with me to explain, steve liesman. he vast room where we'll see thousands of reporters from around the world. steve, everybody mad it at the fed. this is going to be a showdown with china. explain. >> well, first of all, you have to understand the funny position that the obama administration is in. the federal reserve is an independent entity and doesn't really answer to the obama administration. but the obama administration finds itself it answering for the fed. the fed, of course, agreed a week or so ago to this new program to buy $600 billion worth of treasuries. this ends up weakening the dollar. all the countries around the world, many of the countries around the world are upset by this. this strengthens their currency and creates an influx of money into those countries and also makes their exports less competitive. one of the reasons why this may be beneficial to the u.s., it makes u.s. exports more competitive. obama lands on the ground, trying toed lead the world in terms of dealing with global imbalances. comes

. >> steve liesman, thanks so much. >>> politics now and you could call him charles in charge, in a bidin 2012, democrats with positioning chuck schumer in the senate. you wrote about this in the national journal. chuck schumer, already a powerful member of the democratic caucus. he's still nominally number three in the caucus after this, but tell us about this power shift where he's really in a position to take the leadership role. >> he's right behind harry reid. he has eclipsed dick durbin. charles schumer has a job that will put him in charge of scheduling, policy and communication. not much left. >> office space. >> all right. before you think, well, this is a blow to harry reid, it's actually a strategic move that reid is engineering himself. said look, reid won his re-election. he's a person of strength and also a person who knows his limitations. and these 21 democrats and two independents who caucused with democrats are going to need a more reliable, predictable flow of policy, legislation and sound bites to prepare for a re-election of the president in 2012. only ten republica

also we've been talking a little bit about geithner, what he said to steve liesman earlier this morning about how they're not ever going to abdicate for a weaker dollar policy. obviously, dollar trading lower. believe the axds action not the words. >> becky, thanks. interesting thing to watch, cisco and its reliance on international government investment. thanks very much. >>> coming up, midterm voters send a strong message, cut government spending. but what should get cut exactly? of course, that's not so easy to answer. the president's panel is already drawing fire for its proposal. we'll hear from a member of the commission, senator kent conrad next. >>> on this veterans day, live in kabul as u.s. and nato forces pay tribute to their fallen comrades. >>> first a look ahead at the president's schedule. he's sleeping right now. but in about 12 hours he will start getting going, because, as we noted earlier, there's "plenary" to talk about. you're watching "the daily rundown" only on msnbc. here's a myth: you can't switch car insurance until your policy expires. the truth: you can switc