if it is determined the inspector general from treasury is the entity by you, are reassured that the inspector general from treasury would conduct that same on it? >> it is not my determination. it is a question of interpreting what the law requires and provides for. both as to the small business lending fund law as well as t.a.r.p. both the special inspector general's office and the inspector general's office are very excellent operations that have conducted a thorough audits and i would be happy to work with both of them as we have. .. to be resolved. thank you for observation. i did not understand why there would have been any reluctance. as we look at the larger question, not just where we have been because there is a collage of analysis and information on both sides, much of it credible about the successes of t.a.r.p. there is an issue where we're going. part of the problem is the unintended consequences with the bigger banks getting bigger. a lot of the oversight going toward the institutions that were not the target of this initial effort. what i am concerned about is the perce

requests from the department of the treasury. they include the irs, the community development financial institutions fund, and we will look at this agencies separately. the treasury progress we will talk about today are programs whic deliver a generous return on investment to taxpayers. a few examples -- beforeny coalition planes were in the sky over libya, treasury's offic had frozen $32 billion in libyan assets. that is $32 billion that muammar gaddafi cannot use. the financial crimes enforcement network tracks the financial trail when a criminal tries to steal your identity. for organized crime, narcotics traffickers,treasury's management service insurers social security payments their way east to see nearest. as many of you look forward to, tax refunds make their way to taxpayers a. treasury employs a professional contract of staff can analyze conditions to monitor risk building up in the financial system and promote stainable economic growth. general forspecial tarp provides transparency. last year alone the i.g. saved $555 m

is this being driven by the treasury department? >> fsoc is chaired by the secretary of the treasury and it has a number of members. 10 voting members as well as non-members. it meets periodically and it is promulgating rules. it is a lot of activity. it requires the coronation across all agencies as you know. >> i do not believe i said that financial stability does not entail looking at international regimes. i think i said the contrary. i would be happy to have you details on what is going on. >> she said it was not york responsibility. >> that is correct. my responsibility is t.a.r.p. i will recognize mr. quigley for five minutes. >> thank you. good morning. questions this morning were brought up earlier about the community banks, the relative disadvantage. are you in a position to talk about the comparative disadvantage many of those banks, many in my state are at and what can be done? >> that is an important question. we have to have a thriving community bank sector in this country. we have taken a number of actions to do that.

at when he said terminating whether we have got inflation or deflation he looks at these tips the treasury inflation protection securities because they are an indicator of future inflation trends and he looks at those and he sees that they're not trading at much of a spread over the ten year treasury and in his mind he he he doesn't look at gas prices he doesn't look at the prices he doesn't look at any of the things that people are experiencing every single day in terms of inflation he only looks at this one indicator and as we've just described with. the absence of the bond vigilantes isn't that indicator faulty and it's neat looking at an index that's given completely false signals and isn't he therefore kind of a boy in the bubble who's just spewing pure garbage that's a very fair characterization so the fact is buying through there so macau tips on a daily basis weekly basis we see the treats come across with this all the time and so how can you on that one you buy these things and you know obviously when you're buying something pretty buying pressure you're pushing both the price up

the u.s. treasury auction room. every week from investors here and around the world, to keep the u.s. government running. but if congress fails to raise the debt ceiling, the treasury's credit card would hit its limit. this room would shut down, and the u.s. government could go into default. >> the consequences of that would be catastrophic to the united states. >> reporter: treasury secretary tim geithner, before congress, and in an interview, warned those consequences would be worse than the financial crisis we just went through. what's the risk if we hit the ceiling? >> we shake the basic foundation of the entire global financial system >> reporter: >> reporter: because america's debt is the gold standard of the world. the u.s. has always paid back with interest. >> if you default on the debt, which has never happened in our history, we now have a whole different world. if you can't trust u.s. treasury securities, what can you trust? >> reporter: rick is a former governor of the federal reserve. >> this is what t

the u.s. treasury's auction room where it borrows billions every week from investors here and around the world to keep the u.s. government running. but if congress fails to raise the debt ceiling, the treasury's credit card would hit its limit. this room would shut down and the u.s. government could go into default. >> the consequences of that would be catastrophic to the united states. >> reporter: treasury secretary tim geithner before congress and in an interview again today warned those consequences would be worse than the financial crisis we just went through. what's the risk if we hit the ceiling? >> it would shake the basic foundation of the entire global financial system. >> reporter: because america's debt is the gold standard of the world. the u.s. has always paid back with interest. >> if you default on the debt-- which has never happened in our history-- we now have a whole different world. if you can't trust u.s. treasury securities, what can you trust? >> reporter: ric mishkin is a former g

treasury bonds when the cold globe gangs up and starts to sell short u.s. government treasury bonds forcing interest rates up five six percent five points in a matter of you know a couple of weeks then of course you know it'll be time to say. america. so as that happens you see the precious metals and commodity prices shooting up but it's also the dollar collapse and you saw on the dollar index it's down below seventy four so instead of looking at that however people come up with this conspiracy theories like we see here ahead reporting on the theories silver surges over forty six twenty five per ounce as rumors of a short squeeze and cornering markets again creedence so apparently zurich in london are abuzz with rumors that a russian billionaire is buying up huge quantities of silver and yuri sergei filin the russian billionaire they're all interested because it's a natural corner it's a natural play because there's very limited supply of silver you can for thirty or forty billion dollars which for the average russian billionaire is amount of money they car

i wouldn't have my dog on the u.s. treasury but they're going to collapse and they're ok but you know they rescued consumers now desperate and in pain but at the time they were laughing at jimmy mcmillan last year during the elections let's take a clip of him i represent the richest two party people meet ribbons are going to puerto rico they're being laid off right now with the katie. someone stomach your child stomach just raw and you hear the chuckles there max people were laughing and what did they do they voted for andrew cuomo who what did he do as soon as he came into office this year he gave a tax break to the very bankers that have caused the economic chaos which is distressing them the terrorists again i'm into why are they so the strength of the of the financial terrorists andrew cuomo i mean any greens up there and of oxygen the brain of the head firmly up the string string of the financial terrorists on wall street and a little earth and so let's look at another situation another crime wave that is part and parcel o

about the new bed issuance that they have to put out there so they float use things and in say the treasury auction in the u.s. this case and the fed steps in you know ends up going to quibble about seventy five percent of that best just the new issuance then there's what you're talking about too which is this wall of maturing debt meaning you know we saw the one year bond last year now it's a year later guess what we have to pay it off and we want to roll them as we go forward so right now in japan over fifty percent of their g.d.p. is going to ensuring over this next year it all has to be financed and the united states it's about twenty eight percent of g.d.p. these are enormous numbers all of that has to be ruled in and it has to be able to very schooled by the markets and if it's not it will be able grabber. and that's you know what you're raising is a really serious issue because we have not just the sovereign debt that's all which are very which is about twenty seven percent across all the advanced economies twenty seven percent cheapie we also have a whole bunch of bank at this comin

link below nantes because the fed is the largest purchaser and now the largest holder of treasuries in the world i mean the whole point defended used is the original motto but if you can't put a period on the floor you on the fed's home turf what do you do well you go to gold and silver so absolutely no you read it gold and silver are signaling something very important here and what they're telling me it's the same thing that i've been worried about for years which is that money and self concept of money itself is now at risk and the fed is playing a very dangerous kate you're conducting an experiment on just on one count everything works out man it's nice but then we go the path we face destruction of the world's reserve currency let me pick your brain a little bit here for a second ben bernanke when he testifies before congress they ask him about inflation and he says you know what i am more worried about the flash and inflation we later learned from insiders who work at the fed we're now working in the private sector that what bernanke he looks like and looks at when he said termina

grant from the treasury tax collection office. >> good morning. in the policy legislative manager for the office of tax collector manager. it is my pleasure to bring this ordinance before you. it will authorize the treasury tax collector to except $240,000 for the direct deposit program and will fund one position. as supporting documentation shows, the goal is for all employees to access wages electronically and more fully participate in the mainstream. it will create an employer out reach mechanism to increase access to electronic pay while simultaneously supporting low- income workers. the program will set thousands of working families on the road to financial security with access to mainstream banking and reducing waste by no longer issuing paper checks. it is designed to build a pipeline for further asset building strategies in demonstrating that the workplace is an important venue for this work. this is actually a fallout project from a number of items that the office of assessment has been working on since 2005. when we implemented the workin

and of course from the subordinates of the u.s. treasury i guess if you want to go all the way you can see the treasury subordinate to goldman sachs but. the main thing they could do inside the ira is do what they do it's hard to get to you know it's a different structure but still be the developing countries lower middle income countries we want to call on non rich countries have close to half of the votes in the bay or actually a little more than half in the i.m.f. would be doing do the same thing they don't form these blocks like they do inside the. where you know they actually block them from doing things that are why they could do that within the i.m.f. it's just it's going to take some time because they haven't had that practice for the last six years they might have plenty of time to practice now now of course currency is is a big issue it's being discussed constantly the fact that a lot of countries out there feel that there needs to be an alternative to just the dollar is the reserve currency of the world they're talking about perh

bonds he's causing panic in the market and the people who were in those treasury bonds now realize that they'll never get paid back they're looking around for someplace to put their money oh what i see gold and over. exactly well the theory is called reflexivity max and if you look at the headlines the first thing monday morning once everybody realize that bill gross is actually shorting u.s. treasuries pre-market summary inflationary hysteria so you see the charts from gold silver boil and corn skyrocketing first thing silver was up to almost forty two bucks i'm so excited by this i'm thinking about going back to my original career back in the late seventy's as a go go dancer at a lesbian veyron greenwich village they say where bases and i can get i'm going in opposite directions that's how excited i am about the price of gold and silver getting new all time record highs and doubling and tripling from here i may bring that back to the show well of course all of it comes back to the dollar the dollar thing that's falling and you see this in the said by max america

the last control deficiency we observed was memorializing the fact that the treasury tax collector has performed the reconciliation between the sunguard system and the custodial records. they informed us that they do do this, but they do not have the evidence of the actual reconciliation to prove that they in fact do it. it was more of the documentation issue there. those are the current observations. we do have a follow-up study on page 9 in our report. the prior year recommendations. i think i briefly indicated, there was one finding that was implemented in the current imple current year. there were two findings implemented in the current year. the ports of san francisco have three findings that are carried forward. they are still in progress with the comprehensive disaster -- and they have made efforts to complement that. they do not have the resources to develop the plan. maybe the department can respond to that. we had identified assets -- and we had a comprehensive inventory. >> can i ask about this? what does this mean, exactly? >> a lot of times, the records are maintained and

by statute, the treasury secretary is forbidden from telling the o.c.c. to take action or not to take action. if you want to find a rowing regulator, it's the o.c.c. not the cfpb. so on top of this, we have a whole range of regular safeguards on administrative agencies. and a lot of the complaints i'm hearing from the committee are complaints about the administrative state in general, not about the cfpb. there are reasons to be uncomfortable about delegation of authority to unelected officials. but we do this all the time. and we have things like the administrative procedures act which has notice and competent rule making provisions so that everyone has a chance to be heard about rule makings. and we have a judicial review making sure that agencies do not exceed the scope of their statutory authority. we have these features, and they apply to the cfpb just like any other agency. so when you look at the sum of the picture, the cfpb is subject to more restrictions than any other federal regulatory agency. >> as you know, there are four bills under considera

that is what the treasury believes. in 2002 that is what he told a couple prominent sources about the power of markets. that is -- the british conservative publication. they don't believe in the power of markets and they don't believe in the science of climate change. they're somewhat embarrassed by the country he now -- someone embarrassed about that. mr. speaker there are plenty on that side of the house in the same category. [talking over each other] >> time is expired. >> order. order! order. very tranquil and calm. >> the minutes of the official meeting -- [talking over each other] >> the member will return to his seat. the member from north sydney will return to his seat. order. order. order. order. the treasurer and the member must be given the opportunity to have a discussion outside. the angelic member from north city will get back to being quiet. he hoodwinked me by his angelic presence and he approached the dispatch box, the procedures are a lot. >> my question to the prime minister i ask on behalf of thousand

the last control deficiency we observed was memorializing the fact that the treasury tax collector has performed the reconciliation between the sunguard system and the custodial records. they informed us that they do do this, but they do not have the evidence of the actual reconciliation to prove that they in fact do it. it was more of the documentation issue there. those are the current observations. we do have a follow-up study on page 9 in our report. the prior year recommendations. i think i briefly indicated, there was one finding that was implemented in the current imple current year. there were two findings implemented in the current year. the ports of san francisco

i have concerns about some of the proposed cuts. treasury proposes to scale back law enforcement access to data on suspicious financial transactions. -- to's a proposal that thi nue funding of law enforcement. for too long consumers have struggle to navigate the financial products front with hidden fees, 8 and switch terms, and other features that experts have difficulty understanding. it will operate with a mission to empower consumers with information they need to make financial decisions for themselves and their families. since the day i introduced the bill to create this bureau, wall street has tried to undermine it. with the help of some in the house, wall street is attempting to limit spending by this agency to barely half of what it needs to get started. it is not a surprise that wall street is balking at cfpb starting up. fully informed consumers will make markets more competitive. we will work to make sure this agency has what it needs to start working for consumers. i look forward to discussing this with the secretary, and i now tu

i have concerns about some of the proposed cuts. treasury proposes to scale back law enforcement access to data on suspicious financial transactions. -- to's a proposal that thi nue funding of law enforcement. for too long consumers have struggle to navigate the financial products front with hidden fees, 8 and switch terms, and other features that experts have difficulty understanding. it will operate with a mission to empower consumers with information they need to make financial decisions for themselves and their families. since the day i introduced the bill to create this bureau, wall street has tried to undermine it. with the help of some in the house, wall street is attempting to limit spending by this agency to barely half of what it needs to get started. it is not a surprise that wall street is balking at cfpb starting up. fully informed consumers will make markets more competitive. we will work to make sure this agency has what it needs to start working for consumers. i look forward to discussing this with the secretary, and i now tu

special reserve base some of the energies expenses in my view the good thing about it is the treasury seems to be flexible it seems to be we need to rethink if an asset sorry but the bad thing is that further delaying the cards will only bring the disaster quicker. but engineers at japan's a struggling for consumer nuclear plants have resumed efforts to remove built up radioactive water comes after a powerful aftershock forced crews to flee the area on tuesday at a power. run for six it's a maximum of seven s. that's the crisis in the cloud it's a novel disaster decision based on new data showing more radiation have leaked from a damaged plant previously thought but officials say the upgrade does not mean the situation has become more critical in our attempts to restore cleaning systems that we had since appeared to be no closer to success nuclear engineer than the some japanese government has downplayed the extent of the disaster. japanese are really committed to nuclear and so the result of a lot of vested interest it wanted to downplay or you know i study the three mile island acci

special visa face some of these expenses in my view the good thing about it is the treasury seems to be flexible it seems to be we need to rethink if are necessary but the bad thing is that they're delaying the cuts will only bring the disaster quicker. engineers that japan's struggling from the syrian nuclear plant have resumed efforts to remove brutal radioactive water comes off the powerful aftershocks last cruise to flee the area launches danger perner raise the nuclear that of other pursuits of rex a veteran of seven suppose the crisis on a par with the chernobyl disaster decision was based on fearing of the leak from a damaged previously thought but officials say the upgrade is more in the situation has become more critical even while the terms to restore cooling systems that we are to be closer to success nuclear engineer all of these incidents government has downplayed the extent of the disaster. and he's a really committed to nuclear and so there was a lot of a lot of vested interests that wanted to downplay it and i study the three mile island accident and i study

has a responsibility to protect the value of the dollar for those individuals that are buying the treasuries in the bonds and to that extent if we get our house in order and we function not only as the currency for the u.s. economy but also as the global reserve currency then you're right it's a limited chance of change but if we continue on this path where other countries are being severely impacted by the reserve currency then i think you're going to see pressure mounts in the world order whether it's the g. eight or the g. twenty to somehow create some balance in the reserve currency that is a basket or just something that is more stable and any while are we going to see gold continue to increase and the dollar continue to go down if that's going to continue on its direct trajectory well i think the u.s. right now has a stated policy of a weak dollar policy i think the incentive to have a global economy where our goods that are made in the u.s. are worth or less expensive in the world is a stated policy to try to create a me and to correct try to create g.d.p. growth so as long as the u.s

today the treasury department said the budget deficit will steve to reach another record high about 1.5llion dollars. >>pam: there is life after three space shuttles which is set for retirement from naso. where will they go? more than 20 cities around the nation are vying to show-shuttle in its final home. >>maureen: they have locked millions of miles in space or bring the earth, watching satellites and transporting astronaut's space stations. as naso retires the program after 30 years, the orders themselves discovery, in denver in atlanta's carry with them something else. the economic promise for the new homes. in a highly anticipated ceremony tuesday at the kennedy space center in florida, nasa announced the winner. >> we will showcase my old friend atlantis. endeavor will be heading west. the california sign center in los angeles will be the new home off. discovery to the nation's capital. the smithsonian's national air and space museum in virginia. 29 locations competed for the honor including seattle washington and houston tx home of the johnson space center or members of congress

the u.s. government treasury bond market is that we are buying these bonds today you're locking in a guaranteed loss of capital but of course nobody is telling the pension holders of the pension funds the stark fact and they're going to wake up one day find out they're down forty percent and everyone in wall street in the city of london and in washington will say we never saw it coming it was a huge accident we're just going to have to try better next time when it was a planned demolition oh golf confiscations game more money laundering and more financial terrorism from the folks in washington and wall street colluding together once again to destroy everything and the other thing to note here is this propaganda pushed on to the people that these are entitle lint programs that they didn't contribute to them fifteen percent of their income for the last forty fifty years that they were putting money into this and the funny is owed and they were basically lending it to the government and then speculated and and basically bailed out banks let's i think refer their income to help the government so mu

and the treasury had any concerns about the potential consequences of dodd-frank derivatives regulation on job creation? have you done any work in this area? >> thank you for the question. we've heard a great deal from end-users, nonfinancial and financial comment in the markets. and i think that there's sufficient flexibility in the dodd-frank legislation to work with a company like fmc in terms of providing flexibility under derivatives regulation. >> in other words, a company that is an end-user that is managing risk but not in pure financial speculation, is that right? >> yeah. we have not been any specific work on the economic impact and job creation of this particular title. >> will you do some research? i hope treasury does research in the area. there will be ramifications for quitting jobs. >> there have been many studies mandated by dodd-frank and we've been diligent deliver the work that has been delivered under the statute so we have put out quite a bit on the financial market ramifications. .. och when will treasury make its determination? >> i regret i don't have that decis

the result was more revenue to the federal treasury, not less. the expanding economy helped reduce the annual budget deficit -- and i'm repeating these numbers because they're significant -- from $412 billion in 2005 to $160 billion in 2007. i know it's counterintuitive to a lot of people to hear a member of the senate say you reduce marginal tax rates you're going to bring revenue into the federal treasury, because the obvious common sense tells people that if you increase taxes, you're going to bring in more revenue but as i said earlier in a speech today it doesn't work out that way because there's some people in this country can decide, you know i'm paid enough taxes i'm not going to pay anymore. so they are disincentivizeed to be productive. probably do leash -- leisure or invest in nonproductive activity. and your lower marginal tax rates, it encourages those people to be productive and away from being productive, at the same time creating jobs, growing the economy bringing more money into the federal treasury. when you look at the sources o

-span and he's talking about thursday september fifteenth when he was visited by the treasury department officials and they said five hundred fifty billion dollars had been withdrawn from money market funds within an hour to two hours that morning we were having an electronic run on the banks they just cited to close down the money accounts and announce a guarantee of two hundred fifty thousand dollars per count so there wouldn't be further panic out there and that's what actually happened if they had not done that their estimation was that by two o'clock that afternoon five and a half trillion dollars would have been brought out of the money market system of the united states would have collapsed the entire economy of the united states and within twenty four hours the world economy would have been the end of our economic system and our political system as we know it just to break this down glenn beck is saying steam lerner is risking a run on the system contrast that with what we saw in two thousand and eight a multi-trillion dollar multi hundred billion soon to be trillion dollar actua

control left and say we've got to keep taxes going up we've got to you know pay all this into the treasury or you're going to kick all ladies all social security medicare medicaid you're going to kick or single moms off food stamps they play the left on one side then on the right they come in and blame all the problems on the social safety net and then they cause a controlled paradigm fight at that level and meanwhile the bankers hope no one notices that they're the ones that actually made off with the majority of the money all right last week in holland and the people demanded that the government prevent a bank in. i engaged they said we're going to withdraw all our money and less the government steps in and cancels all the bonuses to the executives and i and the government acquiesced they forced the bank to cancel those bonuses people one is this something that can work in the united. states is the global interaction against banker occupation coming to the united states on the theory it's way alex jones yes it is i mean if you go back ten years ago ron paul couldn't even get one or two c

the city of parks-- jamesville, wisconsin. congressman, thanks for joining us. here's a little news. treasury secretary tim geithner told "meet the press" this morning that republican leaders have privately told the president they will not stand in the way of raising the debt ceiling. that, of course, the debt ceiling... if you don't raise it, the government would have to go into default on its financial obligations. have your leaders told you that they have told the president that? >> no, they haven't, but what they have also told me they've told the president is that, in addition to raising the debt limit, we want financial controls. we want cuts in spending accompanying a raising of the debt ceiling. that is what i believe they've told the president. >> schieffer: the way the treasury secretary is telling it this morning, they have just assured the president they would not play around with the country's credit rating. >> nobody wants to play around with the country's credit rating. nobody wants to see defaults happening, but we also think it's important to get a handle on future borrowing

the subway now, but he was a senior partner, and on the subway, he came up with who should be the treasurysecretary during the eisenhower administration, and eisenhower had never heard of him, and he got the job, and he was a good secretary. paulsonn, corzine, and all went into government service, and part of the reason is they believe in it and they may get a priority, and you have your time at goldman sachs. you have your time making millions of dollars, and then they want you up, and they want you out. most of the guys are sort of forced out after a period of time, which may be one of the reasons lloyd blankfein is talking about leaving, and then they want to give something back, some talking about philanthropy. if you want to be the secretary of treasury, guess what, you do it. it is not something you campaign for, but if you get asked, you do it. tavis: last year at goldman sachs? >> i do not think if we can count that high. they gave out something like $16 billion dollars just in bonuses. tavis: $16 billion, with a b. >> it is a good place to be. it is good work if you can get it. it