regulators over their support for president obama's financial reform plan. geithner told his kournlt parts enough is enough. the meeting including ben bernanke, f did i c chief sheila bair and mary schapiro. geithner told them, even though regulators are seen as independent of the white house, the administration and congress set policy. christine. >> toyota motor reported a smaller than expected loss in the first quarter, in the april to june period toyota posted an operating loss of $2 billion. revenue saw a 38% fall to $40 billion. the road ahead for toyota is looking less bumpy, though, after the company revised up its full year guidance. it now expects the full year operating loss to narrow thanks to the company's cost cutting measures. but senior managing director says his company remains cautious. >> translator: we're hoping the revitalized market leads to fundamental recovery, but it's difficult to make projections. that's why we increased our forecast of sales at home and less overseas sales have changed throughout the year. in tokyo trade, 4,030 jap

we need this which president obama did propose in his financial package. we need to get rid of the idea that if a firm is in trouble, the government needs to pump funds into them. what we need to do is we have a process of failing firms, big and small. it's called bankruptcy and it worked before and can work again. >> people are sitting on the sidelines saying letting lehman go down is too bad. >> perhaps it was the inconsistency. we rescued 1 and not another. the markets didn't know what we were doing. the assets that were solvent were brought up by barkleys and it can happen again. the sector goes in and they buy out those parts of the firm they think of worthwhile. it's been done before and it can happen again. the market was confused when we didn't rescue lehman brothers. we had rescued others before. >> maybe what diana was saying is if you are going to fail, we have to let you fail. do you agree with that? >> there is a danger to the system obviously. >> i don't think there is. what we really need is it's not a matter of too big to fail, but institut

top senate regular rate tors continue to fire away at the obama financial reform plan despite a reportedant from the treasury secretary. >> i'm in los angeles, more media company earnings today, discovery communications reporting higher profits. and the comic book empire beating wall street expectations. i'll tell you house these two companies are

that treasury secretary be tim geithner said last friday about their on going criticism of the obama financial reform plan. >> regarding the meeting on friday and generally speaking, did it capture the essence of the attitude in the meeting? >> senator, with candid conversation about institutions, i mean our agency's different views on the different subjects. >> was it generally fair article? >> a lot of it was true. >> now, the reported expletive deleted rant seemed to have in front of the banking committee. the topic, the administration called for a single national bank regulator. >> we think having multiple voices can strengthen regulation and guard against regulatory capture. if you have a single monopoly regulator, there's not going to be another one saying we're going to have a higher standard or be stronger or we're going to question that. i think you lose that with a single regulator. >> at the end of the day, if you put everything all in one place, it would be probably too much. >> and the treasury secretary has said publicly in recent hearings he thinks a lot of the this criticism is

he says president obama's financial reform plan is on track, predicting congress will give the whitest of what it wants. speaking of the white house, the obama administering is planning to charge big banks higher fees to pay for tighter regulation. reports say banks with at least $10 billion in assets would pay more while community banks would pay the same they do today. mortgage lenders would be charged fees for the first time to pay for things such as company audits. merrill lynch, meantime, is ramping up recruitment as it seeks to replace key staff that left the company. to lure top advisers, merrill is offering signing bonuses of 140% based on their last 12 months of production and 200% if they meet their targets over the next five years. >>> spain's economy has shrunk more than expected in the second quarter unlike france and germany. spanish gdp dropped by 1% quarter on quarter. that was more than forecast. >>> well, here in asia, hong kong has pulled itself out of the recession. fresh data shows the economy expanded 3.3% when compared to the previous quarter. on year, q2 gdp f

the times has a vested financial interests in propping up the obama adminstration. >> guest: i certainly think so, bested the financial and 80 logical interest and that also helped me, the mayfield to write this book. i did it in a very concentrated time period and while i was digging up all of these stories and documenting conflicts of interest and cronyism, my colleagues in much of the rest of the mainstrea media were slobbering over the greatest transition in the world history. but even there, that was quite a myth because the speed at which the obama admistration put people into place was no better than the reagan administration. there was lot of hype about the unprecedentedhis and unprecedented that and in th end what i concluded was that was unprecedented for the amount of failures and lapses and businesses as ual that actually came back to office under the guise of hope and change. >> host: let's read some of the tweet comments. this is one from a viewer that says your president had a record low apoval andour site lossbert go get over it and get a life in get a rl job. >> guest:ha

[gavel] >> this morning a senate panel of the obama administration financial plan. hear about a proposal to consolidate two agencies into one. live coverage begins at 9:30 eastern here on c-span. and later on c-span 3 the director of the federal emergency management agency testifys about the needs of children before, during and after disasters. live coverage from the senate subcommittee on disaster recovery begins at 10:00 eastern. washington journal begins shortly at the top of the hour. topics include cash for clunkers program for the auto industry, also look at the u.s. economy and checking congress and the media. the full senate begins consideration of judge sonia sotomayor today. yesterday senator john mccain said he will not support president obama's choice for the supreme court. here are senator mccain's remarks. >> it's with great respect for judge sotomayor's qualifications that i come to the floor to discuss nomination to the united states supreme court. there's no doubt that judge sotomayor has the professional background and qualifications that one hopes

financial crisis. they estimate unemployment is heading for 10% before easing up sometime next year. >>> president obama is hoping a vote of confidence and then bernanke will drop troubling financial news. he interrupted at his vacation to name an bernanke to his second term, as we said. but cuts include a 250 layoffs of state employees and a massive and furlough program. but gov.'s plan gives workers unpaid paydays off -- unpaid days off. >>> there is state funding for road and aid to police and community colleges. that is being cut. >>> consumers to buy new refrigerators, dishwashers, washing machines, and other energy efficient appliances could receive up to $200 in rebates. the program is expected to kick off at october. you do not have the trade in anything to save money. >>> coming up, another setback for the shuttle discovery. and chris brown learned his fate for the attack of his girlfriend, singer rihanna. and video from iraq where a truck bombing is caught on tg i it's never too early to start saving up for christmas. get your christmas club card and use it... to start saving up now... and we'

ignite the economy he'll be in a leading role to fulfill white house plans to redraw financial regulations. president obama's efforts to bring new rules to finance and help protect consumers would expand the role of the federal reserve. we cannot go back to an economy based on overleveraged banks, inflated profits, and maxed out credit cards. for even as we've taken steps to rescue our financial system and our economy we must now work to rebuild a new foundation for growth and prosperity among the president's proposals that would likely expand the federal reserve - more oversight of financial companies and responsibility as the systemic risk watchdog. budget deficits and been becky nomination in before ground we have met it's been something else it's a bear market ec buyers coming in on the path of least resistance is still higher. it's been a case for oil last several sessions the dollar meantime still close to these lows the we've seen recently is that gathering attention at all? the dollar is something of traders are watching closely we have some comments this past week about future dollar weakness so far

. >> our next guest is a big critic of president obama's financial team and thinks bernanke needs tossim taleb, author of "the black swan" making his way to the set as we speak. "squawk box" right back. fideli, traders learn from the pros. say you want to backtest an entire portfolio of stocks. market experts show you how through fidelity's extensive trading knowledge center. and fidelity gives you free research from 15 independent firms, with accuracy scores... to help you decide which analysts to trust. find out why more and more active traders are turning to fidelity for a smarter way to trade online. trade like a pro. trade with fidelity. the gold delta skymiles credit card... from american express... it's the official card... of the world's largest airline. and it's the only credit card... that earns miles on delta. miles that take you... to more places than ever before. over 350 destinations worldwide. so switch today. get up to 25,000 bonus miles-- good for a free flight. call now to apply. there's no annual fee for the first year... and you can redeem... with no blackout date

colleges and universities wherein some cases up to 95% of students rely on financial aid to fund their education. president obama has wanted to increase financial aid but many expect enrollments to keep shrinking as families and students struggle in the economic downturn. >> many wants to come but will they afford to come? >> reporter: millions of dollars have been earmarked annually for black colleges and in the last two years, those institutions also benefit from the an extra $85 million each year under the college cost reduction act which ends in may of 2010. those institutions may feel the squeeze even more. >> we're underresourced. we try to keep our costs as low as possible. that means that our margins are always very tight. >> reporter: in the atlanta area alone, moorehouse college laid off 25 adjunct professors. spelman is eliminating 35 jobs next year and clark atlanta university's budget ax fell with 70 professors and 30 staff members let go. the white house budget office says the president's budget calls for a 5% increase in permanent funding for historically black colleges. >> we're saying you're mov

she was asked about what president obama would think about chinese financial contracts.e translator made a mistake and asked secretary of state clinton what mr. clinton would think! >> you want know tell you what my husband thinks? my husband is not the secretary of state. i am. so you ask my opinion, i will tell you my opinion. i'm not going to be channelling my husband. >> i think i heard the crowd go ooh. state department officials say secretary clinton spoke with the student afterward and they seem to have, quote, reached an understanding. this is another story people are making comments on on our facebook page. i'll read those. >>> look at what a hail storm did in iowa. it closed a state park to close so officials could clean up debris. 11 people suffered minor injuries. buildings and cars were no match for this kind of severe weather. >> it was supposed to last 25 years and supposed to take some pretty extreme hail and it was no match for the hail we got yesterday, especially as it came down. >> knocked out sun roofs and glass, and you can see the van is pummeled.

economy and some of the thinking that may be driving the obama is current financial agenda? >> well, obvusly the initial big governmt action was juqt to throw a bunch of money at the financial system so that money would keep coming out of the atms. and you can never tell if we really were at risk of this complete financial breakdown where banks stop giving people money, but that was the fear. that is why they acted like that. it didn't happen. that was the first probably hugely inefficient work of money. it in some to work. the second part is stimulus. the idea behind stimulus is just when everybody is feeling blue and not wanting to spend that if somebody will do it, and that somebody -- the only one left in a time when many bodies in both spirit and down is the government. that can keep the economy going in a way. and that is another thing. as far as rational expectation, macroeconomics goes stimulus can't work. but you sort of watch what has happened, and it seems to be working. obviously, like with cars for clunkers. but in the meantime you have got money flowing through

. >>> president obama ease top financial advisers are pushing toward a positive economic outlook. nobody is saying the recession is over but they are focusing on the light at the end of the tunnel. our kate bolduan is at the white house, where the president returned earlier today from his weekend trip to camp david. kate? >> reporter: hi there frederica. administration officials say they are confident the economy is no longer on the brink of collapse but we are not out of the woods yet. president obama returns from wand at camp david, his administration touting the week's positive economic news as evidence their efforts are succeeding in turning around the economy. >> most private forecasters think real gdp growth will turn positive before the end of the year. >> people are talking about whether the recession is going to turn into a depression, they are talking about when it's gonna end that is the real accomplishment -- a real accomplishment. >> reporter: while republicans agree the economic signs are encouraging, many say it's no thanks to the obama administration or the stimulu

now to help deal with all of this and try to reassure the financial markets, president obama announced he's reapainting the chairman of the fed to another term. chief white house correspondent chip reid is with the president on martha's vineyard. >> reporter: the president says he wants ben bernanke to head the federal reserve for another four years because he, more than anyone else, pulled the economy back from the brink of depression. >> ben bernanke has led the fed through one of the worst financial crises that this nation and the world has ever faced. >> reporter: bernanke's term, though, doesn't end until january. so why, then, did the president suddenly interrupt his vacation to make an early morning announcement? it's all about timing. the president spoke at about 9:00 a.m. half an hour before the markets opened, bernanke's popular on wall street and, as expected, the markets ticked up on the news. but even more important, the president wanted to get out in front of bad economic news also due at 9:0, that's when the white house budget office announced the deficit over the next t

colleges and universities, where in some cases, up to 95% of students rely on financial aid to fund their education. president barack obama moved to increase financial aid with stimulus and budget funds. but still many black colleges expect enrollment rates to keep shrinking, as families and students struggle in the economic downturn. >> many students want to come but will they be able to afford to come? >> reporter: since 2004, $238 million of federal funding was earmarked annually for historically black colleges. and in the last two years, those institutions also benefits from an extra $85 million each year under the college cost reduction act, which ends in may 2010. so those institutions may feel the squeeze even more. >> we're underresourced. we try to keep our costs as low as possible. that means that our margins are always very tight. >> reporter: in the atlanta area alone, morehouse college laid off 25 add juncjunct professors. spellman is eliminate 50g 0 jobs next year and clark atlanta job ax fell with 30 professors and 30 staff members let go. the white house said president obama's budget calls for a 5% increas

the obama administration considering hiking fees on larger financial interests tuition tozz help cover the cost of the proposed consumer protection agency. that would include banks like citibank, bank of america. >> finally, winning a -- renting a d.v.d. from blockbuster may become a thing of the past. they may close stores as they roll out rental communism osk -- rental kiosks. that is business news. bloomberg news. reporting for wbal-tv 11 news. >> see you back here at 6:15. >> cufplg up, we'll get another -- coming up, a look at traffic and weather together. >> and don't forget to e-mail us your answer to our "water cooler question of the day." what do you think of the philadelphia eagles decision to sign quarterback michael vick? >> more than 20 years after he was convicted of the bombing of the pan-am flight a former libyan wants to be released. he tpwhrue blew up an air -- blew up an airplane. 259 people onboard the 747 were killed along with 11 people on the ground. >> several victims were from maryland and the idea that he may get out of prison is not welcome news to their fa

the banking system could again loose footing and says many of the obama administration's financial stability. >>> swine flu fears are sweeping the nation and the globe. a look at some of your biggest concerns up next on fox 5 morning news. we'll get the very latest polling numbers from scott rasmussen. >>> and also ahead later this hour, volunteers in maryland testing a vaccine that could impact. >> plus. >> if you ask my opinion, i'll tell you my opinion. i'm not channeling my husband. >> the question that set off health care. fox 5 morning news continues after the break. explain. oh yea, we for 6 months, customers get all three: fios tv, internet and phone for just $799 a month. oh, all right, see... you're just moving your fingers, aren't you? i gotta cut my nails. (announcer) now get three amazing fios services for the price of two. tv, internet, and phone for only... for the first 6 months. it all adds up to one incredible deal from fios. call the verizon center for customers with disabilities at 800.974.6006 tty/v unli cable, fios brings 100% fibeoptics straight to your home, for razor

i will give obama really big credit for the recovery we have going on now, particularly in the financialector. >> why? >> it was the obama administration that got rid of that awful mark to market accounting rule. bush wouldn't touch it. all the free market guys said get rid of mark to market. we had to wait for a liberal democrat to council and actually put mary shapiro there who really knows what she's doing a whole lot more than kris cox the republican did and that has a big responsibility for the republican. >> i will disagree with your agreement because i didn't like the idea of getting rid of mark to market recovery. >> good for you, keith. >> it think it was accounting. >> talk to mary shapiro. >> jack berkman, where are you on the strength of the dollar and how important it is or isn't. >> i don't want to frighten your audience by opining on currency or international finance, i don't want to scare away half your audience. the dollar is stronger than people think, when you say the euro is 1.1, people don't realize the euro trading zone has grown over the years. it's very big. 1.41

, this is a chance for the leaders of mexico and canada to get an update from president obama on what the financial picture in the united states looks like right now and also what it looks like going forward. finally, climate change and clean energy. experts say that mexico has really tried to take a leadership role when it comes to this issue in international climate talks. mexico has really gotten out there to try and essentially pave the way and talk about how it as a developing country can work to get clean energy technologies. that's, of course, a big interest to the united states as these climate issues come to the forefront in the obama administration. they're expected to do so this fall when congress gets back. obviously, this is something that the white house has a great deal of interest in, wanting to see a reduction in greenhouse gas emissions. fredricka. >> sthoonthanks so much at the house. the president making his way to mexico today. the focus over the next few days will be as elaine said on the xheb of the u.s. and its neighbors to the north and south. tomorrow he'll continue to mee

colleges and universities, where in some cases up to 95% of students rely on financial aid to fund their education. president barack obama has moved to increase financial aid with stimulus and budget funds, but still, many black colleges expect enrollment rates to keep shrinking as families and students struggle in the economic downturn. >> many students want to come. will they be able to afford to come? >> reporter: since 2004 $238 million of federal funding were earmarked annually for historically black colleges. in the last two years those institutions also benefited from an extra $85 million each year under the college cost reduction act, which ends in may of 2010. to those institutions, may feel the squeeze even more. >> we are underresourced. we try to keep our costs as low as possible. that means that our margins are always very tight. >> reporter: in the atlanta area alone, moore house college laid off 25 adjunct professors. clark atlanta university's budget ax fell with 70 no fessers and 30 staff members let go. the white house budget office says president obama's budget combed for a 5% increase in permanent fun

the reporters in that room say a student speaking in french asked what president obama would think about chinese financialntracts with congo. well, apparently the translator made a mistake. listen to this. >> translator: what does mr. clinton think through the mouth of mrs. clinton and what does plmt obama think on this situation? thank you very much. >> wait, you want me to tell you what my husband thinks? my husband is not the secretary of state. i am. you ask my opinion, i will tell you my opinion. i am not going to be channeling my husband. >> the state department official says secretary clinton spoke with the student afterward. they, quote, seem to have reached an understanding. >>> the pentagon will not be forced to buy four new jets to fly top government officials around. house leaders dropped plans to add $330 million to the air force's budget for them, even though the pentagon didn't ask for it. defense secretary robert gates said they weren't needed. democratic representative john murtha said they were needed because the older ones have expensive maintenance and safety issues. >>> we've learned

tomorrow morning, a senate panel looks at the obama administration's financial regulation plans.we'll hear about a proposal to consolidate two agencies charged with regulating banks into one. live coverage begins at 9:30 eastern here on c-span. later on c-span 3, the director of the federal emergency management agency testifies about the needs of children before, during and after disasters. live coverage from the senate subcommittee on disaster recovery begins at 10:00 eastern. press secretary robert gibbs said the president is committed to not taxing the middle class in order to pay for health care and bring down deficit. both treasury secretary tim geithner and economic advisor lawrence summers were asked about the deficit while making appearances on talk shows over the weekend. this white house briefing is about 40 minutes. >> just a couple of quit noums before we get started. -- of announcements before we get started. today to honor the nascar champion had to be rescheduled because the race yesterday was rained out. that event will now be august 19 at the white house. second

a male university student asked her what president obama would think of congo's financial dealings. the translator made a mistake and relayed the question asked what did the secretary think mr. clinton would think. here is how the secretary responded. >> you want me to tell you what my husband thinks? my husband is not the secretary of state. i am. so you ask my opinion. i will tell you my opinion. i will not be channeling my husband. >> starting tomorrow, more than 225 general motors dealers in california trying something new, selling vehicles through ebay. a four-week trial letting consumers bargain with dealers virtually using the online auction site. >>> dramatic pictures from taiwan, capturing the collapse of a hotel at one of the oldest and most famous hot springs resort. flood waters washed out the land under the foundation. it is is believed the hotel was completely evacuated before the hotel collapsed. >> the whole thing with the secretary of state ended well. the translator said, oops, i goofed. >> clearly she is not going to tell you what her husband thinks. >> i would sa

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. >> president obama says despite huge financial challenges, he is optimistic about economic recoveryident claims one third of his $787 billion stimulus is going right back into american pockets and first time jobless claims dropped last week and the july unemployment report due today is expected to show job losses are slowing. but the recession is far from over. a record 34.4 million americans are now receiving food stamps. that is more than 10% of the population. >> the president is praising the senate for pumping another $2 billion into the cash for clunkers program. consumers looking to dump old gas guzzlers can qualify for rebates up to $4,500 to buy more few efficient cars. one republican senator is calling it the debt for clunkers program. >> the senate changed two centuries of american history when it confirmed president obama's first supreme court nominee. judge sonia sotomayor is only the third woman and the first latina to be confirmed as a supreme court justice. sotomayor won the support of all the democrats but only nine republicans. >> i cannot support her nomination bec

obama for a second term as federal reserve chairman. bernanke is widely credited with taking aggressive action to avert an economic catastrophe after the financial meltdown last fall. the associated press reports that mr. obama will announce the nomination tomorrow during a break from his vacation on martha's vineyard. >>> the cash for clunker's program officially ended tonight with many scrambling to get their vehicles traded before time ran out. but it wasn't the last-minute rush that had dealers sweating. darcy is live to tell us about it. >> reporter: one dealer described this day as a nightmare. the computer system crashed for hours, and some people who waited until the last minute ended up having to keep their clunkers. >> give me a call. thanks. >> it's down. >> reporter: it was the last day for the cash for clunkers program. but for six and a half hours, workers at the fitzgerald auto mall said the government's computer system was down. the deal stacked up, waiting to be entered before the 8:00 p.m. deadline. >> we're up. hallelujah. >> reporter: around 6:00 p.m., they were back in business, unpressure from dealer, the government extende

performed by national captioning institute] >> tomorrow morning, a senate panel looks at the obama administration's financial regulation plan. we will hear about a proposal to consolidate two agencies charged with regulating banks. live coverage begins at 9:30 a.m. eastern here on c-span, and later, on c-span3, the director of the federal emergency management agency testifies about the needs of children before, during, and after disasters. live coverage on disaster recovery begins at 10:00 a.m. eastern. >> starting tuesday, the full senate debates the nomination of sonia sotomayor for supreme court justice. watch live on c-span2 and c- span.org, and coming this fall, tour the home of the highest court, the supreme court. >> now, talking about the agriculture spending bill. from "washington journal," this is 30 minutes. nebraska, thank you for being with us. everyone right now, the dialogue is about health care. what do you want to see with health care? where do you think we are at now? caller: guest: it is a mess right, but regardless of the spin that is put on it. some of the things are very obvious. there

." >> i senate hearing on the obama administration's financial regulation plans. we will hear about a proposal to consolidate two agencies charged with regulating banks. chris dodd of connecticut chairs the banking committee. this hearing is about two hours and 10 minutes. >> i have informed our colleagues already that we are under some time constraints. we have a couple of votes around 10:30 before the senate. there is a meeting that begins afternoon that many of us will have to attend. so we're not going to make any opening statements. we agree to that this morning to get right to our witnesses. i know our colleague from tennessee would like that president. he has been dying for that moment for two years now. no, it is the mayor spoke. we are not setting a precedent here but we will move in that direction. this strengthening and s streamlining this is a major subject matter. how many hearings have we had? 28 hearings since january on this subject matter, of our financial modernization and regulation. now this is a critical piece. we're going have consolidation o

a male university student asked her what president obama would think about congo's financial dealings with china. one problem, though, the translator apparently made a mistake and instead relaid the question as asking, what did the secretary think mr. clinton would think? here's how the secretary responded. >> you want me to tell you what my husband thinks? my husband is not the secretary of state. i am. you ask my opinion, i will tell you my opinion. i'm not going to be channel my husband. >>> tomorrow, more than 225 general motors dealers in california going to try something new. selling their vehicles through ebay. a tofour-week trial. consumers bargain with dealers virtually using the online site. >>> dramatic pictures from taiwan, capturing the collapse of the hotel at one of southern taiwan's oldest hot springs resorts. floodwaters from the typhoon washed out the soil and land from the building's foundation. it's believed the hotel had been completely evacuated before the collapse. hope so. >> dramatic video. the whole thing with the secretary of state as i understand it ended w

financial future. thcompany you keep. >> president obama took a break from talking about health care to doing a littleioning. mr. obama, his wife and daughters dizz some sight seeing and hiking at the grand canyon in arizona. but it's back to business tomorrow when the president addresses the vfw convention in phoenix. and turning now to sports. >> and tiger woods. tiger is nearly money in the bank. every time he leads going into the final round of a tournament. busomething strange happened on the way to the trophy ceremony at the p.g.a. championship. we'll show you which way this one turned. hey smart, how? well, funny you should ask. you see, after i book 10 nights, i get a free one. say i spend 2 nights at a big name hotel, 3 at a boutique, and 5 at a beach resort... and boom! free night. ( dings, monkey chatters ) ( in a baby voice ) aren't you a smart one? ( monkey laughs ) accumulate 10 nights and get a night free. welcomerewards from hotels.com. smart. so smart. >> one whale of a finish to the major tournament of the golf season and one heck of a surprise. a battle all day long between tiger wo

colleges and universities where in some cases 75% of the students rely on financial aid to fund their education. president obamaas moved to increase the financial aid with stimulus and bublt funds but still black colleges expect enrollment rates to keep shrinking as families and students struggle in the economic downturn. >> many students want to come. will they be able to come. >> reporter: since 2004 money was ear marked for historically black colleges and in those years those institutions also benefitted from an extra $85 million each year under the college cost reduction act which ends in may of 2010. so those institutions may feel the squeeze even more. >> you're underresourced. we try to keep our costs as low as possible. that means our margins are always very tight. >> reporter: in the atlanta area alone morehouse college laid off 30 adjunct profferses. clark atlanta university's budget axe fell with staff members let go. president obama's budget calls for a 5% increase in permanent funding for black colleges. >> we say you're moving in the right direction but unfortunately in these tough times not soon

financial market. by choosing bernanke to lead the fed for another four years, president obama is trying to reassure theorld and wall street that the u.s. will be sticking with this approach. the markets like the news. >> he's reasonable doubt really done a great job keeping the market performing. there's no question about it. >> reporter: the senate is expected to reconfirm bernanke but he has his critics who say he may have saved wall street but not millions who lost their homes to foreclosure. >> our objective remains con substantial, to restore a more stable, financial and economic environment in which opportunity can again flourish. >> reporter: that won't be easy. bernanke will have to fight inflation and unemployment. 10% of americans are expected to be out of work by the end of the year. alexis christoforous, cbs news, wall street. >> let's check the numbers on wall street. this dow, nasdaq and s&p are up across the board. >>> maryland wants another slice of the stimulus pie. the state requested $360 million in federal funding to improve marc rail service and speed up amtrak . trns inia asked fo

obama, i was. especially when it came to being architects of these failed financial bailouts. and i think there's quite an irony that ought to be appreciated by this particular tweeter of obama who promised not to continue the old, tired failed policies of the bush administration and yet has many of the treasury officials who helped initiate those policies now in his own administration. host: do you tweet? guest: i certainly do you can find me at@michele malkin and before i came on i let everybody know that i would be here and i follow@c-span and@c-span wj. host: our phone numbers at the bottom of the screen. journal@c-span.org is our email. you mentioned some of the individuals in the administration that you take aim at first of all you call the c.i.a. director the perfect illustration of the beltway swamp creature and said when it comes to self-policing that puts taxpayers interests above the electoral special interests joe biden doesn't have a serious bone in his body, and you refer to the attorney general, eric holder as a crime-coddling corporate lawyer. >> i think the the

economy and some of the thinking that maybe dving obama's current financial legend? >> well, obviously the initial big government action was to throw a bunch of money at the financial system so that money would keep coming out of the atm and you can never tell if we really were a risk of this complete financial breakdown whe banks stopped giving people money b that was the fgure why theycted like that and it didn't happen so that was the first -- it was probably a hugely inefficient use of money but it did sm to work. the second part is stimulus and the idea behind stimulus is when everybody is feeling blue and not wanting to spend if somebody will do it a that somebody the only one left in a tim when everyone it's usuly the government that can keep t economy going in a way and that's another thing as far as rational expectati macroeconomics stmulus can't work. but you sort of watch what's happened over the ast few months and it seems to be working. obviously like with cars for clunkers all of these people are rushing to buy the cars now that's going to result when i

. >> talking of president obama, obviously there is some financial regulation reform on the table rightongst those proposals, there is obviously to give the fed essentially the mission control spot. how much do you think that is also jeopardizing further the independence of the fed? >> i think it's a mistake to give all of that to the fed, and i don't say that because i don't think the fed's up to it. it is. but it runs again the political risk that would compromise the fed's independence. the committee on capital markets regulation that i co chair had recommended a large umbrella regulator to stand side by side with the fed, and i still think that's a much better idea. >> mr. hubbard, when do you anticipate a rise in interest rates? we were debating it earlier on the show. some people are saying maybe by spring. what do you think? >> i think that would be aggressive. a rise in interest rates will occur when the economy's financial normalization is well under way. that's beginning, but i would hardly describe it as well under way. >> i think mandy and i have t exact same question. >> it

financial markets. jon corzine, close to president obama. stephen friedman. bush chief economic adviser until may, chief regulator of goldman while sitting on its board and buying millions of dollars of shares and then hank paulson. president bush's treasure secretary responsible for the controversial bailouts. >> goldman has an extraordinary record of former employees joining the government and occupying key positions. >> reporter: it was the rock magazine "rolling stone" that sparked the storm of attention to the wall street giant. matt, argued that goldman is a giant vampire squied wrapped around the face of humanity. responsible for no less than six disastrous financial bubble. >> what goldman's doing is not the free market. this is using the leave and the power of the state to force taxpayers, to give them money, and turn it into bonuses, so it's exactly the opposite of the free market economic. it's lib a reverse kind of socialism where money is taken from the ground up and pushed up to the upper class. >> reporter: those words were dismissed as a consp

financial system. that is why president obama personally feels so strongly about creating this new consumer financial protectiony. i understand the committees concerned that have been expressed today with respect to boundary issues, and jurisdictional issues and the role of the ftc. i think as we work together on those issues, it is important to keep in mind the central goal we all share. having one agency for one marketplace with one mission, protecting consumers. the new agency will have the authority and the resources it needs to set consistently high standards for banks, and nonbank financial providers alike. to put an end to regulatory arbitrage. to put an end to unregulated corners of our financial system that inevitably weaken standards across the board. this agency will be accountable for its mission, yet independent. it will have a wide range of tools to promote transparencies and fairness that it will act in a balanced manner, considering costs as well as benefits. in a way that protects consumers from obvious, while ensuring their acts to innovative responsible services. it will be able to reduce reg

being rewarded for his role in guiding the economy through the worst financial crisis since the great depression. today, president obama will reappoint bernanke for a second term, ensuring continuity in managing the economy and easing any concerns wall street may have about a change. >>> investors are taking the news in stride. it was widely expected that bernanke would be reappointed. tokyo's nikkei average fell 0.8% today. hong kong's hang seng is lower. in london, the ftse opened lower. this comes after a quiet day on wall street. the dow inched up just 3 points, closing at 9509. the nasdaq slipped 3 points to close just below 2018. >>> car dealers have until noon today to file the paperwork on all their cash for clunkers sales. the government extended the deadline from 8:00 p.m. last night because of computer problems. so far dealers have only received a fraction of their reimbursement checks from the $3 billion program. >>> the government has set aside $300 million in economic stimulus money to encourage people to buy more energy efficient appliances. consumers could get rebates up to $200 to buy washing machines,

the obama administration forecast it will increase from a projected $7 trillion to $9 trillion by 2019. officials peg most of the increase to a bleak financial future. the white house says the government isn't taking in as much tax revenue as it's spending to money to bring the economy out of recession. >>> president obama talked about health care in his weekly radio and internet address. he addressed what he calls the phony claims being made by critics of health care reform. >>> this is an issue of vital concern to every american. i'm glad so many are engaged, but it also should be an honest debate, not one dominated by willful misrepresentations and outright distortions, spread by many folks who would benefit the most keeping things exactly as they are. >> even though both congress and the president are on vacation, this could be a make or break month for health care. in the weekly republican address, congressman tom price said the entire plan should be scrapped. >> as opposition to the democrat's government-run plan is mounting, the president has said he would like to stamp out some of the disinformation floating around out there. the pro

obama ended the speculation. he took a break from his vacation this morning to announce renomination. the president cited his background, creativity, and difficult financial times. steve has more in projects the economy report. 557 obama says he is keeping ben bernanke on a federal reserve chairman because he averted disaster. >> that approach with wisdom and fold action and out of the box thinking has helped put the brakes on our economic free fall. >> some economists agree. >> there is little debate he has done an excellent job of getting us through it. >> others claim his full moves came after he left the house in bubble burst and wreck the economy. >> it is similar to the captain titanic arguing for more based on his ability to get people in lifeboats. >> why did this happen today? the new projections are terrible. nine trillion dollars that blames not the government spending but instead, a slow recovery. >> the economic growth assumptions has been worse than anticipated. >> there is good news. home prices rose for the second time in a row. republicans like him, who might run for president, called the obama bernanke recovery plan ridiculous. >> we are

. >> reporter: president obama wants the man who navigated the worst financial crisis since the great depression to keep steering the federal reserve. >> been approached financial system on the verge of collapse with calm and wisdom, with bold action and out of the box thinking, that helped put the brakes on our economic free fall. >> the president took time out from vacation to reappoint ben bernanke as fed chief. stocks climbed on the news with investors praising bernanke for unlocking credit and stabilizing the financial market. >> i give him an a because he did save the country. we'll never know where we would be if it wasn't for bernanke. >> reporter: bernanke wasn't exactly a hero here on wall street. at the height of the meltdown, he took heat for letting layman brothers fail and for some of his most unconventional lending programs. >> we have involved as circumstances demands, but our objective is constant. >> some of bernanke's critics on capitol hill say he may have saved wall street, but not the millions who lost their homes to foreclosure. economists say his second term co

. >> a senate hearing on the obama senate hearings financial regulation plan. we will hear about a proposal to consolidate two agencies charged with regulating banks. chris dodd of connecticut chairs the banking committee. is is about two hours and 10 minutes. -- this is about two hours and 10 minutes. >> i have informed our colleagues that we are under time constraints. there are some boats that are coming up at 10:30 a.m. on the floor of the senate. many of us will have to attend at noon. we've agreed this morning to get right to our witnesses. i know that my colleague from tennessee would like that prospect. he has been dying for that moment for two years. [laughter] >> when he was mayor, nobody spoke. >> no, just the mayor. we are not setting precedent. we just want to move in that direction. i just want to thank everyone for being here this morning trad. potential bank supervision is very important. we have had 28 hearings since january on this matter of modernization of regulations. this is a very critical piece. where and when to have the consolidation o