secretary geithner was sworn in as the 75th secretary of the united states treasury on june 26th, 2009. he previously had served in the treasury department under three administrations. before coming to the federal reserve, he was at the imf. earlier in his career, he worked for kiss jer associates. secretary geithner graduated from dartmouth college and the john hopkins school of advanced international studies. we are pleased to have secretary geithner deliver his remarks which we followed by a question and answer period with two designated club members, please welcome secretary timothy geithner. [ applause ] >> thank you, andrew. good evening. nice to see you all. thanks for coming. it's a pleasure to be back here at the new york economic club. a great forum for national debate about economic policy and to be here at a time when we face some fundamental important choices about politics and economics. it's nice to see so many former colleagues here. cayou. i want to particularly pay tribute to my formers colleagues at the new york fed who are here somewhere. [ applause ] they are as i

i entered the united states treasury in the early '60s in the midst of the triumph of cangian thinking. the consensus then was, and i can give you quotes from some of the leaders then, we had conquered the business cycle. instead, of course, we ended up with a log period of stagflation. we had to invent a new word to suit the unhappy circumstances. then more recently in the 1990s we had those benign years of the washington consensus, of rational expectations, of market efficiency. we even for a year or two managed to balance the budget. and then without much anticipation it all went bad. the big lesson is that in an inherently uncertain world we should be weary of any seemingly simple and all-embracing approaches toward economic policy. a period of success seems to perversely breed overconfidence and excesses. and those excesses produced the next crisis. it was howard menske, little known then, not so well known now, who rationalized that observation of repetitive cycles into a theory of the seemingly inevitably repetitive financial crises of the 1980s that nobody was listening. the ec

we have spent combating health care fraud, we have returned on average about $7.00 to the united states treasury, the pled care trust fund and others. these numbers are stunning, but my colleagues and i recognize that we cannot be satisfied, and this is no time to become complacent. that's why in addition to helping us build on this record of success, the president's budget request also would bolster our fight against drug trafficking, international crime networks, gangs and cyber criminals, it would increase our efforts to protect the law enforcement officers who cape us safe and expand upon the work being done by our civil rights division to guarantee the rights of all americans are pro teshlthed in border areas, workplaces, housing markets and voting booths. i am committed to building on these and our other many achievements. i know you understand in this time of uncommon threats and complex challenges, we simply cannot afford to cut back on the amount and the quality of justice that we are obligated to deliver. the department must remain vigilant in protecting this nation and in enforcing th

, for every dollar we have spent fighting against health care fraud we returned $7 to the united states treasury, medicare trust fund and others. these numbers are stunning. there is no question that we should be proud of the results that we have already achieved. health care fraud won't be a focal point of this working group, this ongoing work will augment our latest consumer protection efforts. i also note that this its no time to be satisfied. we cannot afford to become complacent. that's why weep must, and we will, continue to seek new avenues for communication, and collaboration with partners like you. with assistance and expertise of friends and allies gathered to day and through discussions like those this afternoon. on ush use ranging from fraud targeting the elderly. to tax schemes, to business opportunity fraud we'll develop comprehensive strategies and implement solutions to preventing and combatting consumer fraud in the years ahead. to put it simply. my colleagues and i are counting on each and every one of you. american consumers are depending on you. and i look forward to all that

secretary gunnar was sworn in as the seven defense secretary of the united states treasury on june 26, 2009. he previously had served in the treasury department under three administrations. before coming to the federal reserve, he was at the imf. earlier in his career, he worked for kissinger and associates. he graduated from dartmouth college and from the johns hopkins school of advanced international studies. we are pleased to have secretary of the treasury tim geithner deliver his remarks which we -- which will be followed by a question and answer period. please welcome secretary of the treasury tim geithner. [applause] >> thank you and it is great to be back here at a time when we face some fundamental important choices about politics and economics. it is nice to see so many former colleagues here. i can see some of you and i want to pay tribute to my former colleagues at the new york fed who are eager somewhere. i know some of them are here. they are an exceptionally talented corps of the public servants, brave and creative in a crisis and it was my great privilege to work with t

it will direct revenue to the united states treasury. it reduces operating and maintenance budgets. it is presented in a bipartisan way. mr. speaker, i encourage all of my colleagues to support this bill, the nature and the approach that we're taking here i think is just good government. it is smarter, more streamline, more efficient and move the ball in the right direction. so at this time i'd like to reserve the balance of my time, mr. speaker. the speaker pro tempore: the gentleman from utah reserves. the gentleman from illinois is recognized. mr. quigley: thank you, mr. speaker. mr. speaker, i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. quigley: i want to thank the chairman of the full committee, mr. issa, for his staunch support of this bill and i want to thank my good friend, mr. chaffetz, for working so closely with us to craft this bipartisan bill and working together get it to the floor today. finally, i want to thank the ranking member of the full committee, mr. cummings, for working with me on this important bill. the

because experts from the united states treasury department, from the nonpartisan congressional research service, and from oil executive testimony that came before the finance committee that i sit on made it very clear that's not the case. but more than that, some of the most important tax policies that will be extended in this bill will help drive down gas prices by creating competition for oil as a transportation fuel. these incentives include one for biofuels, like cellulosic ethanol, biodiesel, also incentives for natural gas and propane used as a transportation fuel. there's also incentives for alternative fuel refueling infrastructure and for electric vehicles. taken together, these incentives are laying the groundwork for a truly competitive market, where we are not beholden to one type of fuel to power our vehicles. but the good news doesn't even end there. there are also tax incentives that will help the united states compete for the renewable industries of the 21st century. for example, the section 1603 treasury grant program has helped finance renewable energy projects around

i entered the united states treasury in the early 1960's in the midst of the triumph of keynesian thinking. the consensus than was and i can give you quotations from some of the leaders than. we have conquered the business cycle. instead, we ended up with a long period of stagflation. we had to invent a new word to illustrate the circumstances. more recently, in the 1990's, we had those be nine years of the washington consensus of rational expectations, loss of efficiency, we even for a year or two managed to balance the budget. then without much anticipation, it all went bad. the big lesson in an inherently uncertain world, we should be wary of than a seemingly simple and all embracing approach toward economic policy. a period of success seems to perversely breed conference -- confidence and accesses. those excesses' produce the next crisis. it was haim minsky to rationalize that observation of repetitive cycles into a. of the seemingly inevitable it repetitive financial crises of the 1980's that nobody was listening. the economy has perked up in the last few months but in my mind, we are

those figures from the united states treasury. paul ryan is attempting to address the debt problem. bill: how many is that for the past minute? >> i wasn't required to do math of course. bill: that is a lot of cash. stuart, thank you. i know you talk a lot about this on varney and company today. thank you, stuart. here's martha. martha: let's put this number into context. talking about astronomical numbers so hang with me, folks. the u.s. budget deficit is projected to $1.2 trillion in fiscal 2012. the current budget deficit projection is $93 billion more than was forecast just two months ago. the u.s. government will run a trillion dollar deficit for a fourth consecutive year. these are numbers the likes of which the u.s. economy has never ever seen. bill: congressman ryan officially unveiling budget later today. 10:30 a.m. eastern time. we'll have his comments live as soon as they get underway. streaming live on foxnews.com. why some are saying this plan is christmas in march for democrats? all that coming up here. martha: a fox news alert right now. a wave of deadly bombings hitt

the headlines from around the globe this morning and the united states treasury secretary tim geithner goes on the defense saying critics of financial reforms and bailouts are suffering from financial crisis amnesia. >> banks in europe had 775 billion yeuros in the ecb. >>> and over in japan january cpi data showing the third largest economy is still stuck in deflation. the yen slips to a near nine-month low against the dollar. >>> you are watching "worldwide exchange" with christine tan, ross westgate. i'm jackie deangelis. great to have you with us this morning. let's take a look at the u.s. futures and see how we're setting up for trade on wall street. looks like it's point to go a lower open. the dow lower by 14.3. the nasdaq by 3.25. and the s&p 500 by 1.6 points and of course this was after a higher day, a higher close a little bit. yesterday we saw positive sentiment and perhaps, ross, some are say that go we overreacted to bernanke's comments the day before. >> yeah. it just shows you how skittish the markets are. we had good gains, up over a percent. this morning more muted. l

secretary geithner was sworn in as the 75th secretary of the united states treasury on june 26, 2009.before coming to the federal reserve he was at the imf. earlier in his career he worked for kissinger associates. secretary geithner graduated from dartmouth college and from the johns hopkins school of advanced international studies. we are pleased to have secretary geithner deliver his remarks which will be followed by a question and answer period with two designated club members. please welcome secretary timothy geithner. [applause] >> thank you enter. good evening. thanks for coming. it's a pleasure to be back here at the new york economic club, this great forum for national debate about economic policy and to be here at a time when we face some fundamental but important choices about politics and economics. it's great to see so many former colleagues here. i can see some of you and i want to break regularly paid tributes to my colleagues from the new york fed who were here somewhere. they are as i hope you know exceptionally talented group of public servants, brave and creative an

that we have spent fighting against health care fraud, we returned an average of $7 to the united states treasury, the medicare trust fund, and others. now, these numbers are stunning. there's no question that we should be proud of the results we have already achieved. although the health care fraud isn't a folk call point of the group. the ongoing work will augment our consumer protection effort and is this is no time to be satisfied. we cannot afford to become complacent and we must and will continue too seek new avenues for communication and collaboration with partners like you. with the assistant and expertise of the friends and allies gathered here today and through discussions like those that will take place this afternoon, issues ranging from fraud, targeting elderly to common tax schemes, to business opportunity fraud, we will develop comprehensive strategies and implement innovative new solutions to preventing and combating consumer fraud in the years ahead, and my colleagues and i are counting on each and every one of you, american consumers are depending on you. and i look forward to a

united states? in addition to that, treasury secretary geithner has dismissed reports that we might participate in a special imf european aid fund and i would like to know if that's accurate and if that's going to be true in the future. and the president, the obama administration indicated that or increased our contribution to the imf which is currently 17% of the imf's overall budget and the imf has indicated it will need another $500 billion. and so what i want to find out is how much exposure are we facing right now and how much exposure are we likely to have added on to us and are we going to be underwriting the european financial crisis and what impact that's going to have on the united states of america. thank you, mr. chairman. >> i thank the gentleman. i thank both the subcommittee chairmen on t.a.r.p. and financial service and our former full committee chairman. with that we go to the ranking member of the financial services and t.a.r.p. smet mr. quigley for five minutes. >> thank you, mr. chairman. today's hearing as we know builds on two previous hearings we held before t.a.r.p. subcommit

i entered the united states treasury in the midst of the keynesian thinking. the consensus then was, and i can give you quotes from some of the leaders then who have conquered the business cycle. instead, we ended up with a long period of stagflation more recently in the 1990's we had those years of the washington consensus of rational expectations, of the deficiency. we even for a year or two managed to balance the budget. and then without much anticipation, it all went bad. we have any oil in pressing approaches in the policy. the period of success seems to read over confidence in the excesses as the excess produce the next crisis. it was little then and not little-known the cycles and to the theory of the seemingly inevitable repetitive financial crisis that nobody was listening. the economy has spoken of the last few months. my impression is that before we can claim anything like success, the rising consumption partly based on the proceedings, and the kevin inventory is not a strong and lasting recovery. housing and commercial construction remaining flat b

creating, the more taxes that are collected and the more money comes to the coffers of the united states treasury to pay down this tremendous debt. and these two issues are actually related. i've tried to figure out how to explain this to kansans back home about why the deficit matters and whether or not they have a job or have a good job or can pursue a better job. and the answer is that no business is going to expand, no business is going to grow, no business is going to invest in capital and plant, eequipment, hire no -- equipment, hire new people if they're concerned they may be the next greece. so the goal of paying down the debt is certainly worthy in and of itself, but if we can do that we also have the opportunity to create an environment in which business does feel comfortable in hiring more employees, in adding to plant and equipment, investing in their business and growing it. and so today we come to the senate floor in support of the jobs bill as passed by the house of representatives in hopes that the senate will do so in short order. and it is the opportunity we have to make a treme

secretary geithner was sworn in as the 75th secretary of these united states treasury on june 26, 2009. he previously had served in the treasury department under three administrations. before coming to the federal reserve, he was at the imf. earlier in his career he worked for kissinger associates. secretary geithner graduate from dartmouth college and from the johns hopkins school of advanced international studies. we are pleased to have secretary geithner deliver his remarks, which we followed by a question and answer period. please welcome secretary timothy geithner. [applause] >> thank you, andrew. houdini. nice to see you all. thanks for coming. at the pleasure to be back here at the new york economic club. this great forum for national debate about economic policy, and to be here at a time they some fundamental important choices about politics and economics. it's nice to see so many former colleagues here. i can see some of you. and i want to particularly pay tribute to my former colleagues at the new fed you are sitting here somewhere. i know some of them are here. they are, as

i entered the united states treasury in the midst of the triumph of the keynesian thinking and the consensus then was and i can give you of quotes from some of the leaders then we have conquered in the business cycle. instead of course we have the long stagflation and a new way to seek the unhappy circumstances. then more recently in the 1990's we had those in the washington consensus the best expectations to the deficiency in for a year or two managed to balance the budget with the anticipation failed. the big lesson is in the uncertain world we should be wary of any seemingly simple and all embracing approaches towards economic policy. the period of success seems to breed over confidence and access, and those excess produce the next crisis. there was little known not so known now who had the observation of the cycles in the fury of the seemingly inevitable competitive financial crisis in the 1980's but nobody was listening. the economy has perked up in the last few months but in my mind we are still far from the lack of activity. my impression is they are stirring a long ahead of us before

more than 1000 investigations, and for every dollar we have spent, we have returned $7 to united states treasurythese numbers are stunning, but my colleagues recognize we cannot be satisfied, and this is no time to become complacent. that is why in addition to helping us build on this record of success, the budget request will bolster our fight against drug trafficking, gangs, and cyber criminals, and increase efforts to protect the law enforcement officers who keep us safe and expand on the work being done by our civil rights division to guarantee the rights of all americans are protected in border areas and work places and voting booths. i am committed to build on these and the other many achievements, and you understand in this time of uncommon threats and complex challenges we simply cannot afford to cut back on the amount and quality of justice that we are obligated to deliver. the department must remain diligent in protecting and enforcing the law, and these efforts must be funded. i look forward to continued to work with the members of this committee to accomplish this, and i will be happ

in the years after his service to dad, he served as 61st united states secretary of state, secretary of treasury, white house chief of staff for two presidents, chairman of the iraq study group, personal envoy of the secretary general of the united nations, and proudly one of our fellow trustees of the gerald r. ford presidential foundation. a philosopher once observed, quote, the best impression one gets of a leader and of his character is by looking at those closest around him. if in the end the legacy and leadership of our guest and his remarkable service to america, then please know that the 38th president of the united states would be bursting with pride today. thus, it is a personal joy and honor to introduce to you a statesman, a world leader, a man of peace, a man of integrity and i'm very proud to say, one of my dad's dear friends. ladies and gentlemen, jim baker. [ applause ] >> thank you, thank you, ladies and gentlemen. and thank you, susan, for a very warm and generous introduction. and thank you as well for all you have done to nurture and honor the wonderful legacy of both your da

initiated more than 1000 investigations, and every dollar we have spent, we have returned $7 to united states treasury. these numbers are stunning, but my colleagues recognize we cannot be satisfied, and this is no time to become complacent. that is why in addition to helping us build on this record of success, the budget requests will bolster our fight against drug trafficking, gangs, and cyber criminals, and increase efforts to protect the law enforcement officers who keep us safe and expand on the work being done by our civil rights division to guarantee the rights of all americans are protected in border areas and work places, and voting booths. i am committed to build it on these and the other many achievements, and you understand in this time of uncommon threats and complex challenges we simply cannot afford to cut back on the amount and quality of justice that we are obligated to deliver. the department must remain diligent in protecting and enforcing block, and these efforts must be funded. i look forward to continued to work with the members of this committee to accomplish this, and i will be

that we've spent fighting against health care fraud, we've returned an average of $7 to the united states treasury, the medicare trust fund, and others. now, these numbers are stunning. there's no question that we should all be proud of the results that we have already achieved. and although the health care fraud won't be a focal point of this working group, this ongoing work will continue to augment our latest consumer protection efforts. but i also know that this is no time to be satisfied, and we cannot afford to become complacent. and that's why we must, and we will, continue to seek new avenues for communicate she and collaboration with partners like you. with the assistance and expertise of the friends and allies that have gathered here today, and discussions like those that will take place this afternoon, on issues ranging from fraud targeting the elderly, the common tax schemes, to business opportunity fraud, we will develop comprehensive strategies and implement innovative new solutions to preventing and combating consumer fraud in the years ahead. and to put it simply, my colleagues and

more than 1000 investigations, and for every dollar we have spent, we have returned $7 to united states treasury. these numbers are stunning, but my colleagues recognize we cannot be satisfied, and this is no time to become complacent. that is why in addition to helping us build on this record of success, the budget request will bolster our fight against drug trafficking, gangs, and cyber criminals, and increase efforts to protect the law enforcement officers who keep us safe and expand on the work being done by our civil rights division to guarantee the rights of all americans are protected in border areas and work places and voting booths. i am committed to build on these and the other many achievements, and you understand in this time of uncommon threats and complex challenges we simply cannot afford to cut back on the amount and quality of justice that we are obligated to deliver. the department must remain diligent in protecting and enforcing the law, and these efforts must be funded. i look forward to continued to work with the members of this committee to accomplish this, and i will be ha

and you know, jeffrey sachs, an academic and larryç sommers, treasury secretary from the united statesan despite the fact there is a strong case that the world bank needs to be run by someone outside ofç america. not least because developing countries are taking an increasing role on the world stage but also because that's where a lot of the work is done by the world bank. budget flights are dominated by easy jetç and british airways. they are launching liberian airways, but you have to cut stock costs to run these airlines, that's part of theç deal. they are in contract talks. this has been called off for the moment, but it remains a risk. >> thanks so much. >> you are watchingç "bbc worl news." >> still to come, china said it will phase out the policy of transplanting organs from) executed prisoners. >> europe's giant space rover will be taking supplies to the international space station. it isç the biggest space vehic serviced on the station now that the american shuttles have been retrieved from service.ç >> if only we could all get our groceries this way, but then we could

. >> tom, but what was also prominent in yesterday's session in the united states was that bond yields, treasury yields back up and the dollar decline, as well, but equity markets moved up. is this a new trend? >> i go thing is inflation. people are more comfortable about the markets, but we're starting to see higher prices at the pump, higher prices at the supermarkets. and that's the big concern as we go into the summer. here in the u.s., a lot of folks in the last couple years have cut back, there has been less travel in the summertime, they haven't taken vacations. they've been spending less. the big i think litmusest will be as we get into the summer, are people more confident, are they starting to spend more. and is inflation starting to keep in its ugly head. that's what many investors are looking at as we get into the summer. >> all very good questions, tom. thank you so much for your insight. of course tom will stay with us to provide more of his opinions as well as john silvia. meantime, still to come on the show, has crude oil prices whoever around $108 a barrel, we talk to an expert

. >> is it fair that the politically connected investors get the money of the united states federal treasuryair that some people who don't believe in birth control are forced to pay for other people's birth control. we can go on and on about this. is it fair that rich people have to pay traffic fines in the united states. in finland, rich people pay more. one guy had $100,000 fine. >> for doing what? >> for speeding. and it's the third one here that the richest counties in america just happened to be around washington, d.c. we're doing this huge wealth redistribution to washington and the subsidies are supposed to go to poor people. usually go to politically connected people and they tend to be rich. >> isn't that because so much of our money goes to the federal government and the federal government is making itself bigger and bigger and the people who work in the government benefit from them. >> right. and it's not like state government is getting any smaller either. we want to help the electric car industry. the average buyer of a schchevy volt has an income of $115,000 a year. >> is it fa

they were able to build the building and furnish it and still turn $100,000 back to the treasury of the united states. so it came in under budget. may be the only government building in history that came in under budget. >> gilbert had thought he had done such a great job that the u.s. capitol should be moved so that people would have a better view of the court. that was his view. i think he did create a beautiful building, but there is no way the capital is going to be moved to provide a better view. >> gilbert worked in what is essentially a sort of french classicism. he was very serious and his intentions to create a house and a symbolic house for the third branch of government that expressed the seriousness of what we were doing, the authority in which the third branch should be invested and authority really to work for what was right. >> the supreme court justices are not shy and some of the justices felt that the new building was too grand, was to grandio search . chief justice stone has alleged said to say that the justices were nine black beatles in the temple of karmac and they should right

dealers are foreign banks because we don't have enough big banks of the united states to raise the money and assist the treasury funding the deficit. if we go to north dakota where we've got this huge find in oil shale. if we're going to find $6.3 million delores in oil shale, we need huge investments. if we're looking at significant projects that the countries around the world are involved in, whether it's china or india or these brazil and these countries that are competing with the united states, they amass the money to deal with these projects. >> a lot of people say let's take the north dakota shale. that's coming from local banks and regional banks that the big banks wouldn't go near it in the first place. a lot of people believe because of mr. geitner's reforms and 2500 pages, there's not a lot of risk-taking going on in the banking system, which is another strike against what he's proposing. >> i agree with you a hundred percent that the risk-taking has been cut back dramatically. but think about it. the small banks or the mid-sized banks may get small pieces of what's going on in north dakota. but if y

united states. today, five counterterrorism experts from the fbi, the nypd, dea and treasury department testified before the house homeland security today. france's horrific attack on the jewish children is a big part of the focus here, but also there was the recent targeting of diplomats in india, georgia and thailand. all of that is top of mind. preventing a terror attack, long feared by leon panetta is an out front priority for american officials as well. the director of intelligence testified about iranian agents conducting surveillance on new york city since 2003 and he gave more evidence about that particular threat. one in 2008, during the u.n. general assembly. members of the iranian delegation were seen photographing grand central railroad tracks. he cited september 2010 and again during the u.n. general assembly, four employees of the iran broadcasting company interviewed after photographing and videotaping the water line and structure area of the wall street heli port landing pad. the obama administration has been vigilant charging two men, a member of the iran's revolutionary guard. and now

united states and create jobobs. 2.5 million jobs. if you want to get someone from the administration -- the treasury s secretary -- to dispute that i wldhappy to discuss that with him. >> i would not be surprised if theyapped the strategic reserve. >> kate you made a good point and an article y wrote this week every time t there is a big republican primary day the democrats at the white house maged to john roll some domeststic inititiative. they announced a big help for hoowners on mortgages. this week, it t was taking china to courtrt over rare minerals. >> it is a about politic they are slapping china on the wrist for producing these rare minerals. >> we ed them for boeing, helicopter blades -- >>verything. it i is hard to sayow important that issue is. a l lot ofhinese e expts i talk to say they not eect china to o retaliate significantltly. ina is in a period of transition. the vi presint isoing to becomeme president next year. the president using thaspeech tuesda that he is tough china. romney ss the fir day in office he is going to o label china as a currency manipulator. >> let me point out that i earned my tenure buy rating tra

could lose health care coverage from their business, go into these pools, and hammer the treasury of the united statest. that is a very real possibility. in fact i think there will be quite a few more people going into it than have been originally projected. bill: senator roy blunt out of missouri, senator, good morning to you. >> bill, good to be here. bill: is republicans lead this fight and end it in -- win it inned end in. >> i think we'll win in the end. the question is how long is it until the end. there's no question that the president's plan will not work. i believe that the tenet of the mand aid is unconstitutional but i'm equally opposed to it if the court decides it's constitutional. you can do a lot of bad things that are constitutional. i think this doesn't meet that constitutional standard. but what i don't want to do is for our friends to begin to think in this fight, it's about the court, whatever they decide about the future of health care. it's whether about people have access to health care and whether it improves and goes the other way. there's no question when you look at the impl

when i was treasury secretary for president reagan in 1986, the jackpots were coming into the united statesuying up everything. remember, they were buying up radio city and everybody was saying, well, america's down the tubes. japan is going to own the world. guess what. it didn't happen, and they have just had 15 years of terrible economic times. we got a lot of things going for us that others don't. you know, people compare us to china. well, china's growth is really a very amazing thing. it's important. we need to acknowledge it. it's significant, but we've got some strengths that they don't have, and lot after things going for us. it's really a very amazing thing. it's important. we can acknowledge it. it's significant, but we've got some strengths they don't have. one of them is our political system. our principles and ideas. if anybody would doubt our political system's going to be any different years from now than it is today, would anybody have the same guess as china, i don't think so. >>> you don't resolve, address the problem just by raising taxes. you do need revenue, but if you

could lose health care coverage from their business, go into these pools and hammer the treasury of the united stateshuge, unexpected costs. that is a very real possibility and, in fact, i think there will be quite a few more people going into it then originally projected. >> shannon: we will be watching, as i know you will, when the supreme court takes up these arguments. we'll see what they decide on that. senator session, thank you for visiting with us. >> thank you. >> shannon: ahead in 20 minute, another aspect of the health care debate. expansion of medicaid under the new health care law. dozens of states says it's an unconstitutional power play by the federal government could that send them into bankruptcy. will the justices buy that? a fair and balanced debate on medicaid coming up. >> wet weather in california is causing major issue, mud slides and flooding and downed trees. where is the stormy weather headed next? meteorologist rick rite matthew has more on that. >> almost everybody is going to get in on this storm this week. it's a really slow mover, but a potent one. the strongest storm w

you served as secretary of the treasury, looking at issues of the taxpayers' dollars and exercising the ownership interest by the united states to the extent that the united states became an owner, frequently, in the auto bailouts. you served as co-chair of the auto task force and board member of the guarantee corporation. you were simultaneously leading all the agencies on every side of the deal in one whole role or another. throughout these processes, you've refused and treasury has refused to answer questions. you provided unredacted documents, disclosed relative information that people have asked to hold accountable the treasury to find out what has occurred, where the tax dollars has gone. delphi retirees, 20,000 people across this country lost a portion of their profits as the three roles of the treasury, pension benefit guarantee corporation and auto task force picked winners and losers and they were ones that were picked as losers. tens of thousands of retirees left in the wake of gm bailout and then you have concern as to how do we look to the european crisis and whether or not similar conflicts of interests, taxpaye

outfront that given its history negotiations the united states must move forward with tremendous caution and skepticism. >>> meanwhile the u.s. treasury another six iranian companies. >>> number three, the ousted president of mali is free and unharmed. that's what the former leader said today in an interview with a french radio station. it's the first time we have heard from him since a coup forced him from power last week. he told the radio station he's still in mali and added i think the most important thing today is to find the way out of the crisis. note that america has suspended millions of dollars of aid until the elected government returns to power. america remains concerned about extremists in the north of the country. >>> a hearing on capitol hill regarding the collapse of mf global. who knew the details of the transfer of funds? one person believed to know all the details is edith o'brien. he's what she said when asked about the money. >> on the advice of counsel, i respectfully decline to answer based on my constitutional right. >> o'brien repeated that phrase each time she was asked a question. the wall street journal has

this important because it will become harder united states to fund its deficit remember people only buy that as foreign countries are made by u.s. treasury bonds because the dollar is the world's trading currency now if gas that's status as you wrote it if the dollar is no longer it will be sort of currency if it becomes atomized among you know that was in the russian ruble or the indian rupee and so forth then there will not be that meets and by treasury problems because after all foreign countries you countries are buying treasury bonds because they need those dollars in order to buy oil and other commodities which are currently priced in dollars as that is eroding this information of the brics it's a start a fact in the american economy specifically the american ability to fund itself yet debt and that will put added pressure on the federal reserve to go into the. no printing press no and print out more dollars and less accelerating the dollars that we serve it's well let's talk to certainly this tipping the scales of the economy is one of the most important things that these countries talk about but they also seem to want to make sur

want to mention the fact that some of the safe havens, the treasuries and the gold sector underperforming yesterday here in the united states. how did things look in europe? >> gains for some of the markets on this side of the atlantic, jackie. we are seeing small declines in the ftse 100 is registering unchanged at the moment, seven days of gains for the likes of the dax and also for the cac. each of those indexes closed at fresh 2012 closing highs. it looks like it could have a fresh high once again today if we stick with these levels. 0.2% higher for the cac. the ftse mib 0.7 and 0.25 for the smi as well. jackie? >>> meantime, president obama has discussed tapping emergency oil reserves to stem rising prices with uk prime minister david cameron on his visit to washington according to reuters sources. obama is under fire for rising gasoline prices in an election year and may be looking to gather international support to tackle fuel costs. a white house official said no agreement had been reached between the two leaders. meantime, joining us now to talk more about that and some strategy is the founder and cio and still wit