yet we hear nothing from timothy geithner, nothing of any real substance from the sec. there was are -- forgive me for being nostalgic. a president had sufficient cred bitty and trust oty and -- credd trust on wall street he could talk to leaders of the exchanges and the firms and say, folks, this is not the way we are doing business issue we'll do it this way, it is for your good in business and as a county that is impossible right now? >> similar to what you suggested about relationship between the exchanges on one hand. and high frequentty trading firms, one problem with federal government is that, they are so entangled with wall street with their 16 primary dealers, and all of the credible, not inside information in the way in which one talks about that when is illegal, but you can say they can front run the fed, and treasure they have accessed information far ahead of the public, perhaps not illegally gained but they get it. lou: your sense of the market right now, we have projects of fall off in earnings from last year, about 2.5%. which will take us down to lowes

he talked about it replacing timothy geithner if president obama wins re-election. on the phone with tim geithner about 50 times in the last year-and-a-half. he is saying that the fiscal cliff for the u.s. is taking up time at the imf talk this morning and problems in spain. new breaking numbers out of what black rock is saying about the contraction in the united states economy if we go over the fiscal cliff. new numbers saying up to 5% contraction. that would wipe out 1 panth% gdp growth and contract the u.s. economy by 3% more. meaning $807 billion ticking out of the u.s. economy pretty much immediately. he is saying that yes, the markets are not pricing in at correction. they're not pricing in, the u.s. going over the fiscal cliff. they are expecting 11th hour rescue. the federal reserve is printing money and easing the way. he said it would undo the monetary money printing right now. we have to walk out for this. jittery market for next quarter. >> neil: this is why we call you wicked smart. all right. thank you very much. >> sure. >> neil: she is the "b" in fbn

treasury secretary timothy geithner is visited india. he's welcomes efforts by indian leaders to reform their economy. geithner met with indian finance minister in new delhi. >> i think the reforms outlined by the government of india are -- offer a very promising path to improving growth outcomes for the indian economy. >> observers say geithner is urging the indian government to proceed with economic reform policies. the prime minister has been trying to implement changes. one example is his push to open the retail sector to foreign supermarkets. but plans to ease restrictions have parked an angry reaction. one political party has left the ruling coalition in protest. >>> german chancellor angela merkel is urging to push forward. implement deep spending cuts in return for financial aid. merkel went to athens were talking. this is her first visit there since greece's fiscal crisis sank in. she says she hopes the country will stay in the eurozone. she says greek leaders have made great strides. she's been demanding they introduce tough de

. >> bergman: timothy geithner is the secretary of the treasury. >> you know, we can't tell the american people that we're going to forget the damage caused by this and leave this system basically as it was. we're not going to do that. >> bergman: but even with the new political realities, it would still be a big battle to get the legislation passed. >> i didn't even know whether it was going to get out of committee. industry people were coming up, "oh, carolyn," you know, "we'll work with you on other things." ngey were basically saying, "we know we've won, you've lost." everybody was smiles. >> bergman: in the end, the law made it through congress. it makes it more difficult for credit card companies to suddenly change interest rates, something that might have saved don bollinger and countless others like him from bankruptcy. >> it ends the most abusive practices, like anytime, any reason retroactive interest rates increases, practices that have trapped many americans in debt. >> but the real test of change, ultimately is whether it makes a difference in the lives of the american peopl

treasury secretary timothy geithner. he says the economy is growing at a better-than-expected pace. critics, however, say the economy needs fewer reforms. how much does congress play into your portfolio? perhaps more than you think. eric singer manages the congressional effect fund. he's the author of the new book "trade the congressional effect," and he's here right now to explain how to profit from congress' impact on the stock market. good morning. thanks for joining by skype. > > thank you angela, pleasure to be here. > > how does your fund work? > > i went back and looked at the stock market going back to 1965 day-by-day, and i found that on the 7900 days that congress is in session, the market went up less than 1% annually in price. and on the 4100 days they were on vacation, the market has gone up 16% in price. so i launched a mutual fund to mimic that, and that's the strategy of the fund. we only invest in the market on the days when congress is on vacation. > > that's interesting. your fund is up 2% for the year. what does that say about our lawmakers? > > it says that this

timothy geithner spoke about the fiscal cliff. he's also attending the imf/world bank meetings. geithner says u.s. politicians are trying to break a stalemate in congress before the end of the year to avoid the combined economic impact of tax increases and deep spending cuts. >> i don't think the strategy of deferring and delaying is really a responsible strategy. you know, it might feel like the easy path at the moment, but it will still leave a set of big questions hanging over the country. >> geithner and other economists say not addressing the situation will be detrimental to the economy and investor confidence. delegates of the imf/world bank conference are holding various side meetings. representatives of neighs that support myanmar's economy sat down to hash out a strategy. japanese officials plan to support loans to the country to promote its growing democracy and development. finance minister koriki fuj. jojima says the japanese government will forgive all the country's outstanding debts to japan totaling 500 billion yen or $6.4 billion. that takes effect in january nex

treasury secretary timothy geithner is visiting india before he jets to tokyo to attend the imf world bank meetings. he is welcoming efforts by indian leaders to reform their economy. geithner meant with the indian finance minister in new delhi. >> i think the reforms outlined by the government of india offer very promising paths to improving growth outcomes for the indian economy. >> observers say geithner is urging the indian government to proceed with the economic reform policies. the prime minister has been trying to implement changes. one example is his push to open the retail sector to foreign supermarkets. plans to ease restrictions on foreign investment have sparked an angry reaction. one party has left the ruling coalition in protest. >>> now let's check on the markets. u.s. stock markets ended lower on tuesday as lingering uncertainties about the global economy led investors to sell shares. to see how stocks are trading this wednesday morning, let's go to ra mean at the tokyo stock exchange. the earnings season kicked off in the u.s. giving investors the jitters it seems. >>

. >>> well, some big names being tossed around should president obama decide to replace timothy geithner. for that and the rest of your news before the bell, we turn it other to seema mody live at cnbc headquarters. seema, good morning. >> reporter: good morning to you. quick check on the markets right now. futures are higher as wall street begins the first day of the fourth quarter. the third quarter was positive for the markets. the dow was 4% and the nasdaq was up 6%. today we get numbers on manufacturing and construction spending and fed chairman ben bernanke speaks this afternoon. the dow falling 48 points on friday, the nasdaq losing 20 points. if president obama is re-elected one of his first priorities may be to find a replacement for treasury secretary tim geithner. geithner has hinted more than a year he wants to leave. the "wall street journal" reports chief of staff jack lu and erskine bowles are top candidates. bowles co-chaired the white house deficit commission in 2010. back to you. >> okay, thank you very much. we'll check back a little later on. >>> first day of october

of the empire you know pretty soon timothy geithner is going to show up and peeking with like three tons of opium and that we're. going to open opium again . but even jones wasn't intimidated so they downgraded u.s. debt further april of this year and that happened on april fifth on april nineteenth leaks started emanating from the f.c.c. that it had voted to start an administrative law proceeding against the firm and april twenty fourth they filed it now even joe as the story of them is that they are privately held company with about twenty employees and they started in one thousand nine hundred five and it is the only one of the nine nationally recognized rating agencies in america that gets paid by investors instead of by the issuers of securities so that's important to realize in the face of this financial collapse that was caused by the likes of bear stearns hiring rating agencies to bless their junk bonds essentially their toxic collect collateralized debt obligations a mortgage backed securities with a aaa rating they paid these rating agencies to do this and even william de cohen

in the financial world treasury secretary timothy geithner announced the u.s. would support a bailout plan for spain by the international monetary fund. asian stocks were down this morning in response to the worsening economic struggles in spain. late yesterday, standard & poor's cut its rating on spain's debt by two notches to bbb minus. that leaves the country on the brink of junk status. >>> 4:47 now. the u.s. anti-doping agency says lance armstrong was the master mind of a widespread doping conspiracy. his 11 former teammates back up the claim. the seven-time tour de france champ had dared the agency to prove he cheated and continues to say it is a witch hunt. now they say they have enough evidence to say armstrong was at the center of the most sophisticated doping program professional cycling has ever seen. >> this is the first time we have seen something this well organized, this sophisticated, that was all designed essentially to cheat sport and win. >> the report claims armstrong also expected fellow riders to use banned substances. his lawyer calls the

lou: as we say we're is timothy geithner? why isn't there coordination with the powerful unions that has grown up? why isn't he working publicly a2 reassure? >> interestingly. it is leadership you would think the u.s. would be a partner in the negotiations. lou: it occurred to me. of course. financially we do the same with geopolitical. leading from behind. >> you said to be a good leader on diplomacy's side you have to be strong on the economic side. some of the comments you have mad suggest we don't have that link. we are falling back not giving it economically. >> what about the investor? give us council on what to , what we should be thinking about in the context of the economy 1.5% and i heard optimism. >> a lot of that is inventory. you have weer growththan expected not so sure about the fiscal cliff. caution is the wo. lou: but paul krugman wrote a column to say uncertainty is overstated turning to goldman sachs. was mcdonald wrote a great piece. on foxbusiness.com. she takes paul krug apart. do support her? >> yes. it

timothy geithner who has disappeared recently as he does when there is great uncertainty in the markets and attorney general eric holder is easy to remember the first attorney general ever to be held in contempt for withholding fast in various documents. leon panetta has a memorable asset hound countenance as he has civilization on his shoulders but interior secretary salazar and ever culture secretary tom vilsack not memorable of less you believe food stamps are economic stimulus. i hope that comes up tonight. neil cavuto is hosting debate coverage. we hope you will be with us. commerce secretary we don't have one any more this is interesting. jon price then resigned after two felony hit and run. hill the solis by this will be in the witness protection program. if there were 23 million unemployed or underemployed to be scared of your title was labor secretary. a bill she will do more for the second term. hhs secretary kathleen sebelius most would prefer she was then the witness protection program because of obama corporation -- obamacare. ray lahood we're told the is a republican but w

call the number on your screen. [♪...] ♪ stuart: timothy geithner says the u.s.antly better than anyone had reason to expect. it what do you respond to the treasury secretaries statement? >> what is most important about these comments is not what he said, but where he said it. he made those comments while in tokyo. should we learn from the mistakes that happened in japan. shunted we learn that the larger role of government and the larger debt that the government takes on that it slows an economy. it is the exact same size now as it was in 1992. after the real estate bubble popped. they have kept interest rates at zero. still, they cannot manage to grow they are economy neared. stuart: secretary geithner is on his way out. the japanese economy is the same size today as it was in 1992? >> here is an inconvenient truth. the higher the debt gdp ratio gets on a government, it becomes a hindrance to economic growth. all the money that is left is dead money. just like the money that is being left to our government. it becomes a headwind to an economy. aren't we seeing t

viewpoint," whether eliot is calling attention to reckless behavior by the big banks or calling out timothy geithnerst, a senior member on the house of financial services committee describes mitt romney's debate talk on god frank as incoherent and dishonest. joining me now congresswoman maxine waters, democrat of california, and co-finders the processsive the congressional progressive caucus and the member of the house financial services committee. all of our attention will turn to the debate for a chance for barack obama to at least resuscitate his reputation as an engageed politician that took a hit last week. how can the president do incorporate a little bit of what biden had last night but still be himself in a debate, especially when it comes to lies on finance. >> you know, there has been a lot of speculation about why the president was perhaps a little bit laid back or a little bit disengaged. and the base, you know, the supporters, they want the kind of confrontation or the kind of approach that biden took last night not only knowing the issues knowing the facts and challenging ryan. this is

president obama working quickly to nominate a new treasury secretary to replace timothy geithner with a mix of spending cuts and tax increases looming obama would likely pass someone with negotiating experience probably someone within as well. according to the wall street journal the two persons mentioned are white house chief of staff clinton blue anderson bowls. glen hubbard from the columbia schools. >> airlines making changes hair. over the past five years the airline cut smaller fees and flights shorter than 500 miles. that's kierd to go a new study by the office of inspector general of the department of transportation. another money saving strategy for the airlines and you are definitely familiar with this one. packing more passengers into bigger planes. is there any consolation for fliers out there? according to the study your flight has a greater chance of being on time and not being kept. >> that's good news. >> homeowner's insurance. you have new information for us. >> we are more satisfied than ever when it comes to homeowner's insurance. they like to bundle their auto and

most notably the treasury secretary timothy geithner was made aware of the manipulation in two thousand and eight while leaving the new york federal reserve bank well we now know that even some in the academic world looked the other way when the alarm was sounded conan snyder and thomas you all were grad students in economics at the time and they were a paper about libel rigging in two thousand and ten well just last week they said their attempts to have the research published in academic finance journals those were rejected snyder said they were told their work was neither interesting nor important but the real reason might be a little different as charles ferguson the director of the oscar winning documentary inside job told r.t. in june academics can be subject to the same kind of corrupting influences that have reduced politicians to cheerleaders for wall street runs amok. what's happened over the past thirty years in parallel with the rise of money in politics has been the rise of money in academia and it is had the same effect it has had the same corrupting effect on academic work

by the way, some very interesting views on wall street and a guy by the name of timothy geithner, treasuryary, you know. we are coming right back. ♪ the capital one cash rewards card gives you a 50% annual bonus. and everyone, but her... likes 50% more cash. but, i have an idea. do you want a princess dress? yes how about some cupcakes? yes lollipop? yes! do you want an etch a sketch? yes! do you want 50% more cash? no you got talent. [ male announcer ] the capital one cash rewards card. with a 50% annual cash bonus it's the card for people who like more cash. what's in your wallet? i usually say that. [beep] [indistinct chatter] [kids talking at once] [speaking foreign language] [heart beating] [heartbeat continues] [faint singing] [heartbeat, music playing louder] ♪ i'meeling better since you know me ♪ ♪ i was a lonely soul, but that's the old me... ♪ announcer: this song was created with heartbeats of children in need. find out how it can help frontline health workers bring hope to millions of children at everybeatmatters.org. lou: well, a new gallup poll confirms governor romney scored

by the way, some very interesting views on wall street and a guy by the name of timothy geithner, treasuryknow. we are coming right back. ♪ lou: well, a new gallup poll confirms governor romney scored an historic victory in last week's presidential debate, an overwhelming 72 percent of registered voters giving governor romney the when compared with only 20% to believe president obama to be the winner. the 52-point margin of victory is the biggest ever recorded by gallup. you know president obama is an even more trouble when a publication like the new yorker is bashing his debate performance. the newest cover, there it is, governor romney debating an empty chair. reminiscent of the rnc. that is about as tough as the new yorker has ever been as far as i can remember on any liberal at any time. and california gasoline prices hitting new record high for a third straight day. the statewide average price $4.67 per gallon, up $0.50 in just one week. in an effort toobring down high prices governor jerry brown allowing a slightly earlier rollout of less-expensive want to blend gasoline. i can imagi

when you put lawrence sumners in and timothy geithner, you are clear about it.ould have voted for you. that's why i came on this show. seriously, you had the right mentionmessage. i'm not trying to flatter you. and i thought obama in that speech he gave when running against hillary he nailed it. wall street gave him all that money. now wall street has betrayed him they think the best defense and offense and they're going to play him now. >> eliot: i thought wall street was smart enough to understand that he used rhetoric that was edgy but did nothing that would hurt them. but they seem to be soaked in rhetoric that even pinks them, and now we're not with you. >> they're shameful. >> eliot: before we spend too much time just on that, chr chrystia, the jobs numbers is this the last piece of data that would effect arguments. >> you're absolutely right that is going to be a pivotal moment. with a is interesting it looks like the economy is really healing. the g.d.p. number is pretty good. we're starting to-- >> eliot: pretty good on the context of diminished expecta

he voted for eric holder but voted against timothy geithner. stem cell research and was a friend of d.c., put five republican senators to vote for representation -- one of the five republican senators to vote for representation in the house, but in the end he loved his party and he was defeated when he became a democrat in the democratic primary in 2010, but overall a record of independence, a record of integrity. he actually ran for president but didn't get very far either, but on the judiciary committee definitely made his mark and is the last of a briefed republican iconicclastic senators in some way who voted on the issues rather than just party loyalty. >> he indeed will be missed and does leave a long leg >>>. >>> let's turn things over to the -- legacy. >>> let's turn thing over to the presidential election. virtually all the polls tend to trend toward gop candidate mitt

president obama wins, one of his first assignments is to find a replacement for treasury secretary timothy geithner. geithner has said he wants to leave but would stay on until a successor is confirmed. "the wall street journal" reporting that white house chief of staff lew and formerlinton chief of staff erskine bowles are key candidates. they could play a major role in deficit talks with congress. bowles chaired the white house deficit commission in 2010. >>> in other news, general motors is recalling more than 40,000 vehicles sold in warm weather states because of potential fuel leaks. it affects chevy cobalt and pontiac g5 sedans and chevy equinox, pontiac torrent, and saturn ion from 2007. it could crack the fuel pump, causing it to leak and cause a fire. gm has no reports of fires or injuries. back over to you. >> seema, thanks. >>> robert griffin iii ran for 323 yards and ran for another 43. tampa bay clawed their way back and led by a point with less than two minutes left, but redskins kicker billy cundiff, who missed three field goals later in the game proves to be the hero in this one. he

in it you criticize the treasury secretary, timothy geithner, largely for just being too good to theose to the banks. tell me a bit more about that. >> we did have a fundamental, philosophical clash of views, and i think tim was operating with the best of intentions, but i think he viewed the world as stabilizing the big financial institutions, making them profitable again, and that was going to help the rest of the economy. it just didn't work out that way because their interests and our interests are very different. >> what should have happened ? >> in 2008, we were spinning out of control. we needed to do something and we did something very dramatic, and i think those in retrospect were very general. but we had a stable financial system by 2009. that's when we should have started imposing some accountability. i think we should have broken up citigroup, at least forced them to sell their assets, replace management. we didn't do that. then the other banks were forced to sell off their bad assets to clean up their balance sheet. we didn't do any federal structuring in 2009, we just p

liz: and charlie, this just breaking, it appears that treasury secretary timothy geithner will be conveningders today. >> it is about time. this is something that the fox business network has been talking about since the minute they announced -- duncan announced that they were going to close the new york stock exchange on monday. you know, listen, yes, this was a very -- this was a terrible tragic storm. people died. i mean, this is bad stuff. i understand. but you know what? markets are global. this is -- they have an electronic market that's not necessarily -- that's not housed in manhattan. it's housed in chicago. and you have to ask yourself, why did every -- why wasn't the new york stock exchange and its member firms, because apparently this is some sort of decision -- this was decided sunday night, remember? we were -- the fox business news network, why was the new york stock exchange convinced they weren't ready to open on monday? they should have been ready to open. they should have had a contingency plan to open. and they didn't. you can criticize tim geithner on a lot of things pa

. >>> treasury secretary timothy geithner says the u.s.ld support a bailout plan for spain by the international monetary fund. asian stocks were down this morning in response to the worsening economic struggles in spain. late yesterday, standard & poor's cut its rating on spain's debt by two notches. s&p says spain's hesitation in requesting a eurozone bailout raises the risks. >>> 5:19. investigators in colorado have found a body but they are not saying if it's that of a 10- year-old girl who went missing last week. jessica ridgeway was last seen on friday when she left for school. investigate, found human remains yesterday. -- investigators found human remains yesterday. no other details have been released yet. ridgeway was believed to be abducted. >>> evidence in the colorado theater shooting will be made public today during a court hearing for the accused shooter james holmes. prosecutors will add 14 more counts against holmes bringing the total to 166. 12 people were killed and 58 injured during the shooting in july. >>> a constructio

but in it you criticize the treasury secretary timothy geithner largely for just being too good to thebeing too close to the banks. tell me a bit more about that. >> we did have a fundamental, philosophical clash of views. tim was operating with the best of intentions. he viewed the world as stabilizing the big financial ins to yous, making them work and that was going to help the rest of the economy. it just didn't work out that way. their interests and our interests are very different. >> what should have happened? >> in 2008, we were spending out of control. we needed to do something. we did something very dramatic. i think those were overly generous. in 2009 we had a stable financial system in 2009. that's when we should have been imposing accountability. i think we should have tried to break up citigroup or force them to sell off the assets, replace their management. we didn't do that. and the other banks were forced to solve the bad assets and clean you up the balance street. we didn't do any restructuring in 2009. we just propped up everybody. this continues to be a drag on econ

i mean, it was obama's own treasury secretary, timothy geithner who said three years ago that socialecurity, medicare, medicaid, interest on the debt to pay for those programs within 10 years will consume 92% of the federal budget. you add in obamacare, we're a pathetic western european country and there's no america out there to protect us. >> as you said, a million times, he's the worst spender in history. this idea that he's the most frugal president in 60 years, romney ought to mock and ridicule him for that absurdity. his obstruction on entitlements will kill us. i've said it over and over, but romney and his team need to say it more and directly at romney. why have you sat here cynically and acted like there's not a existential problem. why, mr. obama? >> sean: he's got to thread a needle, governor romney. if he hits too hard, oh, you were mean to the president. he was mean. on the other hand, i want to see the passion. i want to see the energy and emotion that you're showing, the concern, because -- >> i really doesn't have that sort of passion, but he has -- >> sean: i think

also, she will talk about timothy geithner. she really does not like him.is a little past quarter to. we will go down to nicole petallides. companies cutting outlook. nicole: we will take a close look here at edwards life sciences. this is a company that deals a lot with your heart. heart valve therapy, critical care, cardiac surgery, they are cutting their sales outlook for the third quarter. a couple reasons why they are doing this. take a look at the two-day chart. down nearly 20% today. that is a huge move for a company that has had a nice run for the year 2012. they are blaming europe. also, the expected growth here in the u.s. was not what they anticipated. lori: thank you. move over baggage fees, long lines and delays. talking on your cell phone at 10,000 feet. what do you think? next season take a look at some of today's winners and losers. green mountain coffee. up almost 2% on the day. we will be right back. ♪ 0t[h7 [ male announcer ] what if you had thermal night-vision goggles, like in a special opsission? you'd spot movement, gather intelligen

word close with timothy geithner. that is a positive to some extent. also a negative. they had a falling out. charlie: let me finish what i am saying here. melissa: we are so excited about the story. charlie: yes, he had a falling out with bernanke. very much at odds over a lot of qe. this is a positive. a negative is age. he is 42. i know paul ryan is 42. i am significantly older these days. the positive thing is, yes, he has made his kudos with conservatives. he has an end. this guy is making a push, internally with romney agents. i will tell you this, one name who made a list recently who will never become treasury secretary, probably because the white house won't afford making a new bathroom is john thain. lori: we will keep our eye on him. charlie: a good-looking guy. [laughter] he worked at jpmorgan. he was having dinner with harold ford the last time i saw him. he now works, i believe, at morgan stanley or one of the big banks. he used to work at jpmorgan. melissa: the last time i saw him was at a dinner with woody johnson. charlie: that makes more sense. he is

melissa: what did timothy geithner know about the libor scandal?rlie gasparino has the exclusive details. take a look at some of today's winners and losers on the s&p 500. first solar up 25%. we will be right back. ♪ >> i'm nicole petallides live on the floor of the new york stock exchange. every 15 minutes we do stocks on the fox business network. the dow jones industrial average is down 61 points. nearly erasing all of yesterday's gains. the s&p down over two points. the nasdaq composite is down .1 of 1%. look at two names on the move when we look at chipolte mexican grill selling off and general motors is looking good. all of this comes on the heels we heard from david einhorn of green light capital basically saying chipolte talking about rising competition and rises prices like general motors. stocks are reflecting that. melissa: nicole, thank you so much. senator grassley demanding that treasury secretary tim geithner come clean what he knew about the libor scandal and calling on regulators create a new american based index to replace the scan

treasury secretary timothy geithner is in new delhi. we'll bring you the details. bob... oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer ] fedex office. now save 50% on banners. >>> these are your headlines. the imf down dwrgrades global growth. >> merkel face as tough reception in greece. >> and alcoa kicks off what could be a pretty subdued u.s. earnings season. >> so his way to tokyo for the imf world banking meeting, geithner and bernanke have been in india for the third annual meeting of the uts india economic and financial partnership. what's interesting is india now new finance minister that's been coming back in.what's interesti new finance mini

treasury secretary timothy geithner's meetings in asia with the rbi governor in india and japan's new finance minister in tokyo. meanwhile here in europe as we head toward the unemployment report in the united states, just up marginally. still to come, it is all about the jobs. we'll look ahead to the numbers next. and a view of the u.s. housing market, as well. japan's new finance minister in market, as well. >>> these are the headlines today from around the world. september u.s. jobs report, it's on the minds of investor and politicians. the data expected to show another month of modest yet unspectacular growth. samsung doubling q3 profit from a year ago, but analysts say this might be the peak. and the spanish finance minister says the country doesn't need a bailout as he faces a skeptical crowd in london. but could his boss be cornered by france and italy in a meeting today. if you've just joined us state side, a very good morning to you. i'm back after a couple days off. had to take some leave. anyway, this is where we stand. just slightly flat. the dow is just five and a bit poi

en route to tokyo, timothy geithner and ben bernanke, expected to make a stop over in new delhi. and outside of that top taiwanese tech companies compile umc, tmsc and au electronics all posting september sales figures. that's all coming up tomorrow. but still to come on today's program, we get into the second hour. last week's u.s. job figures are still causing controversy. we'll find out why. and it's all about that unemployment rate coming down to 7.8%, a 3 1/2 year low. >>> here are the headlines from around the world. world bank slashes its growth outlooks for china and developing asia and warns there could be a more pain to the region. george osbourne tells cnbc the uk is getting it right in tackling debt and he's set to announce as much as another 10 billion pounds in welfare spending cuts later. >> we're one of those western countries getting on top of our debt problems. we have a credible plan to reduce our budget deficit. that's delivering very low interest rates for us in the markets at the moment. so that is the proof that there's international confidence in our plan.

he will talk about timothy geithner. ♪ es from independent eerts and see wh criteria theyse.eld on dividend-paying stocks. then y can customize the strategies and narrow down to exactly those stocks you wt to follow. i'm mark allen of fidelity investments. the expert strategies feature is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. >> hello i'm dennis kneale. cheryl: hello everybody i'm cheryl casone. vikram pandit with the shock of the day, ousted as citigroup chief. charlie gasparino reporting exclusively. we are covering this story throughout the hour. dennis: three weeks to go before election day and both agree tonight it is make-or-break this debate for president obama. neil cavuto joins us for the site of the debate. cheryl: homebuilder confidence rising for the sixth straight month. the ceo of the national association of homebuilders is here with new numbers on the improving housing picture. but of course right now it is a busy day in the markets. top of the hour, stocks now every 15 minutes. we

treasury secretary timothy geithner's aide work for goldman sachs. goldman sachs gives more money to politicians than anyone else. are we beginning to have any political will to fix this problem? right now, to be honest, the problems that led to the crisis are not fixed. >> what are you going to do? i'm going to soassume that you' to the going to be working in investment banking anymore? >> the one thing that wall street forgets sometimes, it gets stuck in its own bubble. it forgets what it really is. what wall street is, it's being trusted with the savings of america. the hedge funds are for supposedly rich people, account for less than 5% of the market. the real big players are investors that represent citizens' interests, like pension funds and mutual funds that hold 401(k)s. i got thousands of messageses aft after the op-ed. but i actually think there's a value for people within the industry trying to reform it for the better. now, i'm not anti-wall street, i just think wall street -- >> what does that mean in terms of, the job you take next is?

timothy geithner, don't cut spending. it's going to hurt the economy.s there ever a time when it's right to cut spending? >> on the fence, mitt romney wants to spend more than the president. how does that fit -- >> well, he's got. i don't want to defend his entire program. but they've got going from 24 to 20% on gdp spending that comes to a interruptle trillion. what they're saying they're going to go around the fence and cut it on domestic and in entitlement reform. >> and more revenue. >> and grow the economy for revenue. all i'm saying is i agree with this. it's a great insight. obama said no sequester. and i just thought to myself -- >> let's talk the numbers. >> when will we ever cut spending? >> the sequester is 1.2 over ten years. if you cut $60 billion, you give yourself six months. okay. you get through the debt ceiling debate. >> the numbers aren't that big. >> so you can easily cut $60 billion. you can cut $60 billion out of afghanistan. and you can get through -- >> no, you cannot. it's a double count. >> i don't think so. >> they've already