treasury secretary timothy geithner says it could take five to seven years to unwind the government's role in the mortgage market. geithner laid out that time table as he unveiled options to overhaul the deeply troubled companies. darren gersh examines what a new government role in housing will mean for homebuyers and anyone making a living in real estate. >> reporter: the new direction for housing laid out by treasury secretary timothy geithner hinges on a government that is far more careful about who it helps and how. >> i think it is absolutely the case that the u.s. government provided too much support for housing, too strong incentives for investment in housing and we just took that too far. >> reporter: $150 billion too far. that's how much it's cost taxpayers to support the shaky mortgage giant's fannie mae and freddie mac. in a report today, the treasury laid out three options to reform the housing market to make sure another bail out never happens. they include strictly limiting the government's role in housing to guaranteeing mortgages for low and moderate income americans;

statewide, notices remained relatively flat. >>> timothy geithner today called for the private-sector to take a bigger role in finance. banks need to hold more capital against risks and people must have more equity in their homes. he also said the government must move away from financing and move toward more oversight. >> there's a very important role for the government not just in providing access to housing but in getting incentives better, oversight better. >> geithner called for mortgage reform and says the government needs to wind down freddie mac and fannie mae. >>> general motors paid some of its workers a bonus today. they will get performance bonuses of as much as 15% of their pay. chrysler says they will also give bonuses to their white collar staff. both companies took government bail outs during the recession. >>> almost 2 million baby monitors are being recalled after they were linked to the deaths of two infants. the summer infant monitors can present a strangulation hazard if the cord is placed too close to the cribs. 1.7million summer infant monitors were sold between

. >> to ensure -- >> treasury secretary timothy geithner discussed the president's proposed 2012 budget at a hearing of the house ways and means committee on tuesday. the budget request totals $3.7 trillion in spending. and according to the white house would cut the deficit by 1.1 trillion over the next decade. this is 2.5 hours. >> one the language in the letter regarding fta making clear what i think is the appropriate approach. and number two, on taa, suggesting very strongly indeed more than suggesting indicating that it's critical that we pass the extension of full taa this week. thank you. >> all right, thank you, mr. speaker levin. at this time, are there any questions for staff? if not, i ask unanimous consent that the committee adopt the oversight letter for the 112th congress and without objection, so ordered. i also ask unanimous consent that staff be authorized to make technical and conforming changes to the letter and without objection, so ordered. with no further business on the committee's agenda this meeting is adjourned. i would now ask the staff to prepare the witness

only the fed dictator as we pointed out last week only ben bernanke he only hank paulson only timothy geithner these are the men who can protect you from chaos and the disaster we ourselves have created and one of the use to protect you with the dollar it's a it's a cult worshipping the dollar as if the dollar was somehow more valuable than gold or silver that's a cult i mean this guy is like that help common cold guy who got everybody to get into a knapsack and drink the whatever from all the higher kool-aid and blow out to a common orbiting he's a psychopath but you can see across the board that most human beings most citizens who watch the news that listen to their leaders believe that only the dollar is good and strong and you see that we've covered this before we've looked at comments in progressive blogs for example who like mock and laugh at people who talk about the goaltenders anything to protect you. oh my me have you just been reincarnated as a flea or something that should not be allowed to be reincarnated that's just love my first coma is i let's get the choice come out of the not

assistant to the president and adviser to timothy geithner. on the consumer financial protection bureau she will speak about the impact of credit card regulation reform that went into affect your ago today. it set limits on when credit card companies can raise interest weights. we will have live coverage on russell senate office building -- c-span2. remarks from timothy geithner. he said the economy is getting stronger. unemployment remains high but businesses the starting to hire. the treasury secretary projected u.s. debt ceiling will be raised. was posted by atlantic magazine. >> miraculously seated next to me is the senator from utah, senator orrin hatch, ranking republican on the senate finance committee and a senator who spent 37 years or 31 -- 34 years in the senate. it is good to see you. thank you for being here. >> i heard a look for people with charm, with and charisma so i am happy to fill in. >> we are here to talk about the jobs of the future. what do you see right now? you represent the state of utah but you have been in washing

conversations] for remarks from elizabeth warren, assistant to the president and treasury secretary timothy geithner. >> it really is a treat to be here today. at our first conference any conference that fittingly is about data and measuring the effect of a new set of rules on part of the credit industry. one year ago today many provisions of the credit card accountability and disclosure act took effect. we come together on this anniversary to mark the event but our primary goal is to analyze and discuss the impact of the card act. at the consumer protection bureau, we are determined any actions we take will be grounded in a deep understanding of the market we are overseeing. our organization reflects this commitment. search and ruleriding are brought together in a single position in the new bureau comprising five expert teams in specific market areas. the card market team was the first to get underway and this conference represents the kind of work we plan to do on an ongoing basis. one year after the card act took effect it is appropriate to ask whether it had its attended effect and how the credi

bush memorial library. >> treasury secretary timothy geithner unveils the obama administration plans for the future of the home mortgage companies fannie mae and freddie mac. speaking at a forum hosted by the brookings institution in washington, d.c., he talked about the future of fannie and freddie over the next five-seven years and reducing the government's role in the housing market in the future. the administration offers -- also proposes requiring a 10% down payment on home mortgages. this is about 30 minutes. >> 10 needs no introduction. he has been one of the key players with ben bernanke and larry summers and henry paulson in stemming the tide of this financial crisis and starting to turn the economy around. he also has been the architect of financial reform proposals that became the dodd-frank bill, and one of the piece is not included in that was what to do about the gses. today, they have released a white paper describing their plans on that issue. we're very delighted that you chose to come here to brookings to talk about it. let me ask you first of all if you would give

economy by former reserve chairman alan greenspan and secretary timothy geithner.00 a.m., your calls and comments on "washington journal." tv, weekend on booke predictions for u.s. foreign policy for the next decade. also, former defense secretary donald rumsfeld talks about his memoirs. abbas milani on the shah of iran. get our schedule e-mail to you. signup for our booktv alert. >> now, alan greenspan at an event hosted by the brookings institute. he said home prices would have to rise by 10% or more. the former fed chairman also took questions about the state and future of the housing market. this is about one hour. >>> it is with great pleasure that i introduce alan greenspan. as you know, alan became chairman of the board of governors of the federal reserve in 1987 and served in that position until 2006. we had an extraordinary amount of stable, relatively inflation-free growth during that period. he is now at greenspan and associates. i can attest that he is still extremely active in economics and economic research. he gave a paper at the brookings panel rece

treasury secretary timothy geithner summed up the challenge. >> we need to wind down nanny and freddy and substantially reduce the government's footprint in the housing markets. and that's a process has to happen good allly because they are now the dominant source of housing finance and we want to be careful that that process happened in a way that doesn't interveer with or impede the process of repairing the housing market that still has a long way to go. >> holman: many republicans want to abolish fannie and freddie. they blame the companies for fostering reckless lending that triggered the financial meltdown in 2008. texas congressman randy neugebauer. >> the american taxpayers are tired of bailing out all of these entities. they're ready for congress to take quick action on freddie and fannie and show them a plan on how we are going to get taxpayers off the hook and at the same token not having americans making other americans house payments. and so the quicker we can get the private markets active again, i think the quirk of the solution for freddie and fannie will become very mo

was a piece in the "washington post" post that i saw this morning basically saying that quote timothy geithner can't seem to talk enough these days from corporate tax reform, the treasury secretary chatted up chief executives, hab groups, republicans, democrat its all in the name of fixing a tax code that most everyone agrees could use a major overhaul. is this going to be part of the o kbama's big idea proposals for the next two years? >> yeah, i think it is definitely part. i mean you heard the president talking about that quite specifically in state of the union. i think it's important and we've got the most cockamamie tax system that we could have on the corporate side f you look at it we've got the highest rate in the world, effectively highest rate in the world. and yet we don't collect very much more money than any other country. you say well how is that possible. and the answer is because we have the narrowest base, the most exemptions, the most deductions. we have the greatest var yat in tax rates across companies within the united states of anybody. where some people are paying the f

eastern on c-span. >> secretary of the treasury timothy geithner cause president obama's 2012 budget the first step in addressing the deficit problem. these the to the house ways and means committee. this portion runs 1.5 hours. >> we recently received a letter from prominent economist which stated that the affordable care act contains is essentially every cost- containment provision that policy analysts have considered effective in reducing the rate of medical spending. could you comment on how you feel the affordable care act will relate in restraining health care costs? >> thank you for asking that question. what these reforms do over time is changed the incentives for how americans use health care and is set in motion what we believe are the most powerful sets of ideas out there for reducing the rate of growth in health care costs over time. as i said earlier, we rely on the cbo to make these judgments for us. in their judgment, these reforms over time will reduce our long-term deficit by reducing the rate of growth in costs. as the president made clear, we want to build on those

later in the day, also on c- span3, treasury secretary timothy geithner will be back on capitol hill to testify his rigid about his budget. the president has called for additional spending to call for the -- to pay for the wall street regulation bill passed last year. live it 2:00 eastern. >> the c-span networks -- providing coverage of politics, public affairs, nonfiction books, and american history. it is all available to you on television, radio, online, and on social media networking sites. view our content anytime at the c-span video library. we take you on the road with our digital content vehicle. it is washington your way. the c-span networks -- now available in more than 100 million homes, created by cable, provided as a public service. >> a scientific report on the 2001 anthrax mailings cast doubts on some of the fbi's conclusion. the review said that federal investigators overstated the strength of the scientific evidence against the maryland scientists blame for the mailing. bruce ivins committed suicide in july 2008 before charges were filed against him. the review was d

. >> i've been listening to timothy geithner lay out this plan. the idea is reduce the government footprint in the housing market. the government has sunk billions of taxpayer dollars into these companies into helping the housing market since the financial meltdown occurred and the idea here is backing away it from that and getting out of the housing market so private industry, the private sector can take over and naturally help bring things back to good good. >> what will this mean for mortgages in 30-year fixed rate above 5% in ten months. let's say i'm refinancing or thinking about buying a house. what does it say? it means mortgages could continue to become more expensive. that really has little to do, if nothing to do, with this movement in fannie and freddie. you can see mortgage rates become more expensive for people and also become harder to obtain for people. >> overall, this housing market got the country into a huge, huge mess over the last couple of years. jobs are still first and foremost on people's minds right now. you have jobless

[inaudible conversations] treasury secretary timothy geithner discussed the president's proposed 2012 budget at a hearing of the house ways and means committee today. the dutch request totals $3.7 trillion in spending. and according to the white house, it would cut the deficit by $1.1 trillion over the next decade. this is two and a half hours >> the committee will come to order. before we hear from secretary geithner the committee will meet to consider the oversight letter for the 100th of congress. we must adopt a copy of the letter has been distributed ahead of time and is located in the folder in front of all members. this list is not exhausted but highlights significant areas the committee oversight. the committee intends to exercise its constitutional prerogatives to ensure the taxpayers' money is well spent with regard to all programs within the committee's jurisdiction. i want to thank the ranking member for working with us and i now recognize mr. levin for his statement. >> thank you mr. chairman. in addition to this letter, i will be sending a letter which covers two points.

have you seen secretary timothy geithner's comments? >> we have just begun to look at the issue of whether or not you could reprivatize -- 3 prioritize -- reprioritive these. there would be some difficulties from an operational point of view. you would have to differentiate between social security payments purses interest payments to individuals holding savings bonds -- vs interest payments. >> some of these proposals would actually allow the credit of the u.s. to extend to some of our foreign creditors but not to u.s. businesses and american citizens. let me ask you a quick question on the fiscal policy, because i think we all agree the congress should act now to put in place a plan to get our deficit under control. we need to come up with a plan to put this country on a sustainable path. as you indicated, you reference the bipartisan commission in your remarks. the authors of that plan observed in order to avoid shocking become a, the commission recommends waiting until 2012 to begin enacting spending cuts. let me ask you this, if he

meeting different from others was we agreed in certain areas to work together and work with timothy geithner on establishing a set of principles. they are back again. tax cuts are coming in. there is a schedule. there is a work plan in. the people on the hill agreed we should get principal the established and there will be a negotiation but you have to start someplace. this is the first time in the last two years when it comes to corporate taxes, being competitive, there is a i would argue real work underway. teams at the table negotiating and putting something together. that is a sign of progress. we have lots of statistics on why we are not competitive. the other thing that came up on trade, they asked us to help them make the case. they get it. every time you look at where we have an existing fda, service is better, manufacturing is better, that is the data. these are the facts. we are just saying, make the argument that let us compete. we are fine. the data says the u.s. is better off based on these facts. clearly it is not the perception of the average american. very difficult in a high

. >> timothy geithner will be at the brookings institution talking about the government- backed mortgage lenders. he can watch it beginning 9:30 a.m. eastern on c-span3. >> that is not only one of the major challenges facing our country, but it is how we maintain a healthy lifestyle and to have the judgment and strength to say no. >> sunday night, we will discuss today's college student. his school is the site of the george w. bush presidential library. >> part of the patriot act are set to expire on figure 28. the house voted to proceed with the bill to extend key provisions of the act days after a similar measure was voted down. here is a debate prior to today's procedural vote. it is just over an hour. the speaker pro tempore: the gentleman from california is recognized for one hour. mr. dreier: thank you very much, mr. speaker. i'm happy to yield the customary 30 mines to my good friend, the gentleman from boulder, and pending which i yield myself such time as i might consume. the speaker pro tempore: the gentleman is recognized. mr. dreier: i ask unanimous consent to revise and exte

we will hear from virginia governor bob macdonald, timothy geithner, and senator orrin hatch. later, the their reserve chairman dan bernanke on the economy. >> this weekend on booktv, the predictions for u.s. foreign policy for the next decade. also this weekend, donald ross fell system -- rumsfeld talks about his memoirs. abbas milani on the shah of iran. vides full schedule on booktv.org. >> house speaker john boehner says he and president obama want to find common ground on education, these tax code, and trade. the speaker and other republican leaders spoke briefly with reporters outside the white house. >> we had a very nice lunch with the president and vice president and the president's chief of staff. our number-one issue is getting the economy going again and getting people back to work. we believe that in order for that to happen that we need to cut spending, stop unnecessary regulations that are tampering with small business's ability to hire people. there are some places where we can find common ground to address the needs of the american people. it was a very good l

spoken on that so i don't want to say anything that attracts or detracts from -- what secretary timothy geithner as enumerated on that. i will tell you on every occasion president obama has engaged president. in sao it was a big deal 15 years ago that an american president and retained his chinese counterpart. president obama and president hu have had eight face-to-face meetings. the president does address the issue of china allowing his currency to flow to national norm so we do that. but our work is to make sure we are responsive to those concerned. you have heard other members talk about their concerns about intellectual property rights, piracy, and that is where we can add the most value. currency issue is important but what we hear from small business is their fear of putting the product in china having stolen it. we hear businesses that are concerned about indigenous innovation policy so we think the timing we spend on those areas can be just as important to your businesses as addressing the currency issue. >> the house last session did pass a bill -- >> time has expired. >> thank you, mr.

elizabeth morgan, the assistant to the president and a special lead dysart to treasury secretary timothy geithner. it's about ten minutes. esident e] >> thank you. >> is a treat to be here today at our first conference and ato conference that is so fitting about data and measuring the effect of a new set of rules ont the part of the credit industry. so, one year ago today many provisions of the credit card accountability and disclosure ds act took effect. we come together on this anniversary to mark the event, but our primary goal is to analyze and discuss the impact of the card pact to read as the new consumer financial protection bureau we arehe determined that any actions wend take will be grounded in the deep undeilrstanding of the mart we are overseeing. our organization reflects thisn commitment.lect research and rule writing are brought together in a single division in the new bureau comprising five teams in specific market areas comprising five expert teams in specific market areas. the card market team was the first to get underway and this conference represents the kind of work we plan

also, timothy geithner speaking about the budget. finally, there's also jobs and inflation data. so a very busy day on wall street. ann, back to you. >> thank you so much for your reporting. >>> as matt and al made hay of earlier, researchers at ucla may have accidentally stumbled on a new way to prevent researchersy have stumbled on a new way to prevent baldness. a hormone blocker helped mice regrow lost hair and prevented hair loss in younger mice. as you can see by the end of the study, the only way to tell the difference between the once bald mice and the others were their i.d. tags. >>> it's a nice day for a swim in the warm waters off of florida if you're a shark. tens of thousands of sharks have been swarming about 50 yards from the store near a popular diving spot. biologists say they're hungry. they also say they're so close to the beach because they're chasing bait fish and trying to keep warm. who isn't? >>> it's now 7:11. let's go back to meredith, matt and al. >> it was laboratory mice, not rats. >> did i say rats? did i say rats? >> you put the most negative spin on

. >> treasury secretary timothy geithner today unveiled the plans for home mortgage companies fannie mae and freddie mac. he called for unwinding the companies over the next five to seven years and sharply reducing the government's role in the housing market. the administration also proposes requiring a 10% downpayment on home purchases among other proposals. from the brookings institution, it's 30 minutes. >> i'd like to welcome everybody to brookings. i think we have a very exciting day. we're going to start off with a great treat, which is to welcome treasury secretary tim geithner. tim, of course, needs no introduction. as you know, he has been one of the key players with ben bernanke, larry smors, henry paulson in stemming the tide of this financial crisis and starting to turn the economy around. he also has been the architect of the financial reform proposals that bames became the dodd-frank bill. and one of the pieces not included was what to do about the g.s.e.'s. so now today treasury released a white paper describing their plans on that issue. and we are just very delighted

." >> treasury secretary timothy geithner and does the president's plan for the future of fannie and freddie mac. speaking of the brookings institution, he talked about the future of the home mortgage companies and reducing the government's role in the mortgage market. they are talking about enforcing a mandatory 10% down payment on houses. this is about 30 minutes. >> i would like to welcome everyone to bring things. i would like to welcome treasury secretary tim geithner. he needs no introduction, as you know. he has been one of the key players with ben bernanke, larry summers, henry paulson in stemming the tide of this financial crisis and starting to turn the economy around. he also has been the architect of financial reform proposals that became the dodd-franc note -- dodd-frank. one thing that was not included is what to do about the gse's. they have produced a white paper on which to do with that issue. we are delighted you chose to come here to brookings to talk about it. let me ask you first of all of you could give us a brief description on with the plan is and how it will