timothy geithner. [applause]

i would send a copy of those letters to barack obama and timothy geithner. host: what are other countries in similar situations doing right now? guest: the chinese are pursuing, correctly, a very infrastructure oriented stimulus. there are a lot of unmet needs around the cuff -- country in the government sector, schools, things like this. that would have generated a lot more jobs than obama will generate. the chinese are focused that way, and they have not been shy about saying this is being spent for chinese jobs. us putting in that kind of language in our legislation, we are spending it on chinese jobs. they spent much more on infrastructure. in europe, a lot of governments didn't spend as much as we did, and the question what is going on here. when you consider how liberal europe is, and the kind of lessons learned from adventures like ours that we are about to embark on with gm, i would listen to them closely. host: long island, new york. caller: think you for joining us commune of the ability to be able to make clear so many complex topics. you had spok

tell me about your interactions with timothy geithner. how early in the process was he engaged in this process? >> i had no -- after the confirmation hearings or once he excused himself from the new york fed, i had no contact with mr. geithner. >> but he was involved before he was named and brought in as the treasury secretary, correct? >> he had been involved in the original t.a.r.p. money, yes. >> right. and tell me about mr. summers, the intersection and place of involvement that he had with the project. >> i personally had no involvement with mr. summers. mr. chairman, i would ask that mr. price's notes from december 2 1st of 2008 and mr. lewis's notes also be entered into the record. >> without objection. >> thank you. >> so ordered. >> tell me about the interaction you continued to have in -- with mr. bernanke and mr. geithner at this point? >> well, i've had very little conversation with -- in fact, i can't recall of a conversation i've had with mr. bernanke in terms of being one on one. i remember council called the federal reserve

length in 2005, 26 and a talk about this in the book in relation to some of the initiatives timothy geithner was involved with and period of the credit derivatives market. the theory somehow in a market all of the actors have a self-interest in the way of long-term and the basic pressures are somehow leading to the system of the whole be giving rationally has not turned out to be true in the credit world. and you can see that in a very tangible way on the issue of settlement in the cbs base because if you had a perfect rational free-market, you have a situation where everything but say i have an incentive to make sure that i have huge backlogs of paper building up in my back office because guess what, that is irrational. maybe we are losing peepers and will have a limbo land. and of course the market group worked with efficiency. the problem was though that when innovation occurs in finance you never actually know which products are going to be successful and which are not and which ones are worth investing in infrastructure and which ones are not until several months after the product is la

i have seen him put a note on and say to timothy geithner, is our program helping this person? he is fighting the bubble in a way that i have not seen and i do not know with president bush but because of coming in as he did, he is trying very hard to stay in touch with people and what people are thinking. that is one concrete way that he is doing it. >> i think in terms of the agenda, as the president is fond of saying, he does not have a choice. he cannot tell the economy to wait until he has fixed health care and cannot tell health care to wait till he has fix the economy. he cannot tell financial reform to wait until he has fix these things. these are problems that demand solutions now. i think the strategy is going to prove to be extremely successful. the same thing with global problems. we have two wars going on its. they cannot be told to wait. in the first year of the clinton administration, we spent an enormous amount of time debating what order in which to attack different problems. long meetings about welfare. for health care, nafta before this. we spend more time fig

of the mistakes is the president's decision to leave the reordering of the financial world to timothy geithner and larry summers. they played a major role in bringing on the disaster in the first place. you say it is not too late to

later, we hear from treasury secretary timothy geithner. on "washington journal" tomorrow, we will discuss the supplemental spending bill with jane hamsher. dr. bernadine healy in on at 9:00 a.m.. unexpected encounters. "washington journal" on c-span, every day, 7:00 a.m. eastern. a couple of live events to tell you about on our companion network, c-span3, tomorrow. a subcommittee holds a meeting on insurance industry oversight at 10:00 a.m. eastern. they will look at policies that might threaten the financial system. later, the senate policy committee. this is at 2:30 p.m. eastern. >> july 4 weekend, discover an unfamiliar sight of our nation's first president -- an unfamiliar ligh of side of our nation's first president. >> the senate energy committee continues marking up a bill this week. they spoke about the legislation monday to the energy association. this is one hour. senator lisa murkowski. >> good afternoon. i am barry, an executive director, and it is my pleasure to welcome you. it is our pleasure to have senator lisa murkowski. t

treasury secretary timothy geithner will speak.e president today will make comments on the economy and tax policies with future spending obligations. that is live at 1:00 p.m. eastern from the white house on c-span2. then once again this also will be on c-span3 at 2:30 p.m. this afternoon. kathleen sebelius will testify about her department's budget. that is live at about 2:30 p.m. eastern on c-span3. >> elizabeth warren is recognized for as much time as she may consume. >> thank you, chairwoman maloney, representatives. i appreciate the invitation to be here today on behalf of the congressional oversight panel and to be as helpful to you as i can. i should start by saying i am not scripted. since i do not have a preapproved script, you should take my comments as my comments alone and not necessarily reflecting those of the panel. i will do my best to regret -- to represent their reports, but otherwise, you are hearing from me. what is the congressional oversight panel? we are the smallest of the oversight unit here, particularly c

treasury secretary timothy geithner is expected to push all firms to lowmore closely tie employment performanceo stock rather than cash. good morning, this is joe on our in the pimm line. caller: good morning. i would have to switch the question around -- how are the banks and the insurance companies handling the administration? the politicians had no choice. they were put into this position, otherwise financially we would have disintegrated. i believe when i went to college the rate was like 23%-26%, and with the way the fees are now you can get a better deal borrowing money off barney the loan shark on the corner. they have to do something about this. it is not just the banks. it is also the health insurance thing. the question yesterday was the health insurance and some guy was happy about paying $800 per month for health insurance. they are making a lot of money. there are people getting rich off this. i would have to give for grade -- i would give obama a c, and bush before him a c, pretty much because there were put into a no-win situation. if they did nothing we would be in a big mess ri

please join me in welcoming the 75th treasury secretary of the united states, the honorable timothy geithner. [applause] >> let's get right down to it. you have an up and laying out the new regulatory framework of the united states. >> we have -- we had a system that proved too fragile that undermine the great strength of this country. we had a financial system that was the best of the work -- in the world at taking the savings of the people around the world and channeling them to the best ideas. our system is still good at that, but it was too unstable and fragile. it did a bad job at basic protection of consumers and investors. that is something that we have to change. >> we were going to do a chart of all of the regulatory agencies that exist. there were too many to put on a two-page chart. >> it was a spectacle. >> the system that you are going to lay out is a bit of a compromise. if you are not getting rid of too much. you are putting in a new college of regulators. how is that going to work? >> we are trying to get at the things that were at the core of the problem in this process. the

. >> and treasury secretary timothy geithner was on capitol hill talking about the budgets for the treasury department and the irs. also at the meeting was the ira's chairman. this is the appropriations subcommittee. this is about 90 minutes. >> thank you for joining us this morning. we know the irs chairman is also here and prepared to testify. i'm going to waive the remainder of my opening statement in the interest of time. >> secretary geithner, i am very pleased to welcome you to this hearing. i think you for your service to our nation. -- i thank you for your service to our nation great u.s. only responsibilities that is difficult to know where to begin. you are responsible for reinvigorating bank lending to consumers and small businesses, stabilizing the housing markets, overseeing the automobile industry and encouraging sustainable economic growth. most importantly, you must try to protect american taxpayers and their investments and promote the long-term financial security of the united states during a time of unprecedented debt. the current financial crisis is rooted in a tangled w

and treasury secretary timothy geithner and the irs commissioner today before a senate appropriations subcommittee talking about their 2010 budget. at 2:30, health and human services secretary kathleen sebelius. you can also find them online at c-span.org. >> how is c-span funded? >> private donations? >> taxpayers? >> i do not really know. >> from public television? >> donations. >> i do not know where the money comes from? >> contributions from donors? >> 30 years ago, america's cable companies created c-span as a public service, a private business initiatives. no government mandate, no government money.

i would assume would be timothy geithner? >> those are joe price's notes? >> yes. >> i would have to assume with you because they are his notes. >> based on your recollection of what was going on and based on the notes we see from the cfo that was there, fire board of directors if you do it, was that your understanding? >> the -- that was is probably a reference to the conversation i mentioned that i had with secretary paulson. but, again, those are his notes. >> based on your personal recollection, is that your understanding that the board of

first up, treasury secretary timothy geithner and the i.r.s. commissioner today before the subcommittee talking about their 2010 budget, 10:30 eastern. in the afternoon at it it:30, health and human services secretary kathleen sebelius on her department's budget. both of those theargs on c-span3. you can also find them online at c-span.org. >> how is c-span funded? >> private donations. >> i don't really know. >> from public television. >> donations. >> i don't know where the money comes from. >> federally? >> from donors. >> how is c-span funded? 30 years ago america's cable companies created c-span as a public service. a private business initiative. no government mandate. no government money. >> there's still time get your copy of c-span's "2009 congressional directory." district maps, how to contact committees and caucuses. it's $16.95 online at c-span.org/products or call 1-877-on-c-span. >> "washington journal" continues. host: we want to welcome dan blumenthal with the american enterprise institute. a couple of weeks ago you had this in t

it was co-chaired by timothy geithner and national economic counsel director lawrence summers and includes directors from a broad range of officers throughout the executive branch. the task force and co-chairs report up to the president. from the beginning oaf this process, the president gave the auto task force two clear directions. the first was to refrain from intervening in the day to day management of these companies our role has been to act as a potential investor of taxpayer resources and as such we have not become involved in specific business decisions like where to open a new plant or which dealers to close. this is the job of management. and while we have been engaged in dialogue and discussion about their approach, we do not substitute our judgment about specific decisions for theirs. second, the president was clear that he wanted us to behave in a commercial manner. that is to be sure that all stakeholders are treated fairly and received neither more nor less than they would have simply because the government was involved. because the investments were made by both the prior an

pitts: during a speak last week at a beijing university in china, timothy geithner was laughed at when he ensured that the chinese government can continue with their loans with u.s. at the same time federal reserve chairman ben bernanke was here on capitol hill calling for fiscal restraint. every dollar spent by the government is taken from the people in taxes or borrowed against future generations. our nation's fiscal responsibility is so lacking that a developing nation snickers at the mention of sound investment in our debt. traveling the world begs creditor nations allowing us to continue our spending binge is not the kind of international engagement we should make. it will turn around because of our people, not because of out-of-control government spending and borrowing. i yield back. the speaker pro tempore: for what purpose does the gentleman from oregon rise? mr. defazio: to address the house for one minute. the speaker pro tempore: the gentleman is recognized for one minute. mr. defazio: republicans gave us a medicare prescription drug benefit -- complete with doughnut hole ba

yesterday treasury secretary timothy th geithner and directof the economic council, laurence summers, published an editorial in "the washington post", laying out the broad outlines of their proposals for regulatory reform. i share their views on how we arrived at this moment. and i share the broader goals that they discuss and look forward to working with the administration on comprehensive and timely regulatory reform. however, i want to speak today about one area where i disagree, and that is how to address systematic risk. but let me step back for a moment. mr. president, the magnitude of the events of the past two years strains comprehension. i believe what we've seen over the last couple of years is the equivalent in economic terms of the 100 year flood. millions of families and retirees have lost their financial security. millions of people are out of work. each day we read about more layoffs, more losses, more bankruptcies and too many days more bank failures. we call this a financial crisis. but for the american people it is a very personal crisis of lost homes, derailed caree