tim geithner: mmm -- >> you can pass. tim geithner: when they think it makes sense. aughter] hank paulson: early next year. robert ruben: i will do another version of what tim said. i do not think it matters when. >> who is our biggest global economic competitor? >> ourselves. hank paulson: i agree. >> i concur. >> all right, look at that. >> treasury secretaries tim geithner, hank paulson, and robert ruben on the state of the economy tonight at 8:00 eastern on c-span. up next on c-span, a discussion on court cases about religion. among those we will hear from the head of the beckett fund for religious liberty and an attorney for the separation of church and state. this is about 50 minutes. ms. chertoff: the first amendment to the u.s. constitution states that congress shall make no law respecting an establishment to -- of religion or prohibiting the free exercise thereof. they do not signal the end but rather the beginning of a spirited debate over the proper relationship between religion and the american state. in the early years of the united states, some interpret

thanks to tim geithner and steve liesman.ional joins us to talk about the tobacco business and the growing markt for electronic cigarettes. >>> plus shares of alibaba trading higher. the company's earnings beat the street and naming a new ceo and current coo and dan zhang is that man and take the chief executive job next week. on "squawk on the street" at 9:00 eastern. all of the problems of the world could be settled easily if men were only willing to think. all of the problems of the world all of the inefficiencies could be settled easily all of the opportunities could be realized if we were only willing to see patterns in data we could never see before. to design a machine that thinks like we do. track epidemics. predict breakdowns before they occur. to become smarter every day. if men women machines were only willing to think. >>> welcome back to "squawk box." the futures are well off their lows for the morning. basically cut their losses in half. but, we're going to have to watch throughout the session. keying off of int

[laughter] [applause] geithner: i think cheryl was approaching this. sandberg: i think tim made up for his previous pessimism with humor. we appreciate that. geithner: i was serious. paulson: it was a huge issue. we talked with economists and with the current chairman of the economic advisers, kruger, when he was at princeton. my first conversation with the treasury secretary -- my first speech as treasury secretary was on that topic. of course, there is big debate in terms of what the driver is. and globalization is a force. but i think what is going on right now with technology and the digital resolution -- revolution is huge. i think it is the biggest economic trend in the world today, by far. and i think technology brings with it huge advantages for society overall, but the pace of change is so fast and so violent. and as i look at industry after industry whether it is engineering, architecture, law business, we see the middle being carved out. anything that can be routinized is being routinized. so it is winner take all. so you have to ask yourself and say, you know i

and i'm currently pleased to have tim geithner back at this table. welcome. >> nice to see you charlie. >> rose: can i just clear this up. did you say in the acknowledgment which i missed that i had asked you were you going to write a back and you said no. >> no chance of that. >> rose: no chance of that. >> yeah. >> rose: what does that tell us. >> you know i thought about it a lot. >> rose: and then he died-- decided. >> i wanted to give people a chance to sit in our shoes and look at that terrible mess of choices through our eyes. and understand better, at least, why we chose to do what we did. they may-- it may not convince them that we were perfect, with everything right. they might choose differently but a better bases. >> rose: it is essential for someone in your position to do that. you actually said i thought was really good it talks about the power of questions for me. this is what you said were the key questions. why did this happen. and how did we let it happen. how did we decide who got bailed out? why didn't we nationalize the banks or

tim geithner: it's true. in that context, i think the u.s. is gradually getting -- chef but slightly less dark slightly less scary? tim geithner: we are a resilient country and a much stronger country than any other major economy. when you look at these challenges we face, they are pretty stark challenges. i think you would rather have our challenges than the challenges for any major developed economy or consumer economy around the world. >> former treasury secretaries tim geithner, henry paulson, and robert ruben tonight on c-span starting at 8:00 eastern. >> here are some of our featured programs this weekend on the c-span networks. saturday at noon politicians white house officials, and business leaders offer advice and encouragement to the class of 2015. speakers include former president george w. bush and melody thompson. at 9:15 p.m., former staffers reflect on the presidency of george h w bush. then more commencement speeches from around the country with condoleezza rice and philadelphia mayor michael it -- michael notter. book tv will

outside of the mutual fund conference including former treasury secretary, tim geithner saying we're not finished with the financial crisis but -- we'll explain the but part in a minute. >> election day in the uk. forget about what the polls say. the better question is what does the money say? >> and wants to do this? there's a new way to test drive a porsche on the racetrack. that's for you, brian. it's a great story, and phil lebeau has it all for us coming up. we start with the market rallying today shrugging off comments that equity valuations are quite high. stocks near session highs with a triple digit gain of 127 points for the dow. brad mcmillan and ken yiny bopara are with us. brad i know you agree with ms. yellen, but that doesn't mean the bull market will come to an end does it? >> absolutely not. when you look at where values are now, it's pricey. it can stay pricey for years. alan greenspan said the market was overvalued in 1996 and continued to rise for a couple more years. >> what happens when interest rate start going up. >> if you look at history, when interest rates

tim: i have. it's fantastic. charlie: what did you think? timothy geithner: history, and it's based on the wonderful book. it's a story about an amazing man. charlie: alexander hamilton. tim: and the people around him. the scale of things they did is amazing. charlie: and done in rap, too. with very young actors. african-american, hispanic thomas jefferson. it's wonderful. but it also is wonderful in that you learn things about history. i did not know. until i had him on the show i i did not know that hamilton was an immigrant. i did not know that hamilton was george washington's chief of staff during the war. tim: when he was in his late 20's. it also reminded you about how divisive the politics were at that time and how deep the fishers were in the american political system. and even at that time, they found the ability to do things. today you look at what we deal with in politics today and you wonder how we got to be a great country. that play helps you remember why we got to be a great country. charlie: the book is called "stress test." it is a new york

[laughter] [applause] geithner: i think cheryl was approaching this. sandberg: i think tim made up for his previous pessimism with humor. we appreciate that. geithner: i was serious. [laughter] paulson: it was a huge issue. we talked with economists and with the current chairman of the economic advisers, kruger, when he was at princeton. my first conversation with the treasury secretary -- my first speech as treasury secretary was on that topic. i'm going to go back to it said. -- back to what bob said. of course, there is big debate in terms of what the driver is. and globalization is a force. but i think what is going on right now with technology and the digital revolution is huge. i think it is the biggest economic trend in the world today, by far. and i think technology brings with it huge advantages for society overall, but the pace of change is so fast and so violent. and as i look at industry after industry, whether it is engineering, architecture, law business, we see the middle being carved out. anything that can be routinized is being routinized. so it is winner t

they'll be speaking to tim geithner live at 7:30 a.m. eastern and plus he'll also be hoping to get some insight into the time ofging of the first fed rate hike with charles evans at 8:30 a.m. eastern. >> let's get you a run down of what to watch. weekly jobless claims are out at 8:30 a.m. eastern. new filings are expected to pick up but stay at levels consistent with an improving labor market. march consumer credit alibaba reports before the opening bell. we also hear from price line kate spade, cvs. >> alibaba is set to report fourth quarter earnings before the bell. they're expected to post a slow down of revenue. this could be down to the chinese lunar new year holiday in february. shares hit an all time low this week. they were down almost 15% since it's ipo lost 23%. >> you have insight as to what they could be doing or buying. >> according to my sources they're mulling a stake in india's biggest smartphone maker micromax. negotiations are underway between the two companies. alibaba, the chinese e-commerce giant and micromax india's

tim geithner, henry paulson and ruben speak sheryl sandberg, here's a preview. >> it's worth noting that nonus of really know anything about the future. we certainly don't know how economies perform and we live in a messy, dark, scary uncertain world,. >> but that said -- was that a scary, dark, uncertain world? >> i mean that is the normal state of mankind. >> slightly less dark. >> we're a lucky country. a much stronger country than any other major economy. and if you look at the

well tim geithner and all of those allegedly smart people ben bernanke at a conference that is goingpeaking here they should break up the branchs banks this way. you don't get federal insurance and they all would have broken up. >> thank you but charles, the only point i would raise here is on new rules new regulations that bernie sand dersers wants, is that the answer? >> the banks find ways around this and they get beggerigger because they know that they are going to be bailed out. >> isn't it washington that pushes them to lend and then they slap them? >> i will say this much here's a real bottom line is that people did stop using their credit cards. we have the worst post-recession recovery because of this kind of nonsense. >> go ahead. >> i would say this. when i say not use your credit card back then in 2008 you couldn't use your credit card. you weren't going to get paid because you couldn't borrow to pay -- >> i'm so glad you're not here because i would kick you know what. it would be ugly. >> neil i would have broke up the banks this way in a free market way. >> we don't wan

i talked with tim geithner about that.to see that clarified, that there are no banks psh. >> it is clarified in the law. >> absolutely flon. zero none. zero. >> you're ignoring the text of the law. maybe the secretary of the treasury will violate the law. yes, there are banks that are too big to fail without consequences. the let me finish please. they get put into receivership. the institution dies. there will be a payment of some of their debts. only as much as is needed they think, to avoid a catastrophe. >> barney you're talking about living wills here and -- >> no, i'm not! i'm talking about the text of the statute! the statute says very clearly they may not pay any of those debts until the institution is dissolved. >> barney it is a sign of my high hubris that i would offer with the author of the law. but is it not allowed under the law for the authorities to step in and provide assistance across a broad range of institutions? not individual but they can come in and provide it to a broad range similar to the way they

spent by the united states but the problem is the pivot to asia was run by hillary clinton, by tim geithnery a series of folks that did asia. tom donlnell and others. john kerry is not an asia guy. that's a fireable offense in my experience. if you don't have leaders that will engage in consistency with a president that really cares that strategy matters, then the result you will get is people saying you can't do this stuff. >> may i have at you both for one second on the defense budget. you know you need to understand that we are spending a smaller and smaller part of a smaller and smaller pie so the notion that we're spending any particular percentage needs to understand the pie is much smaller. we spend 50% of our defense budget on personnel. we don't have the carriers. we don't have the attack ships. we don't have the refueling capabilities. we don't have the new technology that we need to actually be in asia in the way we need to to contend in the middle east as well. >> the military budget is becoming like the budget of all american institutions which is largely devoted to pensions an

the kennedy school have heard this more than once but bob gates repeated it with me last night, tim geithner repeated it with me this week-- the biggest national security threat to the united states is in washington and gridlock and our inability to maintain the kind of growth and investment that has given us all the power that we have. >> well, i think gridlock is a problem. but it's also worth noticing that there's a lot of dynamism outside of washington. for example 10 years ago we said america was becoming hopelessly dependent on imported oil from the middle east. today, with the technologies of horizontal drilling and -- >> fracing. >> hydraulic fracturing we're look at a north america which is not -- >> that is not going to rebuild the infrastructure of america. silicon valley is not going to rebuild the infrastructure of america, is it? >> no, but it does provide a tremendous boost to what the economy is. in other words, if you look at the key technologies of the 21st century-- biotechnology, nanotechnology the next generation of information technology-- the u.s. is at the forefront o

i have done a couple of speeches and one with tim geithner. i did an interview with tim geithner.quite a while. i'm not sure warren realizes this. it takes quite a while. i do that. >> the annual report is now 38 years that you have been editing this annual report. this one was a doozie. he really went all out this time around. >> he really did. >> what did you think about this report? >> i thought it really was terrific. i thought the aesthetics of the whole thing. i really that thought that he put his heart into it. of course, he had charlie. it was very different. it is very different. >> this time was really a blueprint of the last 50 years and looking ahead at the next 50 years. >> exactly. >> what jumped out at you the most? what surprised you? >> i was amused and surprised when he said that berkshire is a sprawling conglomerate trying to sprawl farther. that was a big statement just to put out there and to really set the stage for what followed in the annual report. i was surprised at the words about burlington northern because he doesn't usually have that kind of thing in

it did not evolve into an asset purchase program until tim geithner became the treasury secretary inniall: the original idea was to buy distressed assets. later, they ended up buying preferred stocks so it was the wrong way around. there is a big difference between doing that and then selling off the small stakes which the treasury did and taking over 80% which is what happened in the u.k. if the u.s. government today owned 50% of citibank, they could say they did what paul krugman and hank paulson said. erik: let's talk about how long it takes before the federal reserve raised interest rates and perhaps that is the reason we have seen the dollar take a leg down in recent weeks. niall: paul krugman was right about the direction of rates. back when we first debated in 2009. it's important to ignore knowledge that when your antagonist is right, it's something you never does and i hope he will do it over the u.k. but he was right we were in a much more depressed condition and rates were not likely to jump up anytime soon. when you ask yourself -- i updated my view of the light of that a

in this most recent crisis, we did not go that route because people like larry summers and tim geithnerosecute because it would hurt the system. i take the opposite view. tom: which people were hurt in the process? there is a whole food chain. where in the chris whalen food chain do we send somebody away behind bars? chris: i think you look at people involved in transactions that were clearly fraudulent. you look at their advisors, the lawyers who provided opinions that enabled these transactions. we have not done that. we prosecute corporations. corporations are admitting criminal liability, but i do not know -- tom: what does that mean? chris: the shareholders pay. i think that is wrong. if you want to inoculate society against doing stupid things, you have to hold people responsibility. -- you have to hold people responsible. brendan: "bank finds credit for culture shift," says the "financial regulator." has that culture changed? chris: i don't think so. the fear among policymakers that you cannot go after the largest institutions prevents them from doing the right thing. i think you

pay their respects tuesday, including facebook boss mark zuckerberg former treasury secretary tim geithner actor ben affleck, and george lucas. singer bono began the memorial with a rendition of u2's hit song "one." >> dave goldberg represents the heart and soul of who we are in the industry. >> reporter: sales force ceo mark benioff spoke about him. >> you have to look at him as an example of a loving father loyal husband and he was always there for everybody. >> reporter: goldberg died while on a family vacation in mexico. local investigators say it was the result of head trauma after he apparently fell off a treadmill. but cbs news has learned that autopsy results suggest goldberg had a heart arrhythmia that may have contributed to his death. >> this is a huge loss for silicon valley by far the biggest loss since steve jobs. >> reporter: at his memorial sandberg said "dave was my rock when i got upset he stayed calm when i was worried he said we'll be okay." i sure could use him right about now. sandberg also said that as heartbroken as she is she's grateful for every minute they had. a

[applause] >> three former treasury secretary is paid we will hear from tim geithner, henry paulson, and robert ruben about their time in office. here's a brief look. >> if you can take one change in unit -- in u.s. policy unilaterally, what would it be? >> fiscal policies and government that makes -- >> try to get more americans that want to work for the country. >> when will the fed first raise rates? >> when they think it makes sense. >> do better. >> i will say as early as next you -- as next year. >> i don't think it matters when they raise rates it matters with economic circumstances. i think it will be very difficult. >> who is our biggest global economic competitor? >> ourselves. >> tonight at eight eastern on c-span. >> here are some of our future programs for this weekend. saturday starting at the noon, politicians, white house officials, and business leaders offer advice and encouragement to the class of 20 if team. and the chair of dreamworks animation. at 9:15 p.m., former staff members reflect on the presidency of george h w bush. more commencement speeches from across

we have tim geithner. and charlie evans. >> appreciate it. mandy. >> thank you very much. stocks are trading lower and they are still very near their all time highs. yesterday billionaire investor warren buffett said the market won't be cheap anymore. so are stocks looking expensive. let's have a chat with the top portfolio manager and michael is president of far miller and washington. great to see you once again. do you think that the markets are expensive at these definitelies? >> they are getting fully valued at the levels and i have been saying that for a while. >> you have. >> well you know i think the big random factor here that has been separating us from the underlying valuations and fundamentals has been the fed. as long as the fed supplied money, markets have increased. we have seen increases in europe and asia and we can start to see some in australia. they lowered rates overnight. i think as long as the fed stays at the table, this market stays reasonably well-inflated and given what we are seeing from economic data i think they could stay longer than most expe

. >> tim geithner former treasury secretary was on "squawk box" earlier and asked about the u.s.swer especially relative to the rest of the world. have a listen. >> i think the american economy, if you look beneath the surface is a much more resilient economy now. it's doing really relatively well. in many ways the stronger economy than it was before the crisis. again, compared to any of the major economies around the world today, the u.s. is doing better. again, i think our performance in many ways is the envy of many countries. >> so does that make u.s. stocks a better bet than other world markets? because that hasn't been the case so far this year. >> i agree with that. underlying economy is stronger than the surface figures suggest. i think we saw the worst of the economic figures over the past quarter. >> so what kind of rate rise can we tolerate at this point? what's the ceiling on the ten-year for you? when do we start to get a real tantrum? >> i think it's a long way away. i think janet yellen is a gradualist. we are a long way from rates normalizing. >> you see year end

tim geithner henry paulsen and robert ruben speak with facebook chief operating officer sheryl sandberg at the milken institute's annual global conference. here's a preview. >> it's worth noting that none of us really know anything about the future. and we certainly don't know anything about how and his perform in the short term and even over the long run. we live in a messy, dark scary, uncertain world. but i think the economy is -- [ laughter ] >> but that said. was that a scary dark uncertain world? >> i mean, that is the normal state of mankind. it's sort of sad to admit it but it's true. but i think in that context, though, i do think the u.s. is gradually getting -- >> slightly less dark. >> we're a lucky country. very resilient country. and i think a much stronger country than any other major economy. and if you look at the challenges we face as a country they're pretty stark challenges and our politics are terrible. but i think you'd rather have our challenges than the challenges of really certainly certainly any developed economy and i think any emerging economy around the worl

cramer from the new york stock exchange and tomorrow an exclusive interview with former secretary tim geithnerwhat to do. with tools that help you see how market activity is affecting your positions. so when the time comes to decide whether to scale in or scale out... you can make your move wherever you are. and start working on your next big idea. ♪ ♪ the network that monitors her health. the secure cloud services that store her genetic data the servers and software on a mission to find the perfect match. and the mom who gets to hear her daughter's heart beat once again. we're helping organizations transform the way they work so they can transform the lives of the people they serve. there is an ancient rhythm... [♪] that flows through all things... through rocky spires... [♪] and ocean's swell... [♪] the endless... stillness of green... [♪] and in the restless depths of human hearts... [♪] the voice of the wild within. . >>> welcome back. apple announcing a $7 million bond. book runners expected to price that deal with maturities of two to 30 years later today. >> let's get down to the new yo

bill congress received a letter signed by tim geithner hank paulson, john snow, paul o'neill, larry summers robert ruben, nicholas brady james baker, michael blumenthal, and george schultz stating among other things, that -- quote -- "it is impossible to get agreement on provisions that subject currency manipulation to trade sanctions in a manner that both the united states and other countries would find acceptable." unquote. it is -- quote -- "impossible" -- unquote. that's their word, madam president, not mine. we also received a letter from 14 former chairs of the council of economic advisors, again both republicans and democrats expressing similar views. the letter was signed by alan greenspan, ben bernanke, charles schultz, martin feldstein lawyer are d'andrea tie son martin bailey, glenn hubbard austin goolsbee, allan krueger edward la diseer, harvey rosen and gregg manqiue, all have cautioned against enforcing currency standards? our trade agreements that are subject to sanctions and they all noted that such an approach, which would be required under the port man-stabenow amendment w