and i wouldn't personalize it to the secretary of the treasury, timothy geithner. there actually has never been a full accounting of all of the programs and all of the money spent, used, and deployed to save wall street from itself and to save our economy and financial system from wall street. there's no question that it's way, way, way into the trillions of dollars. the alphabet soup is mind boggling. never mind the additional programs done by the fdic and all of the regulatory agencies. so on the one hand you're right, which is we still don't know the exact amount. we do, however, know it was trillions and trillions of dollars and it's never been detailed one of the things that better markets does is keep track of the crisis. we actually have a section called cost of the crisis. we try and catalog not only the things that were spent, lent, and guaranteed, but another thing nobody ever talks about is the social costs. we have over 10% unploim. we have about 15 million americans underemployed, three million disclosures. we have the highest free stamp use in the his

timothy geithner says it doesn't make sense for the u.s. to push europe harder to solve its debt crisis. geithner says eu leaders understand they have to do much more to restore calm and not minimizing the risks. >> from talking to them and listening to them over these last 2 1/2 years of crisis, my view is they considered this carefully and they've decided that it is in their interest to hold it together. what they say to us privately, they will do whatever is necessary to hold it together. >> geithner says the g20 meeting in mexico next week will be a good place for european leaders to outline steps they plan to take at their summit later this month. join is us more is david rosenberg. thanks so much indeed for joning us. do you share this view, european leaders will do whatever it takes? because whatever it takes seems to me to be -- angela merkel said it this morning, we need a political union in europe. >> that's 100% correct. there's no history of a monetary union surviving without ultimate political and fiscal union. and the problem i

we're going to leave now to hear remarks from treasury secretary timothy geithner. live coverage now on cspan 3. >> i remind everybody to turn off all of your devices and be just on vibrate. we are delighted that we have secretary geithner here and at a couldn't be more timely moment, the headlines today, threat spreads, they theorize over ha d handling of the debt committee. we want to talk to you about the crisis in the eurozone, the fact that we see rates rising dramatically today in italy which certainly signals there is some fear in the markets about contagion spreading from greece to spain to italy, and italy, of course, would be the big concern. we've got an election in greece on sunday, and you're going to the g-20 meeting, obviously not to discuss this, but a lot of lead players will be there. your possibility of contagion. only today we learned that it's a lot that even the best bankers don't know about risk in their banks. for all the assurance the u.s. is now immune, are we really? >> good questions. obviously, it's still a very challenging moment for th

. >> timothy geithner said european leaders know they need major changes to sustain the euro. his comments came days before the g-20 summit in mexico schedule to start on monday. he spoke about tax cuts, sequestration, and what he sees ahead for the u.s. economy during the elections. speaking at a council on foreign relations, this is 45 minutes. >> thank you all very much. i am from nbc news and msnbc. you all know secretary of the treasury tim geithner. please turn off all your devices. not just on vibrate. we have secretary geithner here. it could not be a more timely moment. the headlines today across europe and the wall street journal -- the handling of the european debt crisis, and the timing of the banking committee as well. i want to give you the opportunity to talk about the crisis in the eurozone, the fact that we see rates rising dramatically in italy, which certainly signals there is some fear in the markets about contagion spreading from greece to spain to italy. italy is going to be the big concern. sunday, you are going to the g- 20 meeting. a lot of major playe

timothy geithner was not some separate from him. jamie dimon then and now was and is a director of the new york fed. he is the new york fed in a lot of instances. but on a wider point, jpmorgan chase benefit from two very big things that senator merkley did not mention, which is they achieved an acquisition of bear stearns for which the government is still backing to the tune of $29 billion in guarantees for the assets and that acquisition, and received very favorable terms in negotiations to acquire washington mutual. the results of the entire eriod was for jpmorgan to emerge by the help of some anythings senator merkley mentioned to become the largest bank in the united states. for him to say, this is just because i was really good and i'm taking one for the team on wall street, otherwise the arm twisted the and i had a gun to my head and could not help but had to take the money, is absolutely ridiculous. >> i want to ask about this incestuous relationship between people connected to jpmorgan chase and the senate and house committ

in washington, treasury secretary timothy geithner welcomed the e.u.'s bailout. there are fears europe's economic crisis could cross the atlantic and drag down the fragile u.s. economy. turning our attention to new mexico where three wildfires are burning across the state, one of them expanding from 100 to 10,000 acres overnight. this is only making matters worse in a state where firefighting resources are already stretched to the limit. lee cowan has the latest. >> reporter: what they called "the little bear fire" was until last night just that, little. but stiff winds turned it into a monster. it jumped 100 times its original size before the sun came up today. 10,000 acres and growing. firefighters say flames are leaping 150 feet in the air and hot embers are being carried by the wind, igniting the tinder-dry forest as far as two miles away from the main fire line. while the area is not heavily populated, at least a dozen homes have been damaged or destroyed. but it's the frosty of the blaze that has fire crews concerned and conditions are only expected to dete

in washington next week ahead of the g-20 summit, timothy geithner will speak about the state of the global economy. andrea mitchell, nbc's chief correspondent, will serve as moderator. >>> also in washington bob woodward will talk about his role in reporting the watergate scandal. sunday marks 40 years since a team of burglars broke into democratic party headquarters leading to the scandal that eventually forced the resignation of richard nixon. >>> and twins mary-kate and ashley olsen turn 26. >>> all day long you can stay on top of the very latest developments in those stories and more as they break on msnbc. and tonight be sure to watch brian williams with "nbc nightly news." >>> finally, here's a look at what's coming up later this morning on the "today" show. star jones offers her expert analysis of the jerry sandusky trial. and in a "today" exclusive, the parents of a 7-year-old who played darth vader in a popular super bowl ad speak up about their son's upcoming open heart surgery. >>> now keep it on this channel for continuing local news, weather, sports, and more. i'm lynn

treasure secretary timothy geithner is urging eurozone leaders to figure out ways to calm markets right now. he says they're running out of time to deal with the european debt crisis. geithner called on leaders to come up with concrete plans. they'll gather next week in los cabos, mexico, and get together again later this month at a summit in brussels. >> if you wait to move in these things and you let the market get ahead of you, then you increase the cost of the solution and you make it harder to get there. >> geithner also commented on speculation about greece and some other countries exiting the eurozone. >> they considered this carefully and decided it is in the their interest to hold it together, and what they say to us is they will do whatever is is necessary to hold it together. >> he said u.s. officials do not need to play a bigger role in solving the problems. he argus europe is a rich continent and its leaders have the capacity to deal with the issues they face. >>> members of the european parliament aren't ready to sign a free trade deal with japan just yet. they voted overw

treasury secretary timothy geithner praised the move.e called it vital to the resilience of the euro area. >>> coming up, one of the country's most famous past pastors is taken to jail. what he is accused of doing to his daughter. >>> plus, how much police are willing to pay to get guns off the streets. >>> and check out this line. would you believe these people are waiting for a sneaker? ♪ [ male announcer ] for our families... our neighbors... and our communities... america's beverage companies have created a wide range of new choices. developing smaller portion sizes and more low- & no-calorie beverages... adding clear calorie labels so you know exactly what you're choosing... and in schools, replacing full-calorie soft drinks with lower-calorie options. with more choices and fewer calories, america's beverage companies are delivering. >>> another big hit for kanye west today. not his music but his new limited edition sneakers released by nike called air easy two think. only about 3,000 to 5,000 pairs were up for sale this morning aro

treasury secretary timothy geithner says there is little time to act on the crisis over european debt. he urged our zone leaders to come up with new solutions to calm markets and to do so quickly. geithner called on them to come up with concrete plans and they will gather next week at a g-20 summit in mexico and then later this month at an eu summit in brussels. >> if you wait to move on these things and you let the market get ahead of you then you increase the costs of the solution and make it harder to get there. >> geithner also commented on speculation about a possible exit from the euro zone by greece and some other countries. >> they considered this very carefully. they decided it is in their interest to hold it together. and what they say to us privately is they will do whatever is necessary to hold it together. >> geithner said u.s. officials do not need to play a bigger role in solving the problems. he said europe is a rich continent and european leaders have the capacity to deal with the issues. >>> the president of the european commission has suggested some solutions. josep

ben bernanke and timothy geithner organized the call with finance ministers and central bank presidents from six other nations. instability in europe's banking system could spill over and affect the u.s. economy. >>> overseas markets got a boost from those talks to stem the european debt crisis. tokyo's nikkei added nearly 2%, while hong kong's hang seng gained more than 1%. >>> wall street investors also got relief. dow finished up 267 points while the nasdaq rose 18. >>> the nasdaq reportedly plans to compensate facebook investors who lost money during the company's initial public offering. technical glitches delayed the ipo. there's no word on how the index will handle the compensation, but banks and trading firms lost $100 million because of the delay. meanwhile, facebook stock lost another 4% on tuesday to sink blow $26 a share. >>> and the outcome of a ballot measure raising the price of cigarettes in california is too close to call. the measure would impose an additional $1 per pack of cigarettes. millions of votes have yet to be counted and it could take days before an official

. >>> timothy geithner is pushing european leaders to lay out specific steps on how to solve the kopt nent's debt crisis. last night the treasury secretary said that by presenting concrete plans on fixing europe's finances, leaders will help improve investor confidence. his remarks come days before an important vote in greece and next week's g-20 summit in mexico. >>> europe's debt crisis weighed heavily on overseas markets. there are concerns that cyprus could be the next economy to buckle. that sent asian stocks lower. tokyo's nikkei was down a quarter percent. the hang seng lost 1%. on wall street, news that retail sales slipped in may sent stocks lower. the dow lost 77 points. the nasdaq was down 24. and the number of homes that entered the foreclosure process was up in may. the firm realty trac reports the number of homeowners received default or scheduled home auction notices was up 12% from april and 16% from a year ago. and terrell, that means more homes could hit the market and drag prices down. >> erica ferrari in new york with us this morning. erica, thank you so much. the

after 15 months of violence, treasury secretary timothy geithner is calling for the world to put maximum financial pressure on president bashar assad's government. yesterday syrians marched in the streets to protest the violence. activists say pro-government forces have killed at least 78 people just wednesday, including children. >>> the jury is now set to hear the case against former penn state assistant football coach jerry sandusky. he's accused of sexually abusing ten boys over a 15-year period. the case eventually led to the firing of head football coach joe paterno. the jury was chosen over two days and includes a majority of members with ties to the university. the trial begins monday. >>> the washington redskins headed south for training camp. starting next year, the team is going to hold training camp in richmond, virginia instead of ashburn. >> it's part of a multimillion dollar deal to help keep key components of the franchise rooted in virginia. some fans are okay with moving it to richmond. some are not. >> it will -- if it will help them win i guess it's okay. >> i'll prob

timothy geithner can't run over there and do a stress test. but the we're asked to help with the situation in europe, what assurance do you have or can you give us or can you tell us that we can give the american people that we're doing that due diligence, or is that help just not available? is that one of the things that's just not on your -- within your realm of being able to help? >> well, i think is u.s. government's position has been recently that europe is a rich region and that they have the resources necessary to achieve stability. i think the main problems over there are political rather than economic. there's 17 countries involved, a lot of different interests. so, you know, i'm not sure what's the right thing to do other than be supportive and try to provide whatever advice, you know, and verbal help that we can do. but -- >> we can send them a get-well card. >> send them a get-well card. what the federal reserve is trying to do is try to protect our own country, and we're doing that by strengthening our financial system, by making

secretary timothy geithner. and they have been urging decisive action because the problems here are threatening the u.s. recovery. analysts i've been reading say this should provide an immediate boost when the markets open in new york tomorrow when rumors of a bailout started on friday, it had a positive lift, so maybe a lift on stocks tomorrow morning. i don't want to bring doom, but next week greece couoey electricity a government that would refuse the lift of a $125 billion bailout, which could put risk with more countries. >> which means the 25 hours of opening may not hold through the week. duncan, thank you so much. >>> do the politics of escalating of words from obama and romney on the economy. rick santorum is slamming obama when he said the private sector is doing fine, and mitt romney's comments on cutting public sector jobs. >> he said we don't need any more teachers. 250,000 teachers have lost their jobs in the last couple of years. that is dramatically bad news for the country. it's certainly not go

a thrift subsidiary regulated by the treasury which was eventually timothy geithner's responsibility was writing the credit default swaps. and there was a symmetrical capital treatment. the fed was given capital relief to the buyers of credit default swaps which was appropriate to do so long as the sellers were posting an ewal amount of capital. i doubt they were, because they don't ever quite work it that way. i would say this. supposedly according to chairman bernanke and secretary geithner, paid off 100% of the credit default swaps and won't lose a dime on the bailout of any institution that is wrote them including aig. so i don't see what the problem was. but there was a huge price disconnect, because the price that s.e.c. had them booking the value of these assets at was twice what they were worth. didn't make any difference until somebody had to sell. when bear stearns had redemptions, it was the first time anybody sold. and the whole market, of course, crashed. so the last question we had is, why weren't the shorts short shortly after this whole bubble started? like in 2002, o

. >>> late today, timothy geithner welcomed the word of spains reve quest saying that they are on concrete steps on the path to the financial union with the rest of europe. and george will have more on "this week" and what it will mean for the u.s. economy. >>> and now another developing story, this is washington where a criminal investigation is under way looking into who is leaking some of the nation's national security secrets and why. and on capitol hill here tonight, there is already talk this that this case of protects secrets versus political gain here in election year. here is pierre thomas. >> reporter: at issue leaks in recent weeks, about some of the nation's most sensitive secrets including disclosures about a double agent who had infiltrated al qaeda and broke up a new plot to bomb u.s. airplanes. other secrets made public, u.s. attempts to assassinate al qaeda leaders with drone strikes and the publication about u.s. efforts to cripple iran's nuclear program with a computer virus. members of congress, republicans and democrats, are livid. >> it seems to be a pattern that is g

this is timothy geithner's office. and this became the office of the secretary in 1910. and as we have seen, the office of the secretary has progressively moved around the building as the treasury building has become modernized. and in 1910, what happened was a major renovation was done of the treasury building. and at that time, new systems were put into the building and it was deemed that the corner office, and we're now at sort of a -- sort of the corner of the building with a very nice view of the washington monument, the department of commerce, that this corner office, very well-lit office would become the office of the secretary of the treasury. with the secretary's office right across the hall, this is the large conference room. and this particular space was created under secretary james baker. baker wanted a larger conference room for his staff meetings and in 1986 with the founding of my office, the office of the curator, we took the charge of creating for secretary baker a small -- a large conference room and a secretary's reception room. and both of these sort

he would handle a financial crisis, i can tell you this that i'm not going to have to call up timothy geithner sand say how does the economy work because i spent my whole life in the economy. >> who said that? >> mitt romney. >> must want me to respond to that? >> what about the messaging in this campaign? >> i'm not the right person to ask about messaging. that's not really my thing. >> in terms of the president's comment, we know what he meant in response to the jobs report a week earlier. when he said that the private economy is the private sector is doing just fine, how do you explain to the american people what he meant. what's at stake. we are in the middle of a very closely fought campaign. >> i think he's trying to say this way from the beginning it's a very tough economy still. huge amount of damage leftover. a long way to go to repair that damage. growth not as strong as we would like. what we try to do is to put out as clearly as we can as powerful and creative set of proposals for helping resolve that as possible and to legislate as many as we can. and we've tried to choose ones th

timothy geithner said it is a welcome action.uffet's annual charity auction on ebay of the winner and several friends get to dine at smith & wolensky stakehouse with buffet. the funds benefit homeless in san francisco. >> 200,000 girl scouts from every state in the country came together in the nation's capital. humidity and scorching 90-degree temperatures put a damper on things as dozens were treated for heat exaffidavit yun. they tried to cool things down. >> still ahead, meet the winners of this year's most competitive scholarship in the state. >> so far this morning, we have seen lisa and celebrity chef bobby flay talking about burgers and fries when we come back. >> good stuff. lots of sunshine in the forecast. we do have rain around the corner. we'll check the seven-day forecast in a few minutes. we spend a lot of time on the feed because a chicken is what it eats. [ jim ] this seal verifies we feed my fresh all-natural chickens an all-vegetarian diet including corn, soybeans, and marigolds. no animal by-products. no meat a

i would not personalize it to the secretary of the treasury, timothy geithner. has never been a full accounting of all the programs and money spent, lent, used, guaranteed, and deployed to save wall street from its health and save our financial system from wall street. it is no question that it is way into the trillions of dollars. the alphabet soup created by the federal reserve board is mind- boggling. never mind the additional programs done by the regulatory agencies. on the one hand, you are right. we do however know that it was trillions and trillions of dollars, and it has never been detailed. better markets tries to keep track of the cost of the crisis. on our home page, we have a section called "cost of the crisis." we try to catalog the things that were spent and guaranteed, those trillions of dollars, but another thing is the social cost. over 10% unemployment. 3 million foreclosures. 7 million more in the pipeline. we have the highest food stamp and free school lunch use in the history of this country. it is in the middle class of the united states wh

timothy geithner just finishing a q & a session giving us insight into how the your peeps feel about the current crisis. they know this is different from the other blow ups we have had in europe. they know we don't have a lot of time and they are not minimizing the risks when they speak to us. he added they do come to him and ask for advice quite often but the u.s. is content to play a behind the scenes roll. he expects europe to step up and clarify so i think what we are hear something telegraphing that not everything will come out of the g-20. but he called on europe to put forward more clear policies. >> all right, steve. thanks for that. does this make you feel any better? >> no. it's a serious situation. the only way europe has to get people to do what they need is to bring the system to the brink to create a crisis and then make the change and then you come back. we will be in that process for a long period of time. that game can break easily. >> coming up next, low rates? no worries. ways to build income with an investing pro. recently, students from 31 countries took part in

timothy geithner discusses the world economy at the council on foreign relations. j.p. morgan had trading losses. the ceo jamie dimon testified today at a hearing where he was meant fine and protesters. several ratings agencies are investigating. good this is 2 hours 15 minutes. >> jamie dimon is a crook. this guy should be going to prisin. -- prison. they take now to trillion dollars of u.s. starts her dollars. -- u.s. taxpayer dollars a year ago i. these guys are not new job creators. they are job destroyers. grosvenothis man is a crook. >> i would like to suspend until the chairman has arrived. >> this man is a criminal year- a. the small people cannot get loans. >> they hearing has been called into or burn a -- has been called to order. and we are suspending until we reach orders of the reaga. we will ask people to go operates so we can conduct a serious inquiry into this matter. -- to cooperate so we can conduct a serious inquiry into this matter. >> where is the chairman? [unintelligible] >> he stole my house from underneath me. >> the people that were foreclosed

treasury secretary timothy geithner warned syria that the world will take action to end its now 15-month-long crackdown. in washington, geithner urged more than 55 countries to impose maximum financial pressure on the syrian regime. and he held open the possibility for further u.n. action. >> we gather in the shadow of a massacre. and nothing we say can adequately respond to such an event. nor can sanctions alone bring about the change we seek. but sanctions can play an important role. strong sanctions, effectively implemented, aggressively enforced, can help deprive the syrian regime of the resources it needs to sustain itself and to continue its repression of the syrian people. >> sreenivasan: u.n. peace envoy for syria kofi annan briefs the u.n. security council on syria tomorrow in new york. defense secretary leon panetta today defended the american use of drones and said they will continue to be used as a tool in the war on terror. his comments come two days after a drone attack in pakistan killed al-qaeda's second-in- command. he said the u.s. will keep targeting other al-qaeda leaders

treasury secretary time think geithner welcomes -- timothy geithner welcomes this. >> they are willingd out $25 million to prop up spain's banks by bad loans and lower property values. the others are greece, ira land, and portugal. >> -- ireland. and portugal. >> we spent more than we have and because of this we have a bad situation. >> spain is conducting an audit to determine the final loan amount. america worries it will drag down our economy especially during the election year. >> the british government worry that is the euro crisis will damage england's road to recovery. the attempt to pull itself out of a recession is killed by us. >> they are struggling to pull the country out of the second recession since 2009. >> trouble areas are high mounting debt. >> opening statements get underway tomorrow in the sex abuse trial for former coach jerry sandusky. he is accused of abusing 10 boys. he denies the allegations. it brought down long time coach joe paterno who trustees say did not do enough to report the allegations. >>> they are celebrating gay pride month. a picnic will be held a

treasury secretary timothy geithner is welcoming spain's decision to ask for a bank bailout.one finance ministers say they're willing to loan spanish backs up to $145 billion. a fast-moving wildfire in northern colorado is forcing the evacuation of morn 40 homes there. the fire is said to have burned more than 200 acres. now back to our program. >>> this wasn't how edward ronald ates, a highly decorated computer analyst for the military, figured he'd be spending his retirement years, inside a courtroom in a defendant's chair on trial. >> would you please step from the jury box. >> and yet the state of new jersey was about to tell 12 jurors why they should convict this grandfather of murder. >> this is the case of the killing of paul duncsak. >> bergen county's assistant prosecutor wayne mello opened the state's case talking to the jurors not about the defendant, but about the victim. 40-year-old paul duncsak, a wealthy pharmaceutical executive, how he, the victim, had weathered a brutal divorce from ates' daughter stacey, how paul on the day he died was trying to turn the pag

would handle a financial crisis, i can tell you this, that i'm not going to have to call up timothy geithner and say, how does the economy work, because i spent my whole life in the economy. >> who's that? who said that? >> mitt romney. >> you want me to respond to that? >> in terms of the president's comment, we know what he meant in response to the jobs report the week earlier. when he said the private economy, the private sector is doing just fine, how do you explain to the american people, you know, what he meant, what's at stake? >> i think what he's trying to say, this way from the beginning, you know, it's a very tough economy still. huge amount of damage left over. a long way to go to repair that damage. growth not as strong as we would like. and what we try to do is to put out as clearly as we can, as powerful and creative a set of proposals for helping resolve that as possible. and to legislate as many as we can. and we've tried to choose ones that have had a tradition of broad bipartisan support in the hopes that would ease the prospect to legislation. and that's what we're going

. >> in an interview with nbc's andrea mitchell, treasury secretary timothy geithner, he tried to clarify again what the president tried to say. >> i think we've tried to say it this way if the beginning. it's a very tough economy, still, a huge amount of damage leftover, a long way to go to repair that damage, growth not as strong as we would like. >> but not all democrats are happy with the way the president is selling his economic record in telling voters thinks are getting better. this is not just about two former political aides of bill clinton, stan green and james carville, saying if he doesn't change course, he'll lose, arguing the elites who are creating a conventional wisdom that a president must run on his economic performance and therefore must convince voters things are moving in the right direction, they are wrong and that will fail. peter hart who spent this weekend speaking to voters in the swing state of colorado, he agrees with this the premise that the president is making the mark when he talks about to the middle class. >> he needs to be out there feeling what they're

. >> you know, i asked that question, i interviewed timothy geithner at the council of foreign relationsnd said, now there are 42 senators in both parties who have signed on to simpson-bowles and there have been a number of meetings, dinner meetings, with senators, with economists, people around this town who have been getting together and talking about coming up with this very kind of grand bargain. i asked geithner why not have the president do this before the election and show the business community, show the world, show the american public that there is the possibility of two parties working together. and he said, interestingly, that he thinks that simpson-bowles is where they're going to end up, but clearly doesn't think that that's going to happen before the election because there doesn't seem to be any momentum on either side to be specific. willie, you talked about hearing from both candidates, they're both in ohio today, but neither are being specific about economic policies. as you point out we don't know what we're voting for. >> that is, actually, specifics. i think is what t

[applause] >> commencement speeches by timothy geithner. michelle bachman, dannel malloy, alan west, and lisa jackson. on the news makers, debbie stanbenow and pat roberts talk about their joint effort to push the farm bill through the senate. the bill would replace the long time program of subsidies to farmers and a program that would pay them with their -- if their income falls below certain levels. newsmakers at 10:00 a.m. and 6:00 p.m. >> everyone thinks back to vietnam. they think of the history of the b-52. the cold war. there is a different kind of power associated with the b-52 as opposed to other bombers. >> these are two friends who knew each other prior to the civil war. they fought against each other in 1862. here they are at age 100. they are talking about the old days. >> to the east is marked 901. on the west is 903. they really reflect our reference to the moment of the bomb that was at 9:02. >> look for the history and literate culture of our next up in jefferson city, missouri. >> timothy geithner spoke about the economy a

treasury secretary timothy geithner welcoming the news.the late nest a string of european countries asking for a bailout. and people there have been flooding the streets, furious that the government let it get to this. greg burke just returned from spain and he's on the phone from rome. hi, greg. >> hi. that's right a. big weekend in europe and probably not a coincidence that this is happening while the markets are closed. we've known spain was in trouble. we're now learning a little more exactly how much. the spanish finance minister admitting today that spain will seek help from europe for its banking sector. spanish pride is still pretty strong and they're insisting it is not a bailout or rescue, with you rather a loan. call it what you want, but it looks like a pretty big loan. more than $1 billion. spain's main problem is its banks. that's been the problem for four years after a real estate bubble burst in 2008, leaving so many banks with bad loans. for so many years action the spaniards thought they could do it on their own. they're

how he would handle a financial crisis, i can do this, the i'm not going to have to call up timothy geithner and say, how's the economy work because i spent my whole life in the economy. >> who is that? >> mitt romney. [laughter] spent you want me to respond to that? [laughter] >> what about the messaging in this campaign? spent are not the right person to ask about messaging. [laughter] >> in terms of the presidents, we know what he meant in response to the job support a week earlier, but when he said the private the sector is doing just fine, how do you explain to the american people, you know, what he meant, what's at stake? we are in the middle of a very closely fought campaign. >> i think he tried to say this but from the beginning. it's a very tough economy still, huge amount of damage left over, long way to go to repair that damage, growth not as strong as we would like. and what we try to do is put out as clearly as we can, as powerful and creative set of proposals for helping resolve those as possible, and to legislate as many as we can. and we've tried to choose ones that it had a

timothy geithner can do it. he does not even have to ask congress to do it. set up a consortium, whenever it is. i think that's a big factor in the united states is investment taxes. i think that very often the incentives for investment in the united states are not nearly as attractive as they are for investment abroad. singapore is the world champion at attracting foreign investment. we could do it and learn well to copy a lot of what singapore does. it is a matter of what is important to us. all right then, what is our strategy? and a combination of carrots and sticks to get what is important to us, and just to emphasize what alan said, i know we have been involved in these discussions for a long time. typically, the webers administration, the argument is we do not pick winners and losers. we should not be intervening to subsidize or provide corporate benefits, and what is lost in that discussion is that in a situation in which you are facing an active industrial policy abroad, a decision not to intervene is a decision. a decision not to pick winners and lo