treasury secretary timothy geithner herridge joined the finance ministers from the european union in poland. now by a i'm joined member of the economic institute for peace and justice. they delayed a decision on whether to give greece a next chunk of their and bailout until next month. why did they delayed this? >> basically, i think they have delayed it again which is cutting it a very close. basically, they want to see commitment on the ground of greece actually implementing these very tough measures that they have been talking about implementing. basically, they want to see see greece lay off public sector workers. these are the kinds of concrete implementations there are looking for. >> the time for talk is over, the time of doing what they agreed to do with the imf and the eurozone is now. >> timothy geithner there, the first u.s. treasury secretary to join european finance ministers that this kind of meeting, what kind of advice would he have given them that they would have been unwelcome to receive? >> what do you do we only have a finite amount of taxpayers' money and you hav

treasury secretary timothy geithner. he sat down with our washington bureau chief darren gersh earlier today. darren began by asking him about why the president is so focused on the buffett rule. >> mr. secretary, fisch of all, thank you very much for your time, appreciate it i want to start off y is the president focusing so much on what people are calling the buffett rule? >> well w what the president laid out today was as part of a very tough, very strong long-term fiscal reform to go back to within our means, re-- he proposed comprehensive tax reform with important broad principleses. those were the lower rates, try to clean up a lot of waste in the tax code, help contribute to deficit reduction, help improve incentives for investors in the united states so we're more competitive but also we want to make the system more fair. as part of that what he said is it's only part of it, his basic views if you make more than a million dollars a year today, that we want to make sure you're not paying less in tax than an averag

you have timothy geithner their, you have romer talking about sexism in the white house. you have dunn talking about how they could be in court over some of the sexes and. what i want to get to is that you expect the white house now to push back on this text given all the stuff that i just laid out. i have noticed over the couple of days that some in the media are starting to push back on you. how do you explain the media push back versus the white house? >> there are a lot of folks going in a different direction. some folks have said, i am an expert on the president and dianne covered some of these things. this is -- and i uncovered some of these things. some people have seen some of these clear pieces of evidence and they're saying, while, i don't know what to think about that. that will cause some frustration and some action. tavis: some of the things that are getting the most press. i want to be fair to you and ask -- this is pretty dance -- dense. what is in here that is not being discussed that you would like to see discussed that you think you unveiled in the text?

large measure and this is from larry summers and timothy geithner. they talk about risk from hippocrates, do no harm. this is what in habits the president's moments of decisions in these first six or seven months of his administration. the fact of the matter is that, paul volcker, who also speaks in my book, says that if you go with that philosophy, you will not get much done. paul volcker was cutting off the money supply is to kill off inflation. the government's job when they are acting boldly means that they will probably do harm to some people. maybe government's role is to soften the blow to them. the real action that changes the american landscape will mean harm to someone. obama seems to be embracing that somehow. this will allow him to free himself for what he calls the legislator in chief. he is looking for a perfect

timothy geithner will be joining those european finance ministers at that very get-together. that's an indication of just how seriously the united states is taking europe's sovereign debt problems. cnn's jim bolden is in poland and joins with us a preview of what's going on there and what we can expect. i had there, jim. lagarde, fighting talk from the former french finance minister whoin tre who interestingly enough was trueing to draw a consensus there this time last year. >> she is looking for a consensus or a consensus statement out of the people meeting here over the next two days. what's so interesting really is that the euro zone finance ministers have been meeting for several hours. they kicked off very early on friday morning. the reason for that they wanted to have four or five hours of meetings with the euro group and go into the larger meeting with the others. it's going to be very important for the markets to get some sense that there is a sense that these people here will do something bold, some action, some words, maybe even more than words to go along with wha

treasury secretary timothy geithner shared a laugh , but it ended less happily. they failed to find common ground with their guests from washington. >> to be telling us the way the world works even though the data shows we are in a better position and to be telling us what to do with tax revenues and at the same time immediately reject a sensible measure, i found that unjustified. >> of the sensible measure is the german french push for a financial transaction tax. geithner strictly rules out such attacks, the u.s. treasury secretary tried to convince ministers to beef up stimulus programs to fight the debt crisis. for some, that is not an option. >> we are not discussing the expansion of a non-member. >> he went on to say that the decision on paying greece the next tranche of bailout funds won't be made until october. the finance minister warned that it would be too late. without the payout, athens may have to default on its debt in months. >> for more on the meeting, i talked to our correspondent and asked her why the europeans and the europeans -- and the amer

in louisville, kentucky, today, treasury secretary timothy geithner pushing the president's job plans but aware of a looming global crisis nearly 6,000 miles away. greece facing bankruptcy after a generation of lax government spending, and if greece collapses, it could take down other european economies and leave american banks with 41 billion in losses. and because of the worries, the average american 401(k) at more than $109,000 lost $7,000 in just the last week. $7,000. that's a huge loss. >> very directly very quickly when stock prices fall their pensions fall. >> reporter: do you believe time is running out? >> i think they have time but not very much time. >> reporter: he is pushing world leaders to act quickly aware our economy still hasn't recovered. the last time we were in recession it was a good year into it before many acknowledged that we were in one. as you sit across from me today, can you assure us that we're not in another recession already? >> well, i think for most americans they feel like we've been in a recession the entire time and it still feels very hard and th

me and he's in charge of the financial system the eurozone shuns geitner treasury secretary timothy geithner was in poland last weekend and he suggested to the. and that it's so easy to solve your problem you know what you do you take your four hundred forty billion european financial stability fund and leverage it ten times and make it worth four point four trillion yeah well that's the solution in the neo liberal washington consensus model it's all was to expand the dead instead of generals we've got like general electric in there the white house advising obama they of course have a vested interest as obama's doing whatever general electric wants them to do and this is not how you run a country in the interest of the people who you're supposed to serve well of course all the europeans told in debt to me to go take a hike but there was another 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

captioning sponsored by macneil/lehrer productions >> woodruff: treasury secretary timothy geithner pressed european nations to take quick and decisive action to fix the continent's debt crisis. good evening. i'm judy woodruff. >> brown: and i'm jeffrey brown. on the newshour tonight, we get the latest on the actions and inactions of global finance chiefs, and look at what's next for europe. >> woodruff: then, from cairo, margaret warner recaps her reporting trip with a look at egypt's collapsing economy. in the last five days the stock market has been down every day and according toed egyptian media this is nonarab investors pulling their money out. >> brown: we talk to former vice-president dick cheney about his new memoir chronicling 40 years in american politics, and the state of national security today and more. >> i worry very much that we're still vulnerable to attack, if you have a group of terrorists who are dedicated to launching an attack, killing americans, and they don't care about surviving themselves. >> woodruff: david brooks and ruth marcus analyze the week's news. >> brown

>> 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 stake. >> i got the copy here on it. you can't see of it. for those watching in whack and white that's the euro crashing and burning and so clearly tough stuff and larry summers is saying we've been polite long enough. the american gloves are coming off. >> they are i

treasury secretary timothy geithner's comments over the weekend. at an imf meeting in washington he said europe's sovereign crisis is the most serious issue facing the global economy but he reiterated the united states' interest in lending europe a hand. >> europe is facing -- and i should say before you talk about europe, you know, it's worth noting that we have a huge direct stake in europe resolving this. not just through the dollar funding the feds providing them and through the imf, but of course we have a huge strategic interest, too, because we don't want to see europe weakened by a protracted financial crisis. not in the interest of the united states to see that happen so we have a strong interest in helping them through this. >> let's take a look at how european stock markets are moving right now this minute. here's where the leading indices stand 93 minutes, roughly, into the monday trading. we are still seeing losses but just scant ones. off by 0.7 for london ftse. dax is gaining 1.5%. zurich smi helped by the gains for ubs, not too much

treasury secretary timothy geithner is making a last-minute trip to europe this week for an unprecedented appearance at a euro finance meeting. bank of america inched up on cost-cutting plans to slash $5 billion in annual costs and cut a staggering 30,000 jobs. >>> shares of netlogic microsystems shot up 50% after wireless chip maker broad com agreed to buy the company for $3.7 billion. >>> mcgraw-hill rose 4% on news it's splitting into two separate companies. >>> tenet health care tumbled 10% after cautioning its earnings will take a hit next quarter. >>> warren buffett landed himself an interesting new portfolio manager. apparently the two hit it off over the course of two charity auction lunches. the he won with buffet for a price of $5.3 million. >>> protesters in england acted out their anger over taxpayer subsidies for bankers by dressing up in ghoulish get-ups pretending to suck the blood out of the public sector. that's one way of getting attention. >>> well, serena gets a slap on the wrist. the yankees keep rolling. and the raiders try to tame the broncos. >>> plus, tom brady an

timothy geithner met in poland friday. they discussed a european credit crisis and bailout plan for greece. greece's fiscal rehabilitation is not proceeding as planned. there's now speculation there may be no more international bailout. the finance minister did praise tax hikes and other austerity measures announced by greece this week. it is expected to bring immediate default by greece. they must strictly adhere to fiscal reconstruction plans. >> the continued full implementation of the adjustment program remains to ensure fiscal sustainability, safeguard financial stability and boost the greek economy. >> the finance minister also believes the government will get parliamentary approval for the bailout by end of next month, but growing public discontent about bailout for greece means it remains to be seen whether all 17 governments will get parliamentary approval. after the meeting, the u.s. treasury department issued a statement saying geithner urge them to a unified stance toward the region's economic problems. the sta

treasury secretary timothy geithner has urged them to act. the palestinian president mahmoud abbas has said he will push for full citizenship. he says palestinians were living a nightmare under occupation and wants to put an end to the injustice by claiming independence. united states says it will veto any application on the grounds that only direct talks with israel will bring independence. from jerusalem, jeremy reports. >> the palestinians want to try something new. in a speech broadcast from his headquarters, president abbas will go with the application. towe're going to the u.n. ask for the right of full membership. we will take with us this suffering and hope of our people. he is often the beleaguered and a threatened resignation. as he risks and, he was light- hearted. he was a man with his mind made up. palestinians say they have rehearsed a long enough. their security forces are ready for independence, along with all of the other institutions. but israel's stubbornness means negotiations are at a dead end. they're turning to the un .

lawrence summers and treasury secretary, timothy geithner, it's reported warned white house officials about about potential trouble back in 2009. sumner and geithner say it was too easy. the company laid off its 1100 employees last month. >>> there's still a lot of questions after two dogs were shot while running loose in a san mateo park. kraig debro has spoken to the heartbroken owners of the dog and joins us live. good afternoon, kraig? >> reporter: good afternoon, tori. lori meadows park is clearly a park built for kids, two play structures and lots of grass. we spoke to several people who knew the jobs. the problem is no one who knew the dogs was here to stop what happened yesterday. >> we're sorry they scared anybody. but we don't think they should have been shot. >> reporter: jordan died at the park. bella was wounded but later euthanized. they are dogs but important to their owners. >> they were beautiful dogs. >> reporter: san mateo police shot both dogs yesterday at around 4:20 and lower -- at lori meadows park. jordan and bella slipped out of a gatant went to the park, frig

new comments from treasury secretary timothy geithner saying that political divisions in the u.s. the biggest threat to the economy. and the dow couplely down 519. nasdaq is down 116. s&p down 52. all those indexes down about 4 1/2%. >>> a new survey shows this is likely to be another rough holiday season for retailers. shoppers are expected to make fewer trips to stores and when they do show up, they are likely to head straight for the bargains never researched in advance. businesses have been working to keep inventory to a minimum to avoid a markdown that eats into their marktown and that could create short annuals for people who wait until the last minute to shop. >>> and we have developing news to report about a grass fire that's burning in east bay at this hour. it's happening in hercules. these are live pictures from news chopper 2 over the scene in hercules where crews are battling a two-alarm fire. you can see one of the choppers there and quite a lot of blackened grassland it looks like. looks like the fire broke out about 45 minutes ago behind carson street and that is a

there is timothy geithner. rachel, we have a couple of moments to talk about this as the president prepares to come in here. i guess the question i think, and i go back to his action. words have been spoken for three years. i think people want action. can he make congress act? >> i think that president thinks that he can make congress act. if he calls them on things they have already said they are in favor of. when we saw the first stimulus act, chris, just a few months after the president was inaugurated in march of 2009, that was about 2/3-1/3 spending to tax cuts. what is the overall ratio tonight? is it more heavily weighted towards tax cuts? if it is, i think we can expect to see that as an olive branch to the republicans. okay, you get more of what you want this time. you get more of what you want with the understanding we will all get something. with the understanding that something will happen here. i think cantor and boehner putting it in writing they are in favor of infrastructure spending this week,

unprecedented move, they were joined by a high-level visitor from the u.s., treasury secretary timothy geithner member nations of the euro-zone to act quickly and take much stronger measures. but once again, there was no resolution. the head of the group of finance ministers spoke after the meeting with geithner. >> different points were mentioned. this was not a decision-taking meeting we had with tim. it was a dialogue among friends, continuing from the one we had in marseilles, and preparing the one we will have the other day on a different continent. we are not discussing the increase or the expansion of the efsf with a non-member of the euro area. >> brown: that was followed by a question from a reporter. >> are you optimistic that maybe europe or the eurozone can speak a bit more with one voice? >> no. but we have to come back to verbal discipline. >> brown: geithner responded to pushback from several european ministers, saying: "of course your financial challenges in europe are within your capacity to manage financially. you just have to choose to do it." and he warned, "one of the stark

the treasury secretary timothy geithner said that europe was behind the curve. today, the leaders of germany, greece, and france held emergency talks amid growing market fears that greece could soon default. can they come up with anything? >> president sarkozy of france and chancellor merkel of germany set out to calm the markets that have been shaken by the fears that greet -- greece could default. we understand that the greek prime minister said that his country is determined to meet their obligation and qualify for fresh funding. for their part, the leaders of france and germany are convinced that greece belong in the eurozone but they had to stick to their spending targets. here is the problem, every day, greek workers are protesting, are resisting cuts and savings. the doubts will remain whether the greek government can deliver on its promises. at the european parliament today, there was warnings that europe could be destroyed by the eurozone crisis. the mood was gloomy. one minister said that the european union could not survive the breakup of the eurozone

the criticism from timothy geithner and robert zelig is that europe always seems to be behind the curve. they are reacting to problems, not solving the big issues. there need to be big decisions taken on the future of the eurozone. the painful truth is it will mean either closer integration or abandoning greece and trying to organize some sort of orderly default. the people i spoke to in paris are adamant that greece has to be saved. it is not just grease that is the problem, of course. italy and spain could follow. they fear a domino effect. they are very keen, even though greece is one of the smaller partners, to ensure it does not fall out of the eurozone. but how will they reassure the markets that it can be done in a proper way? >> and persuade their own population to carry on offering bailouts. in longer-term, what does closer integration do to solve the issue of there being a couple of big, strong economies, and a bunch of weak ones? >> i can speak to the perspective of people in paris. there are six months from an election. the economic problem becomes political. the ruling part

. >> mitchell: treasury secretary timothy geithner called today for bolder action to resolve the european debt crisis which he called the most serious risk facing the world economy. this follows fed chairman ben bernanke's warning earlier this week of "signature downside risks to the economy" which triggered a huge plunge for the week on wall street. for more perspectives on the market and the economy we're joined by jill schlesinger, editor at large for cbsmoneywatch.com. good evening. >> good to be here. >> mitchell: ben bernanke makes a statement a warning and the market goes in a tailspin. what happened? >> he told us what we know-- growth is slow across the globe and continues to get slower and the crisis in europe has not been addressed but he said it in such a way that made investors think, uh-oh, maybe the central banks, maybe governments don't have the answer. that's why they sold stocks and really kind of huddled in the corner and said let's see what happens next week. >> mitchell: when we looked at the market the past few months, a lot of swings back and forecast, back and fore

timothy geithner says "reports about this book bear no resemblance to the reality we lived." >> all of>> that's not a soft walkback. >> no, no, well, it is if you read the book. the fact is on timothy geithner, for one, he has extensive responses to everything in the book that is in the book. what we did is we had an interview prior to publication. 35 minutes. we went through letter and verse. he has a very full explanation for what's in the book. he offers a denial, but not really a denial. if you read that, you'll find that -- >> a combination of fiction, distortion and words taken out of context. larry summers. >> larry summers is another example, larry and i talked many times. at the end of the day, larry's speaking about a specific thing. you should be more specific -- >> i'll come to that. in the book, you allege larry summers told peter orszag -- >> that's right. i'm not alleging it. >> we're home alone. there's no adult in charge. clinton would never have made these mistakes. was it peter orszag who told you that? >> peter orszag is quoted in the book. you should look at it. >>

treasury secretary timothy geithner is making a last-minute trip to europe this week for an unprecedented appearance at a eurozone finance meeting. back here at home, bank of america inched up on its cost-cutting plans to slash $5 billion in annual costs and cut a staggering 30,000 jobs. >>> shares of netlogic microsystems shot up 50% after wireless chipmaker broad com agreed to buy the company for $3.7 billion. >>> mcgraw-hill rose 4% on news it's splitting into two separate companies. on the down sideside, tenet health care tumbled 10% after cautioning its earnings will take a hit next quarter. >>> warren buffett landed himself a new interesting portfolio manager. apparently the two hit it off over the ers course of two charity auction lunches. the new employee won with buffett over the past two years for a total price of $5.3 million. >>> finally protesters in england acted out their ainger over taxpayer subsidies for bankers, dressing up in ghoulish get-ups pretending to suck the blood out of the public sector. >>> well, serena gets a slap on the wrist. the yankees keep rolling. and t

>> it is cold and the comforting for timothy geithner to go over there and say, "you guys, we learned in the hard way. you should learn from us three years after we made this monumental mistake of letting lehman brothers fail and experiencing firsthand what systemic collapse was in real time. i urge you to get your act together and bring all of these mines together to prevent the unthinkable." agrees, collapsing, and then the rest of the bigger economy is collapsing on top of it. >> nevertheless, a glimmer of has a tough job to get them to foot the bill. how much is at stake here? >> so much is at stake. germany has been a beneficiary of the single currency, of easy borders, of people being able to jump on the trains and fungible labor. on the downside, it is not only going to hit the likes of germany and portugal but the huge beneficiaries like the exporter nations who really depend on that cheaper labor, such as greece and france. >> trying to sell this country as a good investment, do you think the greek minister did a good job of it? >> when you do not feel that the electorate the

treasury secretary, timothy geithner, made an unprecedented appearance at the meeting. there, the financial leaders agreed to decide by mid october on bailout loans to greece, after seeing what the country has done to put its fiscal house in order. though with rising public discontent over bailing out greece, there may be no more help in store for the euro zone. amid jitters over what could happen to greece and the rest of europe, ather player has made an unexpected entry on to the scene, china. the world's second-largest economy. markets are now focused on what role china could play in helping euro avoid a fiscal meltdown. >> china has continued to purchase bonds of fiscally-strapped countries like greece, spain and portugal. it was reported last monday that the italian government had asked china to purchase its bonds. >>> so, is the chinese rescue effort likely? to answer this question, i'm joined from hong kong by jim mccafferty, asia research product manager at royal bank of scotland. so, mr. mccarvefy, chaunk so much for coming in. could china step in and help out

the treasury secretary timothy geithner said that europe was behind the curve. today, the leaders of germany, greece, and france held emergency talks amid growing market fears that greece could soon default. can they come up with anything? >> president sarkozy of france and chancellor merkel of germany set out to calm the markets that have been shaken by the fears that greet -- greece could default. we understand that the greek prime minister said that his country is determined to meet their obligation and qualify for fresh funding. for their part, the leaders of france and germany are convinced that greece belong in the eurozone but they had to stick to their spending targets. here is the problem, every day, greek workers are protesting, are resisting cuts and savings. the doubts will remain whether the greek government can deliver on its promises. at the european parliament today, there was warnings that europe could be destroyed by the eurozone crisis. the mood was gloomy. one minister said that the european union could not survive the breakup of the eurozone

that is why i wanted timothy geithner to go. the policies as president has brought forward, unemployment is up, 2 million more people are out of work than were working when the president came in, he will accumulate more debt than all 43 previous presidents combined, he says he is for looking and looking back at regulation, but this last month, they added $10 billion worth of new regulations. in july, they did the same thing. we have added over $70 billion worth of new hurdles this year. these are obstacles to people doing business. it shows an unfriendliness. that is what is keeping us from keeping going. >> people see the bickering that is happening between republicans and democrats. they think that washington does not understand their problems. they offer different solutions. they want a compromise. what are you prepared to compromise on? >> i think there is. i have been saying for the entire eight months i have been here is republicans will have to say that not every dollar spent on the military is wisely spent or will spend.

. >>> today timothy geithner meets with finance ministers in poland.enewed optimism sent gold spiraling upward 2.5% yesterday. on the street, financials led markets higher with investors overlooking a jump in weekly jobless claims, hotter than expected inflation data, and weak mid-atlantic manufacturing. >>> elsewhere, morgan stanley rose 7% on news chairman john mack will retire at the end of the year. swiss bank, ubs, plunged 10% after news that a rogue trader racked up as much as $2 billion of losses in unauthorized trades. a 31-year-old man has been arrested on suspicion of fraud. >>> after the bell, dismal quarterly earnings battered shares of research in motion. r.i.m. is down 50% for the year. netflix tumbled nearly 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 its recent amnesty program. >>> and finally, the free ride could be over for owners of a new theme park in china that launched a live-action angry birds attraction. it t

concerns that progress is not going well... with the announcement that us treasury secretary timothy geithner... would make a rare appearance at a european finance ministers meeting later this week in poland. markets had been spooked in recent days by renewed talks among eurozone policymakers of an imminent default by greece. this was prompted by the country's failure to meet the fiscal goals set out in its european union and imf bailout. asian stocks including korea's kospi... and the euro fell wednesday morning... as investors remain unconvinced that eurozone leaders have a coherent plan to tackle the sovereign debt problems. kim nari, arirang samsung electronics has appealed a german court's ruling that blocks the sale of samsung's galaxy tab 10-point-1 tablet computer in germany. the higher regional court in dusseldorf had ruled last week,... that samsung's minimalist design copied that of apple's ipad. samsung and apple have been battling over patent infringement claims since april in other european countries,... as well as the us, australia, japan and korea. experts say, however, that d

us treasury secretary timothy geithner says free trade deals with countries like korea... are "absolutely critical" to the us economy. speaking at an investor conference held by cnbc in new york city on wednesday,.. geithner told cnbc host jim cramer that... other countries will take market share away from us companies... if the trade pacts are not approved soon. he expressed confidence, however,... that congress has a bipartisan strategy in place... to pass the pending ftas with korea, colombia and panama... calling all three "good agreements". but geithner did not specify when the obama administration will send the related bills to capitol hill. a recent survey shows... that a growing number of americans believe that asian countries are more important to the us... than the country's traditional allies in europe. oh jee-hyun reports. a new poll has found that more than 50 percent of americans think asia is more important than europe to their country's national interest. the transatlantic trends 2011 released on thursday,... which is an annual survey of american and european public opinio

us treasury secretary timothy geithner explained the principle of setting a minimum tax rate for people earning more than one million dollars a year, also known as the buffett rule. english "the basic principle at the heart of the 'buffet principle' is that if you're among those fortunate few in the us, we should make sure you pay, as a share of income and taxes, more than what a middle class family pays." the deficit cut proposal will go to a congressional "super committee" charged with finding up to 1- point-2 trillion dollar in deficit cuts by november. however, although the white house believes its populist pitch is one that can win public support, many experts say obama's plans have little chance of passing congress. hwang sung-hee, arirang news. a leading us think tank has called the country's pending free trade agreements with korea, colombia and panama necessary for a "pro-america" trade policy. the study released monday by the council on foreign relations ... says the us must become a "thriving trading nation" to boost jobs and income. the authors of the report, which include g

that mechanism and i can assure you that's coming in spades and in spades but just yes or no is timothy geithner freaking out because of china . to be a lot of i'm sorry for the things including joining. well i appreciate you being on the show so we'll keep an eye out for all that inflation they are calling for you say it's there but you say it's going to get worse ok it's that equation right now all right ok well thank you so much i was michael pinto president of petro portfolio strategies all right so you heard michael pinto blaming some of the economic leaders in the u.s. for the country's problems but you also saw how intertwined greece and italy and problems going on in sovereign nations in europe what impact those have on the united states because u.s. banks are exposed to this kind of debt or credit default swaps to insure against this debt or because of just the whole global financial system that is so intertwined but what do average americans on the streets think are they aware of all of this board do they just point the finger at who's can do it well let's see what our broadcast journa

crisis is a case in point the people in positions of leadership at that time and place send timothy geithner and bernanke if they when out to say the financial industry as opposed to saving a financial industry that is at the service of the society because the financial industry serves a rare emperor important role which is to our gate capital to media and worthwhile businesses now this is a lot of gold and i see no reason why we should try to interfere with this bill but the point becomes to see them as a means to an end which is to help capital be allocated to worthwhile businesses and not an end in itself which is basically enrich the banks years currently we are enriching the banks and i would go surprise to say that ever since the mid eighty's when not only the financial industry was deregulated but investment banks started to become a publicly traded companies and therefore the owners did not help their own assets on the line and i think that from that point forward we have had this. out of this that this is roulette wheel type financial industry where are the only thing that matters i

stieglitz is that we're with him on the campaign trail and went for the last three guys and went for timothy geithner and larry summers absolutely i mean people need to know that the person is on their side not on the side of the bankers and they go look you support of the bailout the bankers are doing great their profits are as good as ever you know the bonuses of these guys on wall street as far as ever and president obama's trying to say i'm on your side a lot of people aren't buying that because they still see we've got nine percent unemployment rate no one's wages are going up so people are still losing their home and it just doesn't get he surrounded himself with that well i mean obviously there reflects his views as well i mean i can't believe that obviously not a stupid man so he surrounded people he thought comfortable with and obviously thought more comfortable with these people with wall street ties than say the state which is the crude the robert roshan's and makes me uncomfortable i mean i do you know i thank you so much for joining us and we'll have to see how this all plays out thanks