>> congressman the treasury department, and i can speak for only with respect to treasury since that is where i work the treasury department has exercised its authority to provide various safe harbors for businesses and other stakeholders transition relief for stakeholders well-established and long held a party under section 78 of five we have authority to interpret the tax cut and particularly when they're is new law with the statute refers to as an alteration of the law relating to the internal revenue a party with respect to a new law to issue rules and regulations to give effect to it and win we get the kind of credible comments from staples that we received regarding the need for more transition relief or as much simplification and tin mining is possible. china best in the case of the reporting is best to about as well as the reporting responsibility. >> the executive authority is not be used appropriately. and with the administration be open to from your perspective be open to opposing legislation that would codify any of these changes? >> congressman, that kind of practical co

>> congressman, the treasury department -- and i can speak for only with respect to treasury since that is where work, the treasury department has exercised its authority to provide various safe harbors or businesses and other stakeholders transition relief for stakeholders of various kinds pursuant to its well established and at long held authority under section 7805 a of the internal revenue code. we have authority to interpret the tax code and particularly, sir, when they're is new law, what the statute refers to as an alteration of the law relating to internal revenue my authority with respect to and a lot to issue rules and regulations to give effect to it. and when we get the kind of credible comments from stakeholders the we received regarding the need for or transition relief in some cases or as much simplification and streamlining as possible, which we have tried our best to do in the case of the reporting as well as the employer responsibility. >> there are many folks who are concerned that the executive authority is not being used appropriately. would the administration be op

just so the secretary of treasury knows this. the agricultural sector of ukraine can pay all the bills as time goes on. i don't find in what we are doing yet as a country we actually are thinking about that power. i can guarantee you under the corrupt yanukovich administration, ordinary farmers were being charged 19% interest rate, but the friends of the deposed president yanukovich were being charged 4%. i hope in the financing schemes that the ifm and others are thinking about, that the identification of grassroots farmers in that country, not associated with the past regime, that somebody pays attention to those and competitive interest rates are offered to those farmers because that sector can ultimately pay the bills. finally for the record, because you get in meetings i don't get into, women of that country are feeding that country. in little villages, nobody sees them. we need a humanitarian effort, in my opinion, that brings in good seed, shovels, basic equipment, and i'm talking about humble things like buckets of care d

and the requests for treasury is part of that comprehensive strategy. this request will allow the department to help maintain a strong economy, sensibly manage the government's finances, foster a greater investment in american communities and small businesses, protect our national security, monitor risks to the financial system and promote conditions that support economic growth and stability at home and abroad. over the past five years treasury has met its responsibilities efficiently and at a lower cost. today's budget request builds on that progress and includes even more ways to reduce costs and achieve savings while offering carefully designed proposals to increase the department's effectiveness. for instance we're seeking a second round of funding for the state's small business credit initiative which has been enormously successful in strengthening small businesses across the country. we're working to reduce the risks from cybersecurity attacks by helping to improve the financial sector's resilience to such attacks, and investing in treasury's own

nobody in the treasury. nobody in the administration has asked me not to use the word. >> thank you. mr. chairman, i want to just, about a minute left here, focus on what i believe is a major driver of more and more americans seeking tax preparation assistance. that is the incredible complexity of the tax code. as you know, much of the affordable care act is administered through the tags code which means when uninsured americans file their taxes they will need to figure out whether they qualify for the subsidies, how much they can receive whether it makes more financial and medical sense to get coverage or pay the penalty for violating the law. does the question, the question is, doesn't the affordable care act create a lot of new complexity issues on top of those that we already have making it even more difficult for, driving even more americans to tax preparers when it comes to getting their returns in on time? and, do you believe that most tax preparers are adequately prepared to handle the complexities a

all treasury regulations are issued by treasury and the irs. the policy issues behind questions like this are decided by the treasury department. the chief counsel's office actually reports directly to the treasury department. >> well, i requested a response on march the seventh. so when can i expect such a response? i assume you can be an errand for making sure this is done. >> i clearly commit that i don't know why the fact that in the response is cleared of the process. my commitment to this committee and all of you has been that we will reply promptly to any letter we get from you, and i assure you that i will give you a prompt response. i can tell you when the treasury department will respond, but we should probably. >> he made this same promise the made many calls for the committee. well, anyway, let's call on to the second question just last week wrote to you concerning the proper forms of life out third and were enacted in 2010. these reforms impose new requirements on nonprofit hospitals. what is ben the delay of finalizing regulations

if the treasury market, holding steady at 2.66% on the 10 year 42%.0. gdpar moving lower came in worse than estimates. most investors are looking forward. it seems the fed is slightly more upbeat on the economy. more on the markets and 30 minutes. more "bottom line" in two minutes. ♪ >> welcome back to the second half-hour of "bottom line." the 12 nation regional trade pact noted -- known as the transmit -- may have to proceed without japan, which continues to open its agricultural markets. aber groups and even members of president obama pots his democratic base have come out against the agreement. firm ofner in the law mcdermott, will, and emery served as a trade negotiator in the office of u.s. trade representative from 2003-2008, and we are joined from the washed and bureau. welcome and thank you for your time today. class i am delighted to be with you. >> let's begin with the opposition here at home. much of the criticism involves concerns that the tpp could leave american workers vulnerable to competition from countries and lower labor costs. are t

john voigt, i'm sure he was in national treasury.e have some comments coming out from george osborne. he's testifying at the moment in front of parliament. he's saying the treasury did not interfere with the investigation into lloyd's. on household debt levels, as well. >>> still to come, king digital got crushed in its ipo debut. we'll look at the risk and rewards of going public now. huh, fifteen minutes could save you fifteen percent or more on car insurance. everybody knows that. well, did you know bad news doesn't always travel fast? (clears throat) hi mister tompkins. todd? you're fired. well, gotta run. geico. fifteen minutes could save you fifteen percent or mor sometimes they just drop in. always obvious. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. >>> russia's economic minister tells cnbc the country's slowdown is not due to sanctions. china unveils a mini stimulus program pushing tax b

i can't say when the treasury department will respond. we should respond promptly. >> you talked to secretary lew and he made the same promise. i don't know why people say they will answer if they won't. anyway, let's go on to the second question. just last week, i wrote to you concerning the nonprofit hospital reforms i authored and were enacted in 2010. imposed and new requirements on nonprofit hospitals to hold them accountable for their tax exempt status. key legal guidance does not appear to be got all iced -- finalized. what has been the delay in finalizing the regulations? >> a series of proposals have been drafted. in december, january, we provided -- treasury provided, with the irs jointly, guidance to hospitals that they could rely on the existing proposed regulations. we expect the final regulations will be issued before the summer is out. the hospitals have already been advised a can rely on the earlier regulations that are out there. >> the 2010 nonprofit hospital irs andlso required the the department of health and human ser

you can't always be into treasuries. remember treasuries haven't yielded much at all. but closer to the end of the year you see that 10 year note north of 3%, then maybe you start looking at a higher waiting on the treasuries. >>phil streible, you have a good, safe day out there. >>thank you. chuck coppola has news on an upcoming vote in college sports that could make history. bill-- football players at northwestern university vote tomorrow morning on whether they want to be represented by a union. it follows february's landmark ruling by the national labor relations board that players are considered employees. northwestern is appealing that ruling, but a decision is not expected before the vote. players argue that they are left out of billions of dollars that n-c-double-a organizations bring in. as many as 76-football players are eligible to vote tomorrow . protests are planned outside 50 staples stores today. who's picketing? postal workers. they don't like the plans of staples and other retail stores to open mini post offices. initially it was a pilot project but it

treasury secretary.we had henry paulson who did the other way. bush picked him to be the treasury secretary, george w. bush, and clinton picked robert rubin coming from goldman sachs to be the treasury secretary in his administration. it started with sidney weinberg and fdr. >> we're going to take a break and come back to this discussion, then speak with the vermont congressman peter welch. he wants to expose the budget of the 16 intelligence agencies. when we come back, nomi prins will talk about her favorite story in the book, "all the presidents' bankers: the hidden alliances that drive american power." stay with us. ♪ [music break] >> this is democracy now!, democracynow.org, the war and peace report. i'm amy goodman with aaron matÉ. in a moment, we will be speaking with vermont congress member peter welch. right now we are continuing with nomi prins, the author of, "all the presidents' bankers: the hidden alliances that drive american power." she's a former managing director at bear stearns and gold

we get good returns if treasury .yields rise >> just like today. >> treasuries are rallying, gilder daughtert yields are down a lot. everyone thought that this would be the euro and finally back in the road would gain steam, finally would have the fed pulling back its stimulus. >> the taper. >> and yet, surprise, surprise, here we are very for us and looks a little more tepid, whether it is the weather story, tever you want to believe. we have the unrest in crimea, what we have going on in china, there are a lot of events that people were not expecting going into the end of last year. >> but now it is over, put in has crimea, the weather is warming up, and yellen seems to be indicating that she is going to start raising rates. are people doubling down? >> they are. economists forecast that they will end the year around 3.4%. there are at 2.7% right now. there are still a lot of rising to go. if you want to preserve your gains on any particular investment, you're concerned about rising rates. nd is supersized. >> why do people use this as opposed to buying the straight bond? >> these are diff

>> you're seeing flights to treasury which one would expect, you go gold and treasurys, rates of come down a little bit and bonds of gone up. the reality is is vladimir putin willing to pay the economic crisis will cost him? he will look for a face-saving way out. as a previous guest said, the market price is down. next week we will be all right again. melissa: almost liz: seems like the administration is coming out with a very focused plan here. jack lew making the statement, john kerry, the secretary of state saying this is going to be not just costly but devastating for russia and again you don't have to -- we are missing a few troops from the united states, not anything to compare by to see how oil is responding, it is brand we like to look at when talking about ukraine overseas, to me that shows we have a situation that will ramp up economically as we saw what the markets are doing in russia. >> i would like to see crude-oil rally quite a bit more off of news like this. i find it rather odd we go to a weekend where we have a lot of situations that could come out of it that could

we should point out it's coming mainly from the treasury department.rtment really believes that firms like blackrock, if they should face significant pressure, have some big issue, make some bet, that other firms of its size would do the same. remember, all these guys pet in tandem. that's what caused the financial crisis. that would spread throughout the financial system, given blackrock's size, we should point out blackrock has something like $4 trillion under management. pimco's a big company -- liz: market cap is 50 billion. >> it's a huge company, and it's a very good company so far. but this is what we have, we have a battle right now between the treasury. they put out a report that basically says these guys are dangerous, you know, we should regulate them like the banks versus the sec which is basically saying that is not the case. the securities and exchange commission which plays some role, obviously, in the patch work of financial regulation, all these agencies, the fed, the treasury, the securities and exchange commission, the sec is saying

treasury market.ng to explain the difference between i-bonds, and steve is going to explain with the help of the eagle the difference between apple's bonds and u.s. treasurys, dominic chu will break down the stock. ricky, we're going to start with you. go to it. >> how exciting. all right. the i bonds. last year timing was the negative. $17 billion was the record. it's the apple 240 couple. remember what happened? we saw yields move up 100 basis points on treasuries. so here's the way it lays out. it was 5.5 billion currently trading at a price of 93 cents on the dollar to yield 330. when it was originally offered a year ago, roughly, it was when issued 75 over. if you look at 330 and round out the ten-year yield. it's 60 over. that means it's tightened 15 basis points. we could lop off ratings, because the ratings hasn't changed. it priced it 77 over, very much related to the 75 over. in my opinion, i think it's a great buy, and i'll tell you why, diversification with regard to your portfolio, but ma

treasury they could face fines or levies. christopher heck says gifl givip citizenship because of fatca is an overreaction. >> i think the additional burden on the individual american living abroad isn't that high. it's more on the foreign financial institutions to comply with the reporting of the law. >> there are calls back in the united states to repeal fatca or at least modify it, since it modifies those who are trying to living broad. for the estimated 6 million living overseas, renounce your citizenship give up your passport and live completely overseas. phil ittner, al jazeera, london. >> city is full ever underground mines. residents there are literally living on the edge. >> teetering on the brink, this home in mexico city is meters away from being swallowed up by a gaping sinkhole. neighbors crowd around as emergency workers hurry to fill it. it's not an uncommon site, in this -- sight in this working class neighborhood. it's one of the city's most crowded neighborhoods and one of the most precarious. where abandone

and now you have said, rightfully, that's the treasury department. >> right. >> but it's going to go -- if it's part of any deal, you all have to be involved in it. is that negotiable or is that not possible in this deal? >> i think that, um, you know, where currency is going to go is within the boundaries of what the treasury department can live with. but so i think it's something that everyone can, uh, uh, get comfortable with. >> so it can be part, but it has to be -- it can be part of a treaty but it has to be -- >> i think it will get handled in a way that treasury can live with it and the other countries can live with it. >> as you know, i think you know, afterward, the japanese finance minister, after the president left, said that obama, "doesn't have the domestic power," to pull anything together before the november elections. >> well, i think that let's not talk about, you know, who's got what power at what moment. i think what's important is can we get a deal done? and what's -- why is it important to get this deal done? it's because who's going to set the terms of trade th

but treasury secretary jack lew tells cnbc.. there's a lot of work to do". lew says the economy has been growing since the bailouts and reforms on wall street. but improvements are still needed for americans on main street. the treasury secretary believes jobs training and infrustructure programs will stimulate the economy. lew will be part of an international monetary fund meeting this week in washington dc. in our cover story, there's a new rush of recalls in the auto industry. and some say it was triggered in part, by the government's scrutiny of general motors for manufacturing flaws linked to 13-deaths in more than 30-accidents. this week, toyota announced five recalls, affecting roughly 6.4-million vehicles around the globe. two-point-three million of them in north america. in north america, defects in 27-toyota models from 2004- through 2013 including it's most popular vehicles, camry, carolla, rav4 and tacoma pickup, include problems with cables that could disable air bags...seats that could slide forward in a crash. in asia, toyota starter motors co

a big win for the treasury.s chief treasury secretary will be here talking big challenges for the uk's economy and the treasury will have to do a lot more work. it has to convince everyone that this economy is back on track. the politics in the u.k. will be heating up ahead of next year's general election. bmw, we will tie that in with what is happening out in asia. we will also be talking about the situation in the ukraine. the fed minutes are coming up later on. we will look into those and think about what that means. i will just draw you to one thing. look at the u.s. 10-year breakeven is right now. tell you that the fed is about to move aggressively? the inflation trend could have an issue in the states as well? it is going to be a great show. looking forward to it. >> i am looking forward to it as well. in the meantime, let's bring you up to speed with some companies on the move. and bw are building a hybrid car in china. it will be based on the audi a6 and it will be built in china. itsler is sticking to f

we'll talk with treasury secretary lew later.'t think the bond market is sort of the purveyor of truth. you look at, i have been watching the ten year in spain and italy, it's like a referendum, they will get through the euro, the risk is done. they're convergeing, they shouldn't have been apart all those yields on those currencys in the different countries, it's the same risk. the euro is breaking apart. so now you have the spanish and ten 84 trading where the u.s. ten years are getting close. i think it is a funny year. i mean, you had christmas roll around. we're very active in the housing market t. housing market has been boy yavenlt it's the most -- been buoyant. everybody should have spent a lot of money at christmas, they didn't. >> why? >> i have been asking myself the enormous pockets of strength. you clearly see the 1% doing better, the others have disposable income lower than 1.7. they didn't foe whether their health care would be cancelled or what. they didn't understand the aoption, people played cautious. with the w

percent interest, they can grab millions and millions of dollars and turn it around and turn it into treasuries or whatever it is and make 3 or 4% and turn it around and so you're telling me kids that don't have enough money to go to college have to pay interest on loans but these congressmen can come in and make the money printing machine -- >> that's how the game works. >> more with senator ♪ we got a random red couch, don't ask me why. ♪

long-dated treasury bonds in the u.s. are up 10%. the stock market is flat to down. >> yes. >> so it's possible. but in general, i think individual investors have excessively optimistic expectations about their future returns. >> okay. which needs to come back to a mean or medium, whatever you say. if you can't buy the u.s. market, what do you buy? >> well, i personally still own emerging market securities in asia, markets like thailand, singapore, malaysia, vietnam. and i made some investments more than a year ago in iraq. because it's very cheap. lots of problems. but the market is very, very inexpensive. and so some markets have corrected meaningfully to the downside, say even after the recent rise india in dollar terms is still down something like 35% from its peak. russia is dirt cheap. i don't think there's a hurry to buy russian stocks. >> no, no. not until we have a little bit more clarity, perhaps. mark, good to have you on the show. you'll stick around. mark farber, publisher of the boom, gloom and doom report. do you agree

the treasury was under pressure today. as the auction by the us government was held for auction off the security there is some pressure to take down the spines while the weaker options in the last couple years this part occur has been under pressure in response also to the expectation that it eventually will be raising rates at some point in the future. next week we also get a cripple fed meeting. at this meeting will expect any major changes to think that the state and whatnot that the weather was influencing q when they don't. and it expected to continue on to pre program for adults forty five billion per month. on the same day we also get the gdp of the art commerce of them were expecting one percent of under one percent on the gdp. and that's largely due to the weaker data then i think all eyes and quickly turned to the jobs did on friday where's petitions last month were for a number of october two thousand. we think this month. people respected the same and that it will be the critical factor to drive the market high

. >> i think 2014 is symbolic of uneasy buying and treasuries. after looking at the 30% s&p gains in stocks in 2013. so we could debate fundamentals, why it's happening, but whether all of 2013 and a bunch of 2012, there is no alternative to stocks if the ice gets thing, now there is no alternative, in the derisk environment than to own treasurietreasuries, partic long maturity treasuries. if you look at a long one day, you can see momentum building. certainly 260 is a nights, easy round number. that was the day with the lowest yield at 258, so a pure technician will say in order to get more momentum, you need to close below that level, but look at the 30-year bond, the longest maturity, hovering at the lowest yield since close since june of last year. it underscores the next chart. long maturity rates are falling much faster, the curve continuing to flattens. simon, it's all yours. >> thank you very much, rick. is the bigger correction on the cards? downing me from the 234r50r is kenny policy carri and director with kneale securities, and in was

he was secretary of the treasury under president george w. bush from july 2006 to january 2009, and inconsequential period in american financial history. and of course spent 32 years at goldman sachs, including as chairman and chief executive officer from 1999 until he became treasury. he's a lifelong conservationist and was chairman of the nature conservancy among many other related activities. so that's secretary paulson. and then with him on stage is david wessel think is also very well known to a washington audience. david a few months ago joined the brookings institution as director of hudson center on fiscal and monetary policy. but as most people know, for a few years before that, 30 name and he worked at "the wall street journal" where he covered economic and many other issues, and he won two coaches along the way which is not bad. he is a frequent participant in ncr's morning edition so i'm sure you have heard him there. with that i will leave the two gentlemen to take it over. >> it's a pleasure to be here. hank paulson is just back

treasuries? >> it's interesting. we can talk about this later.e in the market today, given the comments out of the fed you would have thought interest rates in the u.s. would have gone higher. they actually went lower. given the choice over the three over that time period, i think apple bonds are interesting. i don't think they're going to be as liquid as that gentleman is concerned about. i'm not so sure 10 years from now the products are not cammoditized. >> apple stock and looking at the free cash flow kweeld yield attractive. >> this is more of a thought on corporate bonds in general. sometime in the next 10 years we're going to get another recession which i'm not compensated on apple bonds, or the feds are going to have to raise rates or go to rate hiking cycle and i'm stuck with these bonds that basically yield nothing. apple stock, i like the company. tomorrow do i want to buy it, not. so i would want to buy treasuries tomorrow. >> let me ask you -- i'm going to answer for you. none of the above. is that what you're going to say? >> i thin

want to quickly show you the 30-year treasury, the long-term treasury, treasury bond yield falling to.5%, the lowest in two weeks. lowest in two weeks as the price of treasuries goes up. nicole petallides on the floor talking to traders and watching all the numbers. nicole: i don't think they expect what the market is doing. tough for them to gauge it. we have certainly seen that on the dow on track to close again, we don't normally see that, that is a big move. you mentioned the nasdaq, down 129 points. how often do you hear me say that? probably never. down 3%. lower by biotech, they have been crushed so w we're watching thoe particular names and those groups getting hit the hardest but also financials, consumer discretionary's. we don't normally see all 10 sectors finishing in the red. still 40 minutes left but that would be the seventh time this year. over at great wolf talking about we have seen the market worsening. 90% decline. sometimes in the market with the big selling the next day you see buying. that could be the case. don't forget also the major indices now have crossed b

>> i'm talking about treasury stocks. not cheap absolutely. i would not be a buyer here.omentum. you are not rewarded to paying high teens for utilities over the last 50 years. i don't think you will this year, either. >> a lot of manager are saying they're into utilities so -- >> do yourself a favor, use treasuries. >> if that's the case, that will be -- >> better than utilities. pete najarian, what is up? >> jon flagged this last friday, talking about the may 40 calls being purchased out there. now you look at the action today. in the sector, but particularly at tenant health, look at that pop today. those things are moving very nicely. >> let's go around the horn. final trades. anthony first? >> i would go it ebay, long that stock to what we think is a restructuring. >> do you like the business or is it an icon effect? >> icon more than anything else, though i do like the business. >> josh brown? >> i'm going to switch mine. i actually would tell you avoid the home builders, they are now breaking down below the 200-day average. if the housing data trends continue the p

ten-year treasury yields, 2.66, continue to decline.t this time yesterday we were yielding over 2.7%. on the currency markets, the dollar index slipped to a three-week low. 101.57 on the dollar/yen. 101.55 is where we were tuesday. the aussie dollar has been boosted by better than expected employment data. keep our eyes on sterling, 1.6771. the bank of england coming up. that's where we stand here in europe. in asia they've been looking at trade data out of china. and sri is freshly back from mumbai. he's taking a look at that. sri? >> the results of that election in india, ross, will be around mid-may. let's switch to another economic superpower in the region, china, of course. you mentioned the trade data. it was very, very mixed. on headline we saw surprise declines in both imports and exports. but we saw gains somewhat counterintuitively oddly enough for commodity imports like iron ore for example. a lot of people are talking about this. a lot of people are still trying to price in the effects of further stimulus which may come in m

if you look at the treasury markets, not a lot of change.e bit of buying of treasuries, pushing the yield slower because we had the gdp report as well. julie hyman joining us from the bloomberg data center. thank you very much. the fed decision is coming up in a moment. peter cook is standing by with details. very fewper continues, changes in the statement today. remains theance same but taper continues, down to $45 million a month and by buying. -- in bond buying. $20 billion for mortgage backed securities. 25 billion dollars for treasuries. they will likely continue at that measured pace if information holds up. no changes in forward guidance language. the biggest changes have to do with the economy, there is a sense that the fed sees traction in the economy. information received since the fomc

she misled the treasury inspector general for tax administration. has, of course, pleaded the fifth in front of the committee -- one of the committees twice. we have been not getting the documents that we need to really fully evaluate this so that we can follow the facts from the ground up and see where they lead. congressman livin knows that we've tried to conduct the investigation in a fair way. >> let me say too, congressman, a lot of people -- congressman levin, let me ask my question of congressman boustany. a lot of people, including some republicans, some of your colleagues, say that your committee and the house oversight committee have blown this because of the fact that you should have given lois lerner imunit. nobody really kardz what lois lerner did. the question in this scandal is did she get it from hire-ups or was this the decision by a midlevel burat in the irs? why not give her imunit under a year ago under subject of penalty of perjury and say were you given direction by anybody above you? >> well, that is a debatable point. >> we h

most of it going to the treasury.treasury will recover i think about 17.7 billion from ally and that is more than they actually put into it right now. the u.s. government now will own -- i believe the number is 17% of ally down from 37% before. a lot of people have been talking about the very tough competition that exists in this particular space right now. and i think the one to look at is sc. if you recall, sc went public down here just around the corner here at the post next to me in december. and it priced at $24 as i recall. and it is now $22 and change. so there has been a lot of competition in the automotive financing space, not just from santander, but other banks. the competition has intensified. trading down from its initial offer. you see what ally's doing. 24.61. still below the initial price. we have got some other ipos, it's been a huge week for ipos. the big day is tomorrow when we're going to have seven of them. atamus pharmaceuticals hasn't opened yet. cicarex is also going to be opening. we're waitin

and the treasury secretary was to wait for the morgan's word. there was a meeting called at midnight at the hotel manhattan with morgan invited friends, stillman head of national citi bank and tom lamont who was around but much younger and a bunch of other people to go around and talk about how they would save the markets. they put in money and got $25 million from the treasury department. that was the first time the trust buster said i need your help, here is money, do whatever you need. morgan got them together and they save it but not with morgans but standard oil money and shares they dissect to get back in. not the company that people from harlem to fifth avenue and in between were trying to get their depauosi deposits out of but the american trust company because in that he had invested and running that were his friends. and that was a situation where, you know, the government said -- teddy roosevelt said do this and morgan said okay and saved his friends. that led to the federal resevrv act and this idea that the bankers wanted a bank tha

treasury will take the lead from the u.s. side.ld have something coming out in the next couple hours if it is anything like last time. indeed, you very much bringing us up to speed, phil mattingly. >> let's turn to our corporate stories. pfizer confirms that it is interested in acquiring astrazeneca for nearly $100 billion. the deal would one of the biggest in the company's history. is -- bayer exploring a sale of its plastics unit. we are joined by david tweed in berlin. bayer reported first-quarter earnings this morning. >> they did do pretty well. the share price is up about re-.7%. just to put that into context, that gives bayer a market cap of 82 billion euros. that is $114 billion. when we talk pharma and chemicals, everything is such big numbers. as for the m&a, interesting story going on at the moment. it looks as though the chief bayer is at last in talks to sell the plastics unit, worth around $10 billion. there has been quite a lot of speculation that he would get around to sending this unit. this unit doesn't actually m

i think secretary lew and his consulting on this, we're working with the treasury secretary, the treasury department consulting with members up here, with other stakeholders to determine how can we be most effective in addressing the underlying concern? >> and i think you've seen that the greater the action is in trying to deal with currency manipulation, probably the likelihood of having trade promotion authority passing trade deals rises because there's more confidence in this institution that we'll finally tackle something that is an invidious way to try to get a leg up over the united states of america and its businesses and its workers. it's very interesting because 20 years ago when i got here one of the big issues was dealing with how we treat workers throughout the world, labor. and we always thought of trade deals as dealing only with the capital side of things, of the equation. but now we recognize that you could undermine a trade deal by undercutting labor, the value of work or workers. and can you comment on how you think we're doing with regard to dealing with labor and the e

we are looking at treasuries on that front as well.look at the treasury market -- a bit of a mixed market good we have buying on the longer end of the curve, selling on the shorter end. overall, not much movement there to speak of. with interest rates refusing to rise this year, even following ared thirsty investors looking to get creative in areas like stocks and junk bonds. the aim to give all of that in one shot in multiple asset classes. talk us through it. his johnson yesterday in insight and action was looking at the same kind of thing. looking fortill yields. it's been a couple of years and this has been a big thing. it just won't go away. the same pages as adam, that's a good sign. we look at the etf and talk about dividend paying stocks. all sort of separate. they go out and rapid altogether. one of those that illustrates all of this is the will to asset income etf. i picked this one first because it is yielding over 6% and its .oll perce etf. a 10 in 1 they charge 60 basis points and the waves away the fee of the underlying.

she was treasury secretary rubin's cleave of staff. she had an important behind the scenes role in the budget agreement. >> you are both members as we said of one of two senate committees that's going to hold confirmation hearings on sylvia burwell. senator scott, when burwell was confirmed 96-0 just a year ago to being the budget chief, you voted for her. and the question i have for you, senator scott, is might you vote against her now because of your concerns with obamacare? >> there's no doubt she was a good choice for omb. that does not necessarily make her guy choice for hhs. the real question we have to dig into is how obamacare and the role of the secretary of hhs, how they have been woven together and what it looks like to the american people. what we learned over the last several months is that only thing that are increasing obamacare are the premiums. premiums are higher than they used to be. we know there was a double digit increase in premiums both in the individual market and the small group market. we also know that out o

in treasuries, treasuries right now have to move higher. prices are up. that pushes the yield down.e on7%, a similar the shorter end of the yield curve. points before the jobs number. the federal reserve will continue buying treasuries. it has tapered it down over the last several meetings. it will still buy those assets. >> i want to bring in mike and what this means for the fed. >> the fed is going to look past this number because they are playing a longer game. they want to see of this sort of thing is sustained. it is good news not only because we get to trend and we don't go beyond that that because we did not have revisions -- we have revisions to prior months. the economy has not really slowed over the winter period. it isn't spectacular. we are making gains. the unemployment rate -- this is a good news story even though it did not go down. we talk about the responsibility -- a big rise in the number of people who came into the labor force. 500-3000. 503,000. you might spend more if you think the economy is getting better. we did not see a major increase in average hourly ear

treasury decides which. assets copeland could inherit if it votes for independence out signs like to get the best divorce settlement. and welcome to our international twenty four hour news life for most of iowa thanks for joining us a massive fire broke out in the heart of the ukrainian capital after a fire rival rally clashed head on was local pro-government activists these are pictures from my town square the focal point of the uprising which toppled the old administration in february. the violence broke out one a nationalist march was a blogger by the so called self defenders of my done too much wearing crowd had come out to commemorate protestors killed in the square during the february riot police calls were sent in to break up the brawl and several injuries were reported . ukraine's interim president admits the country's security forces are unable to quell protests in the east that's after so-called self-defense forces seized the city council and police building in goal of the latest city hit by unrest

what does that mean for treasuries, particularly given last year's selloff in the bond markets?i think last year's selloff was a good thing. the one place we saw a bubble was in fixed income. even with growth at 1.5% to two percent, and even inflation at 1.5%, 10 year treasury yield at 1.5% were too low. that was encouraging some excesses in terms of leverage and borrowing. now with the 10 yield -- the 10 two treasury at about percent, that is consistent with reasonable growth. and it also makes investors have better head than they did before. yields could not get lower. i think they are pretty reasonable levels right now. and i agree with the imf. we are in a lower inflation world, and a lower growth world. and that implies a lower yield. in the next couple of years, you will see bond yields creep up. but the fed is not going to keep rates at zero for ever. >> right now, checking my bloomberg schumer -- terminal, at 2.68. what are investors looking for to ignite stronger global growth? will that growth have to be initiated by measures undertaken by central banks, more stimulate

we had a short treasury. every hard working american pays income tax so there's no reason the corporations can't, massive profits can't pay their fair share. you'll never hear republicans say, that's terrible. you won't hear that. although senate finance committee is aware of this number, we got a new cheryl. on tuesday, chairman ron widen of oregon said i do think there needs to be some reforms in this area. i like ron but hello! some reforms? how about a lot of reforms. i would say massive reform to fix this broken system. it is not fair. wait a minute. they're hard. meanwhile the senate finance committee held a hearing yesterday. on the incompetent tax preparers. that's right. who is preparing your taxes across america? we need to make sure they're regulated and qualified. the committee was wasting a lot of time worrying about if waitresses and mechanics are filing their taxes properly. no kidding. they used the two formulas, waitresses and mechanics. 2.1 trillion are stashed offshore and the senate financ

jpmorgan had more money than the treasury department and in the late 1890's real people dead and i have as much invested they were just impacted. today they have deposits than they are more isolated but at the time the government called upon jpmorgan to help. that panic is that teddy roosevelt and talk about trust busting other industries he did not bust the bank the reason is he trusted and supported ian socially involved with jpmorgan and others that were big bankers at the time when the panic catmint there was a trust company called the knickerbocker trust company that imploded because of bad bets in the copper now with some prime and teddy bears ago called upon jpmorgan to save the situation. then teddy roosevelt you wait for my word the treasury secretary would have to wait for the meeting that was called at midnight at the hotel manhattan a new york where morgan invited some of his friends head of national city bank still hanging around with that much under. and a bunch of other people talk about how they say if the market. also having to to $5 million that is the first time they