >> i think the problem relates to with these high corporate officials and the rest of america and the rest of the people looking at that very company. >> i'm rolling my eyes a bit, too, because why does everything have to have a renum ra tiff value, mr. feinberg. we are becoming a nation of everything has a number. oh, i slipped and fell outside the grocery store, my knee is worth $150. a woman in new jersey just sued an 11-year-old because she got hit in the face with a thrown baseball. it was a lit

mrs. merkel has, the imf has. geithner, everyone has been clear europe has to engage in structural reforms. >> look. i don't understand why we keep raising taxes. to steve's point. take greece, italy. they want to raise the value added tax. they don't make money but it does cause prices to go up. it has a depressing effect on the economy. way why wouldn't you go for pro growth supply side tax growth? >> the european, southern tier european countries are in an unsustainable position. spain's interest rates are over 7%. they don't have an option not to close the budget deficit gap. you can argue about doing it on the spending side but they will not allow them to continue to operate with deficits of that side. >> i agree. but it troubles me that the obama administration has gotten behind the imf and is making austerity worse. this troubles me. to me when they say they want growth they want the ecb to cut interest rates and put more liquidity in. it's not the problem. the problem is fiscal and regulatory and tax obstacles. tho

there is an article there about the state for voters and secretary of state ken geithner of florida has sent a letter to mr. herron of the voting section of the civil right section talking about the problem. and the problem is simply this, and that is as florin is trying to purchase florida legislation rows of noncitizens including illegal immigrant, people who are clearly not eligible to vote and the department of homeland security has had a nine-month delay in getting the national voter registration laws to the state, not mr. herron appears to be taking a position that florida can't do anything after the federal government has delayed giving florida the information that it needs to do. what can be done to solve this problem? >> welcome the problem with the florida effort as her parents car to the national voter registration actor says he can't do this for 90 days of an election. you can successfully do that which florida is trying to do and has been done and has been approved by the justice department north carolina and georgia. they did it via the right way. the database that i think florida is requesti

geithner centers, this cries out for corrective action. >> and i have seen the talking points that the republican candidates have and you have probably use them better than anyone else. >> mr chairman, if i could correct the record here. the abraham -- the abramoff case was handled by the public integrity section of the united states department of judges -- justice. the valerie plame case was handled by the u.s. attorney. >> specially appointed with powers and protection outside the system that we are all concerned about. you have the chance to leave the country in a new direction, and the fact that you are not going to do this deserves all of us on our side of the aisle. >> i think before we prejudge what the u.s. attorneys are going to do, let's see what they do. the crux -- >> i have been criticized by both democrat and republican administrations if they are not going forward -- they will be criticized by both democrat and republican administrations of they are not going forward with their jobs. let's see how they do. >> let me state at the outset that the senator from south carolina is my friend and we agree on so many things, but i do take attention to your statement

mr. geithner -- mr. geiger. >> caller: please let me say this all in all my boat will be taken. for small can see how the faa has been positioned by homeland security, they've had over 30,000 of these in the sky over the next 10 years, you do the math of the 4 40 a continuous united states, that's obviously 900, 800, and many, many drones will be in the sky. just in my town of dallas county, the police, the controversy for the drug task enforcement agency, and the oversteps of the constitution as they have recently done. considering how that every traffic light there is stop lights now. or there's traffic cameras now. there is citizen cameras. there are cameras, you get off the intersection, or the interstate on all the off ramps. there's cameras are there now. we are coming into a police state, all in 1984. at another point i want to make is so basically this doesn't surprise me, and, obviously, it's only going to get worse. they are not going to use this to get criminals but they will get this to spy on everyday americans. that my passport, the last guest you had on lied about