i called tim geithner and i talked about these issues. what are other examples where the treasury department not carry forward the will of the president? tim geithner and i went went through it letter and a verse. the responses full, complete. this is in the book. two pages. if you read that, at the end of the day, it is hard to come to a conclusion other than tim geithner game to the president on his desire to really look at the taking down of the big banks, citibank, other big banks when they felt the urge to stock up. he was really study hard in january, february, march in 2009. the fact is that it did not happen. a month later, he thought that plans were being drawn up to dissolve city back -- citibank. he found out that they were not and he got quite agitated. i talked to the president about it and i talked to tim about it, everyone involved in that meeting where he raised his voice. there is not any dispute about it. there is no dispute that i have seen about what happened. the question is, what did the president do? did he ask lost

friend of to me you know we all know our fatso and he's returned ok this is larry summers and tim geithner and this little image again from william bonzai seven you know we have the financial heart for the financial war because no war is whole without the artist a member of the troika are we america had their own troika just like greece has the troika curly committing financial terrorist acts against that little country we had to try to get america summers geithner and rubin and robert rubin the three crusaders of unholy financial warfare totally destabilizing the u.s. economy and raping it for every nickel they could get and now summers is coming back oh my god that's right with this piece in the f.t. the world must insist that europe act so larry summers is saying an increase in the central financial commitment to the financial stability of member states and a reduction in their financial autonomy is needed if the currency the euro is to survive but also christine legarde got her wings clipped if you saw that last week but she came out in the press and suggested that banks needed to impr

tim geithner went over to europe talking about installing some kind of tarp program for these european banks so they don't go down that route we'll go down a lot with those if you look at if we if the i.m.f. needs more capital in order to bail out european banks the number one single largest contributor to the i.m.f. is the united states it's seventeen percent of the funding that is in the i.m.f. so tim geithner's over in europe talking about a bank bailout so for me to think that it can happen again here that that's just not reality yeah european central bank is in trouble but is so is the entire treasury of the united states that you know entirely there's a there's a lot of theories out there about what is best for this economy for the country and even for the world i want to put something up on that economist nouriel roubini said regarding a physicalist therapy and how it could actually bring about economic calamity followed by war he said quote i'm not predicting world war three but seriously if there was a. a global financial crisis after the first one then we go into depression t

smooth lawyer ball of law smooth comin in talk him down good cop bad cop and this is what we saw tim geithner in europe try to get merkel to accept european tarp who are these american financial terrorists and largely because i love the role of the world and caused our destruction why i care stoic but there are two zero zero jerry go to the cubs again jamie dimon the c.e.o. of a bank is in a closed door meeting that we don't know about other than the fact that he threw a tirade to our regulators and to a central banker now think about the occupy wall street guys being arrested dozens and dozens of them amazed in the face for walking down the sidewalk here's to me diamond was he maced in the face no according to the reports no he wasn't these bankers the lloyd blankfein and jamie diamond to the world are able to me in closed door meetings with regulators and screech at them now let's turn to this now if a miss clip from the b.b.c. where less serious than e spoke to him he spoke some truth everybody in the mainstream media is now dismissing him because shock he loses his own money when he trade

>> you know this well, the white house convinced tim geithner to stay.ir economic team. they need him in place. they've been the guys that have been selling tim geithner on staying at the white house. so anything that's going to undermine his position there is something that they are going to push back against. >> there seems to be also a protection they're trying to do of sort of the larger point of this book, errol, which paints a picture of a president and economic team that was either, at best, had no idea how bad it was or, at worst, in over their head. >> it seems as if the president is in over his head. they can't allow that to take hold with the electorate. the real target is not suskind itself but the republicans. they want it to be known they're tough and they'll respond. this a message from me to a message from the republicans running for president. >> shameless plug time. errol, we'll start with you. this is grading, a newspaper column anthology really fast. >> it's never been done before. the greatest newspaper klum columns. >> ever written.

in the eurozone let alone other eurozone members, as well. >> tell you what's fascinating with tim geithner, the u.s. secretary made the trip, second one-day trip in a week actually to bang heads together and the americans are taking this seriously, aren't they, nina? >> they are and timothy geithner making all sorts of comments reminding the eurozone leaders that they should eliminate these catastrophic risks to the markets. he also talked of dismantling institutions within the eurozone and that had to be knocked on the head and being echoed by one of his predecessors, the u.s. treasury secretary ten years ago, larry summers, an opinion in an editorial piece in "the financial times" reminding people of non-eurozone countries have a huge stake of what goes on and it's time to voice the fact that they have such a huge stake. he also echoed a number of interesting points, that the imf chief made in one of her statements earlier on and said maybe that the eurozone banks need their capitals shored up and we need to see an end to political brinksmanship because it's not the fate of greek at stak

go ahead and say we ought to arrest the people equipment sacks it's unrealistic same thing with tim geithner he was a pure outfit then he becomes treasury secretary ken you relist equally expect the fox to guard the hen house it's an it's an unrealistic structure and it has to change but we do not have people either political party in washington d.c. who are willing to say to rick holder go out if these people under indictment and if you don't lose your job. so who will say that that i mean will there be someone from an outside agency from you know that's not a democrat or republican or not a politician i mean do you foresee somebody coming in and trying the system and making these massive changes. what i unfortunately see is that the system will end up collapsing of its own weight because we do not have the political will to actually address the problems and so what is going on now with europe is likely the start of us they will continue to chant employ this game. but eventually you get to the point that you have no cash or you could really cannot pay the electric bill if you're your vocati

tim geithner meets with those in poland. gold was spiraling up 2.5% yesterday. and on street, investors overlooking hotter than expected inflation data and weak manufacturing data. morgan stanley rose 7% on news chairman will retire at the end of the year. swiss bank ubs plunged 10% after news that a rogue trader racked up $2 billion in unauthorized trades. a 31-year-old man has been arrested on suspicion of fraud. after the bell dismal quarterly earnings, r.i.m. is down 50% for the year. netflix tumbled 19% after predicting its summer price hike will cost it a total of 1 million customers. >>> the irs raked in $500 million from 12,000 tax cheats who came clean under the amnesty program. >>> finally, the free ride could be over for a new theme park in china that has a live angry bird attraction. they failed to license the ride with the game's creators. >>> lsu rolls, the red sox wilt and home improvement courtesy of josh hamilton. >>> plus, a panda on the loose causes havoc in colorado. your early morning sports headlines are straight ahead. >>> and we've got a

tim geithner doesn't turn up at a meeting for the laugh and giggles of it.one on long enough and that europe has failed. i mean, look, in my discussions this week with european politicians and bankers, they are now starting to say very openly, enough's enough. for instance, yesterday speaking to finland's europe minister, he tells me, we've got to do better. the former british finance minister says europe hasn't done a good job. so that's what they are now looking at how to get ahead of this. >> more help coming from unexpected places, brazil, russia, india, china. brits could step in and buy some of europe's debt. bailing out more established economies. >> the freud of it, you can hear the giggling at the prospect. the fed -- one of the things that really worried everyone this week, two banks went to european central bank and needed to borrow dollars from them, because american banks frankly are with drawing their support, with drawing their liquidity, long-term lending they don't want to be involved in european interbank lending. there is a worry, it is ju

secretary of the treasury tim geithner weighed in, saying europe need to do -- need to do more. >> theye the capacity to hold this thing together. i think they recognize that they have been behind the curve. i think they recognize that they will have to put more force behind their commitments. >> if there was a default, who holds a greek public debt? immediate losses would hit greek banks, holding 49 billion euros of greek debt. germany's banks hold 10 billion euros. france is next with an exposure of 9 billion. the risk of british banks is much smaller at 2.2 billion euros. greece today was given a chance to prove itself, but one of chancellor merkel's closest allies insisted it the fault is still possible. >> what they have to do is try to avoid it, try to avoid it at least. and if it comes, it has to be done in a controlled manner. >> europe's two most powerful leaders assured greece it was still an integral part of the eurozone, but it now has to deliver austerity cuts and reforms. bbc news, brussels. >> and in other heavily indebted eurozone country, italy, parliament has finally a

tim geithner said quite clearly that europe has been too slow on this, behind the curve as he put it. wire the american so outspoken? >> -- why are the americans so outspoken? >> the pressure has been building but what has changed is that there is a concern which is more akin to panic. there is deep anxiety now. what the americans know is that hoping that the worst-case scenario will not materialize does not work. what more and more people in washington and new york are asking, could this be the european version of the lehman brothers crisis. >> could it? >> certainly, the problems are building. europe is facing some unpalatable churches -- choices. i did the germans will have to embrace a version of the eurozone that is different from what they signed up for or that members will have to go their own way. if you look at the rating agencies today in relation to french banks, if you look at the fight in germany, there is a very messy picture building. the problem that concerns americans is that it does not look as though anyone in the eurozone is in control. >> it struck me that you hav

tim geithner, who lived it, just told you that it bears no resemblance to the reality he lived. >> theook is, "confidence men: wall street and washington and the president." welcome. you spent a couple of years on this book. you had cooperation, access. and now the white house has mounted this campaign -- there's no other word -- this campaign against you. this must tick you off. >> the fact of the matter is, howie, when the book was completed through this summer, i got a sense that the reaction would be different than what it might have been in the spring. when we were coming at the end of the reporting after the interview with the president and the final areas of reporting, the president was sort of riding a very strong wave. i think the white house felt good about many of these disclosures being in a part of the presidenty that they viewed as over. that the president had evolved and moved past it. that's what he says strongly. >> then things got worse -- >> that looked like a false spring quickly by the end of the book. what i did at the finish of the book, as i've pointed out, is i

treasury said -- the treasury secretary, tim geithner, said europe was behind the curve. leaders of germany, greece, and france held emergency talks amid growing market fears that greece could soon default. could they come up with anything new? >> president sarkozy of france and chancellor merkle of germany moved to try to fix the crisis of greece and its debt. they are holding a conference call with the greek prime minister, seeking guarantees. in exchange for further aid, greece would slash its deficit. the fear that greece is heading for bankruptcy has savaged the markets and the banking sector. two french banks saw their ratings downgraded today on evidence they were exposed to great debt. there was start evidence at the european parliament that europe could be destroyed by the eurozone crisis. the mood was gloomy. one minister declared europe was in danger. another said the european union itself could not survive a breakup of the eurozone. >> we are confronted with the most serious challenge of a generation. it is a fight for what europe presents to the world, a figh

tim geithner said quite clearly that europe has been too slow on this, behind the curve as he put it. wire the american so outspoken? >> -- why are the americans so outspoken? >> the pressure has been building but what has changed is that there is a concern which is more akin to panic. there is deep anxiety now. what the americans know is that hoping that the worst-case scenario will not materialize does not work. what more and more people in washington and new york are asking, could this be the european version of the lehman brothers crisis. >> could it? >> certainly, the problems are building. europe is facing some unpalatable churches -- choices. i did the germans will have to embrace a version of the eurozone that is different from what they signed up for or that members will have to go their own way. if you look at the rating agencies today in relation to french banks, if you look at the fight in germany, there is a very messy picture building. the problem that concerns americans is that it does not look as though anyone in the eurozone is in control. >> it struck me that you hav

treasury secretary tim geithner met with finance ministers in europe today. he urged them to overcome their divisions and work together to remove catastrophic risk from markets and solve the region's debt problems. specifically, he suggested the eurozone boost its bailout fund by allowing it to draw money from the european central bank. also in europe, it looks like portugal's debt woes are worse than we thought. its central bank today said the country's madiera island region has underreported its debt for the past seven years. the bank of portugal says the autonomous island failed to report $1.5 billion dollars in debt. that means the nation's overall budget deficit numbers will have to be revised upward. >> susie: here in the u.s., alabama's largest county will avoid bankruptcy. jefferson county today reached a tentative deal with its wall street creditors. at issue? over more than $3 billion in debt from a scandal-plagued sewer system overhaul. if the county defaulted on its i.o.u.s, it would have been the largest municipal bankruptcy in u.s. history. coun

he is also accused of taking tim geithner's economics 101 exam, conrad murray's medical licensing examand snooki's driving test. >> i was wondering today if anything intelligent would come out of an episode of "jersey shore." it turns out the answer is yes, but only after a lot, and i mean a lot of editing. like this. >> really? negative. >> do your friends. >> you will be heartbroken. >> so, let me dance. >> okay. so, i think there's something we got out of it. >> we can use a little dance now on a friday morning.

jenna:reasury secretary tim geithner, again joining in on the daily press briefing.ons. that is about how the buffett rule would work. we'll be talking to the gentleman who is right to the left of the treasury secretary, jack lew, the budget director for the white house. he will be our guest coming up in about an hour from now. if you have any questions about the president's propositively, e-mail us at happening knew -- happening now at foxnews.com. you can watch the daily press briefinggy logging on to foxnews.com where it is streaming live. jon: right now a last-ditch effort is underway to stop the execution of a convicted cop killer in georgia. since troy davis's original trial two decades ago, several witnesses changed their testimony and questions have been raised about his guilt. well now, after numerous appeals and 3-d laid execution dates, davis is scheduled to die two days from now. jonathan serrie live in atlanta with update for us. >> we're awaiting the decision from the georgia board of pardons and pa roles whether they will grant troy davis clemency. rec

as you were told in advance, i have with me today the secretary of the treasury, tim geithner, on myeft, and on my right, jack lew, the director of the office of management and budget. they are together going to answer your questions about the president's plan for economic growth and deficit reduction. i know you just heard the president speak on this. jack and tim are here to take your specific questions. after they're done -- if you could just keep on topic with them -- i'll remain to take your questions on other issues. all right, we're going to go right to questions. so, darlene, if you want to start. >> yes, thank you. would someone explain why the president knowingly put forward a plan that includes these tax increases that republicans are -- i mean, they rejected them even before the president stepped into the rose garden? >> i think republicans and democrats all agree that we have a long-term deficit problem and we have to bring that down to earth. we all agree on the basic magnitude of the cuts and changes you're going to need over time -- roughly $4 trillion over 10 years.

he knew exactly what he was doing putting larry summers and tim geithner into office there. and so, if you want to accept that assumption that he is a pretty smart guy, then you then have to ask the more difficult question -- is this an affect how he really thinks? does he really not think the banks are really such a bad entity? that wall street is not to blame? and the reason he has been so soft on them is because he believes in them. if that is the case, then we have a much deeper problem that we have to deal with pair. tavis: your comment leads me light -- nicely to the test. these poverty numbers of late -- it is a national disgrace what say you about the fact that these numbers have grown? he inherited a mess, to be sure, but these numbers have grown under his presidency. and now -- let me stop. your thoughts about these poverty numbers, like . >> it is disgraceful and shameful. you know, if we did not have social security, our seniors will live mostly in poverty. you have another 18 million people in poverty. it is actually 46 million right now. it would be well over 6

of the details until the very last moments" and even then implementation by treasury secretary tim geithner was "slow and uneven." >> well, i do disagree with that characterization. >> reporter: and as abc news covered at the time, in fall 2009, many women in the white house felt like they were shut out of a boys' club atmosphere, a charge the president dismissed at the time. >> you know, i've got to say i think this is bunk. >> reporter: former communications director anita dunn tells the author that the obama white house "actually fit all of the classic legal requirements for a genuinely hostile workplace to women." dunn now says she does not think the white house is hostile. the larger push-back against the book has to deal with its central thesis that the president is not a strong leader and does not willingly make tough decisions. the white house spokesman today said he is a strong leader with a clarity of vision about where we need to move as a country. diane? >> all right, jake, thanks. jake tapper reporting from the white house. >>> we turn to that terrifying air show disaster in re

tim geithner and the director of the omb director will speak along with press secretary carney minutes from you, but let's go to kristen welker. she is joining us to talk more about what we just hard. kristen, president obama putting these proposals on the wealthy, sure to please the president's base, but about half the tax savings would come from letting the bush tax cuts on the wealthy expire. how critical of a moment is this for the administration? >> it is critical, thomas, because the president's approval ratings are at an all-time low. the unemployment rate had been stuck above 9% for some time. one thing that i found really interesting about the speech. we heard him repeat the term class warfare twice. he said, this is not class warfare. that's of course something that the republicans have said. that the president is in fact engaging in class warfare with this plan. the president had been on the defense there saying, no, this is not class warfare. the speech not very heavy on specifics. but more heavy on basically drawing the line between the president's vision and republican's

tim geithner. basically ignored the advice of president obama in fact in many ways kind of defeated to break up the banks i'm curious in your years in the reagan administration with the head of the o.m.b. an advisor to president reagan. would that kind of thing have been tolerated. you know i think there's shades of it ok there was vigorous debate within the administration within the white house and as the deficit ballooned in i began to see we couldn't out our way towards balance i became an advocate of raising taxes to recover some of the revenue we lost in one nine hundred eighty one and of course that wasn't popular and it was a very contentious thing but it was out in the open and at the end of the day the president did sign five or six major tax increase bills ronald reagan did the republicans have totally forgot about that today but he did in one thousand nine hundred eighty three eighty four and eighty five now that's different than what i read about this and i find this very disturbing bec

riot it's it's fueling this system by the bailout discussions that happened in the united states tim geithner was in europe recently saying that the you know your of should continue to do the same thing because only by you know sort of printing money by bailing out the system as it is by making holding investors by making whole the banks without any regard to what's actually going on at the book level of these banks that the low level at the toxic asset level the valuation level forget all that they have no interest in knowing about the true state of any of these institutions they will just continue to find the funds to bail them out at the expense of the greater. global population in the greater economy what's happening in the process is jobs are being lost and loans and homes continue to be foreclosed upon and that's not just in the united states that is proliferating throughout europe as well there is a deterioration of all sorts of individual versus bank credit agreements because the jobs aren't coming because there isn't a stable surrounding economy for people to use to up their living s

i'll be traveling with treasury secretary tim geithner tomorrow. we'll be asking him about president obama's jobs plan, about made in america. that's tomorrow night on "world news with diane sawyer." and you can send your questions @davidmuirabc on twitter. >>> we're going to turn now to the two american hikers, freed after spending more than two years in an iranian prison. they have just landed in the u.s., and finally, without any handlers watching their every word, they are now able to speak out for the first time, candidly, about prison in iran. abc's jim sciutto, following their saga from the start. >> reporter: arriving back on american soil, josh fattal and shane bauer gave their first gripping details of a long, cruel imprisonment. >> we had to go on hunger strike repeatedly just to receive letters from our loved ones. many times -- too many times -- we heard the screams of other prisoners being beaten and there was nothing we could do to help them. solitary confinement was the worst experience of all of our lives. >> reporter: though treat

are also beneficial in promoting the internationalization of the room in being right and america tim geithner is always pointing a strain or china saying you're a currency manipulator course he's referring to dollars and on the sea of nonsense china saying well you're a gold and silver price manipulator who's going to win the gold versus. well it also brings into question because this cable was written in april of two thousand and nine and you and i were at the buddhist bank in march of two thousand and seven and at that time we asked the german central bank whether or not how much gold china had and they reckon china had more than they than germany did and germany has over three thousand tons of gold now officially china only claims that one thousand tons but by this report you would it would suggest that in fact the bank was correct in saying at the time in two thousand and seven. china had more than three and a half thousand tons of gold well i'm going to repeat that because it's really the states that have an exclusive when we were at the bundesbank they told us officials at the bank in b

investigated area the prophecy of solyndra, former council lawrence summers and treasury secretary tim geithnerwith that program in 2009. the selection process for a loan was too easy according to the report. they secured one of those loans about $527 million. the company laid off 111 employees last months. >>> president barack obama is scarring off about taxes. yesterday he had a town hall meeting and former google executive pleaded with the president to raise the taxes on the wealthy. the former tax rate had not been this low since harry truman was president. they pay 1 5% about the same it was in 1950. >> rather than argue it would be much better if we were having a frank discussing about the best way to raise taxes in a way that will not hurt the economy and it will be fair. >> taxes have to go up for pay for social security and med -- social security and medicare costs. they are simplifying the coast as part of the code. >>> there are new whooping cough rules for students and the new law requires they get vaccinated against whipping cough. some students were sent home if their patience did

because you know the clock is ticking the time it's going to go off well that's basically what tim geithner is saying right now to he's saying that if you look at you know the crisis going on financially around the world it's due to political dysfunction in the u.s. in europe more than anything else that's really what's with the heart of it now here we are talking about the euro crisis but i feel like for many americans it doesn't really resonate and you could say of course we have our own problems to worry about right now high unemployment our recession but do you think that americans don't get it that if indeed greece does the fall of a number of european banks go under and it's going to factors mean we don't even know how vulnerable our own banks are at this moment. i'd venture to say that it's already affecting us i mean the a lot of the reasons our markets aren't turning around is because of europe is because banks are so interconnected that they really can't make decisions without knowing how their multinational assets are going to fare in the next few months are banks are in a lot be

the times reports larry summers and treasury secretary tim geithner reportedly warned the white houseial problems with this company in 2009. the selection process for a loan was too easy. solyndra secured one of those loans, $527 million. the company is laid off -- has laid off its 1,100 employees last month. >>> the family of bryan stow is calling it a magical time in his recovery effort. he is now saying hello and goodbye to people who visit him, he is now remembering facing and remembering names. he left for the first time in six months. he was brought out to a patio area where he was able to soak up the sun. bryan stow described the experience as magical. >> it is magical for us to read about it and it is man call for us to see him go through it and it is great. >> they do say bryan stow has a long road to recovery. >> that is a good story. let's go to sal, i know you have the chopper going, what is going on? >>> we have that fire being put out in santa clara in a strip mall, looks like a small business three-alarm fire but the fire is out. el comino royal, people will slow down,

secretary of treasury, tim geithner putting pressure on europe's central bank.ke a large role. how much can the united states really do to keep europe's troubles from spilling into our own? joining us now, brenda butner who is anchor of bulls and bears. if the european debt crisis deteriorates, what impact does it have on the global financial system and the concussive effect on u.s. markets? >> it's already having an effect. as we saw on friday. any mention of default from greece, let's take a look at greece. essentially economy is the size of rhode island. it's not that big, but the fact that it might have a default and there might be a domino effect, spain would go and then portugal and these countries that have been overspending as we have, but they are not able to print the same kind of money because they don't have a central bank such as we do. that is the idea that tim geithner wants to do. >> gregg: so he goes over and meets with the 17 finance ministers in poland and, boy, did they give him an earful. they were mocking him. here is what the austrian fina

they continue to track the ins and outs of europe's debt crisis a meeting in poland where tim geithner> nasa says a miss tearous light spotted streaking across the sky in southern california and southern arizona was a fireball created by an astroid. thousands of people reported it with varying descriptions, some called it a burning blue-green object. they say it may have some magnesium or nickel in it but orange color says that it entered the atmosphere at several miles per second. >> you know how tough it is to find parking in san francisco. you can soon text your way to a spot. they are launching a program. each city owned garage or lot has its own code. you send a text to 878787, and then type in code. the information comes up with the number of spaces there and the pricing. if you don't mow the code text a message to sf park. >> a north bay teenager faces drunk driving charges. the vehicle he was driving crashed into the famous deli market and bakery in san rafael yesterday. take a look at this damage. the teenage driver tried to run but was caught by officers. they were trying to