i entered the united states treasury in the early '60s in the midst of the triumph of canadian 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 wary 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 manske, 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 eco

dollar that we have spent combating health care flawed, we have returned about $7 to the united states treasury, the medicare 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 keep us safe and expand upon the work being done by our civil rights division to guarantee the rights of all americans are protected 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 the law

operating at a tremendous profit it remits maybe seventy billion dollars a year back to the united states treasury but like i said when short term interest rates inevitably rise that has to come to an end and they kept the fed can actually go cash flow negative which means that it has to start printing money to fill that void in order to cover the expense of interest on exports reserves that it pays to these banks that now in the old days i'm sorry i was that they got so interesting under that scenario would that be able to control inflation from getting out of control. in the old days yes but they changed their accounting methods in two thousand and nine for the year two thousand and eight to be able to print money out of nowhere just like i said to cover the difference before the banks themselves would have would have had capital calls and would have had to pony up the difference so what we have here is a banks are going to receive all this money disproportionately the too big to fail banks that should otherwise be going to the taxpayer in the treasury and this is something that nobody's talked

every extra dollar you earn they will be paying more than 50-cents to the state, and to the united states treasuryn: are the people who make less than that also going to face a hit. >> at the moment everybody who works gets a social security, a payroll tax holiday, a limited holiday, that goes away on january the 1st, so everybody who works would pay a little bit more in payroll taxes come january the 1st. megyn: we were told by the vice president that it is patriotic to pay more in taxes contrary to what these 1800 american citizens think, contrary to what people who don't want to see their taxes go up think. he says it is patriotic to pay more in taxes. you know, is there any likelihood that -- do you believe he may have a point? because when you look back to the 1950s and early 60s i think it was the tax burden was much bigger on americans than it is now. some people were paying 90%. >> in the 50s your tax rate could go up to 90% depending on what you earned. it came down a bit under john f. kennedy. then went back up again to 70% in the 70s. megyn: why. >> you could get away with all kinds of

it did not work out well for the united states treasury not to mention the more than 4,000 soldiers whooost their lives. meanwhile bush and cheney decided it was okay for the united states of america to go ahead and torture. to top it all off while a great american city was drowning, president bush glanced down in air force one before heaping praise on an incompetent leader. >> you're doing a heck of a job. >> after the bush-cheney track record, dick cheney is the last person in the country to be saying president obama is an unmitigated disaster. >>> a campaign manager let the cat out of the bag when it comes to gas prices. they feel good about the economic news. we'll talk to his democratic opponent about a republican strategy of rooting for bad news. stay with us. bored with your one trick lipstick? then lead a double life! with new blast flipstick from covergirl. creamy color on one end, shimmery color on the other. so you can flip your look from demure, to daring. new blast flipstick from covergirl. has a facebook page these days. but where's the relationship status? well, esurance i

some say united states do the same. the united states treasurye white house to dump the american penny. in response the obama administration said the u.s. mint is actively researching to find more economical ways to produce our coinage. >> two major ways for a coin to chance. losing weight and having a different or cheaper metallurgical. in 1773 when the u.s. federal coinage really took shape, most other kinds -- including the dime. >> for every dollar of pennies issued by the u.s. mint, we lose 1.40 cents. for nickels we lose 1.24 cents. as you see here in 2011. taxpayers lost $60 million producing pennies. and $56.5 million producing nickels. we could do a lot with that money, couldn't we? >> harris: how does the u.s. mint handled issues like this. >> a half penny was used in the united states until 18 a 7. -- 1857. >> it's possible to think about alternatives one of which is just getting red of pennies and nickels and having dimes and quarters and dealing with the rounding off problems that would accompany that level of coinage. >> experts say

with numbers like this, the united states treasury will end up making money on this whole deal. i want to ask you, this op-ed that mitt romney wrote back in 2008, how much of a problem is this going to be for him on the campaign trail when he goes into these states? >> i think it will be a problem. there's a problem in the michigan primary, when he came in. the curious thing about it is he actually doubled down on that appealing to the far right wing in michigan in order to try to win the michigan primary. quite frankly, he was turning off independent voters scratching their head, saying, is the a big success, don't you understand that and attacked the uaw. the uaw made significant sacrifices. they were part of the success and instead he attacked them. you should not be attacking folks who stepped up to the plate and made sacrifices, as a result of the sacrifice, it's been a huge success. it shows mitt romney is out of touch. >> out of touch. i would like to see mitt romney go into one of those factories and look at those workers in the eye and say, congratulations, you got the

it did not work out well for the united states treasury not to mention the more than 4,000 soldiers whoo bush and cheney decided it was okay for the united states of america to go ahead and torture. to top it all off while a great american city was drowning, president bush glanced down in air force one before heaping praise on an incompetent leader. >> you're doing a heck of a job. >> after the bush-cheney track record, dick cheney is the last person in the country to be saying president obama is an unmitigated disaster. >>> a campaign manager let the cat out of the bag when it comes to gas prices. they feel good about the economic news. we'll talk to his democratic opponent about a republican strategy of rooting for bad news. stay with us. [ male announcer ] you are a business pro. monarch of marketing analysis. with the ability to improve roi through seo all by cob. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. i'm going b-i-g. [ male announcer ] good choice b

that says, mitt romney, is a way of getting more from the rich into the united states treasury. it stands in stark contrast to president obama's policy of just flat-out tax the rich. gregg: right. >> but this contrast between the two is developing as the key theme in developing economic policy on both sides of the fence. gregg: is mitt romney, should he do this, really taking a page out of the ronald reagan playbook? didn't he increase revenues by actually lowering taxes but, closing up the loopholes, the exemptions, deductions and tax credits and so forth? >> that is precisely what ronald reagan did. he cut tax rates across the board. that is what mitt romney proposes to do. ronald reagan cut out some loopholes. and that's what mitt romney proposes to do. the end result of ronald reagan's policy was to i think double the amount of money coming into the united states treasury in a five-year period. that's what mitt romney think he can do with his proposal. if it is more than a proposal. if it is really is a proposal as opposed to a trial balloon. gregg: that is what i was going

it did not work out so well for the united states treasury not to mention the more than 4,000 americans of thousands who were wounded. meanwhile, bush and cheney decided it was okay for the united states of america to go ahead and torture. to top it all off, while a great american city was drowning, president bush glanced down at a disaster from air force one before heaping praise on an incompetent leader. >> brownie, you're doing a heck of a job. >> after the bush/cheney track record, dick cheney is the last person in the country to be saying president obama is an unmitigated disaster. >>> in the big finer tonight, a republican campaign manager let the cat out of the bag when it comes to gas prices. his candidate feels good about the bad economic news. we'll talk to his democratic opponent about a republican strategy of rooting for bad news. stay with us. it's very important to understand how math and science kind of makes the world work. in high school, i had a physics teacher by the name of mr. davies. he made physics more than theoretical, he made it real for me. we built a guitar,

geithner is a 75th secretary of the treasury of the united states serving as treasury, mr. geithner served as chief executive of the reserve bank of new york of the federal market committee. the group responsible for monetary policy. secretary geithner had a long career at the treasury but also worked at the world bank, direct -- sorry, at the imf directing policy development and reviewed department. he has very strong both international and national experience bringing it together. secretary geithner studied international economics at dartmouth, the event will take place in the form of a conversation with david ignatius from "the washington post." whom many of you i'm sure, maybe all of you know writes twice a week for an affairs column. david has also written eight spinals. the most famous of which is probably "body of lies" in 2008 was made into a hollywood film starring leonardo dicaprio and russell crow. i told him before the meeting that i was really very jealous of that. ignatius joined the "post" in 1986. in 1990 became foreign editor. 1993 assistant editor for busi

certificate that we'll doing in and the fact the bond markets are very favorable towards the united states, the treasury can borrow extremly low-interest rate, 2% for a lot, sends politicians the wrong signal. that's how many of the european economies have gotten into difficulty. they didn't want to make ever physical choices. and they didn't want to present voters with any hard truths. well, eventually you have too much debt. eventually you will get into some form of fis wall-- fiscal problem and interest rates will go up. if interest rate goes up with our current levels of debt 4%, 6%, 8% this will be very difficult and then will you be forced into some form of really tough precipitous austerity that would push you back into recession. >> so are you saying that we might have to go through those tough austerity measures that we saw going on in europe? i mean how real is that? >> we're not greece, and we will not ever be greece. we haven't tied ourselve into a crazy monetary system like the euro zone. and we have time and we have space. but ultimately, if we pos post-- postpone this, refuse to deal with

united states is there anybody else. well the bank of england is involved and also the the big the big one is the united states that said treasury you can. exchange stabilization fund certainly and then just b.c. j.p. morgan goldman sachs should mention the squid they were the ringleader chill of that three or four years ago and i think have just completely disappeared from the city so they are gone but it's just that combination of course and then they have their lies and other central banks to help dump some gold on the market as i mentioned earlier i think the europeans got to get another gulping because. they're not selling anyone any more gold at all while other countries are vying as you mentioned and now one thing i do want to ask you about you you mentioned j.p. morgan several times and they really have gotten a lot of flak for what people believe is manipulation of the silver market and we did actually hear from blythe masters the head of global commodities answering a question about that and she defended it saying that they're hedging she said that they're hedging by this and that they have and that specular bets aren'

>> i was the assistant secretary for management and chief financial officer of the united states department of treasury. >> does things at treasury work the same as you see it working in gsa? >> based on what i have seen just through this report and the little i have seen, no, they do not. >> i have a question on this. now you came in and you made a command decision. you cancelled 34 conferences. what was your criteria to determine that those were wasteful? the reason i ask this is professional development and conferences for personal and professional employees isn't necessarily a bad thing. if they are done correctly and that internal personal development i see it in myself as a teacher, the professional development communities we put together while we didn't go off staff and while we had coffee that someone made in the back room, that gathering together was certainly valuable. and i would make in the long run our outcomes for student achievement were improved by those. how did you determine these 34 weren't going to live up to the standards of professional development? >> we cancelled those actions p

we've got experts that have looked at and said it basically is accurate that the united states treasury does owe the postal service $11 billion. and under some circumstances maybe we are required to pay that back. i don't argue that at this point. what i would say is if we pay it back, is it not an expenditure of the united states? if you're behind on your car payment, and you have to make that payment, well, you have to make the payment. but don't you have to get the money from somewhere? and if you and your family have agreed to you're not -- agreed you're not going to borrow not so much but so much new money and shouldn't you look to see where you can cut spending to pay for that? that's all we're talking about here. certainly owing a debt doesn't mean you don't have to pay the debt. but as a matter of coring scoring, a matter of integrity and accounting you have to understand that it costs money. the money comes from somewhere. most people understand, i think, that the united states government borrows money through t-bill sales and we pay inta on the money -- interest on the money w

united states equity space. fixed income in the united states, not necessarily treasuries. and that be your base camp.uations are still reasonably attractive. the earnings season is still quite strong for many areas of the market. even within europe there's troubled countries on the fiscal side but there's good companies within europe given all the valuations. we get some attractive entrance points. but emerging markets for longer term disciplined investors, look into commodities and emerging markets. we think the globally diversified multiasset risk portfolio makes a lot of sense for a lot of people. especially given liquidity as your benchmark -- >> stephen, where are you in the united states? in particular on the growth and fears that perhaps we're beginning to store and where we are on the earnings revision and the forward looking statements at the height of earnings season? we're going to talk about kelloggs in a minute. >> i think the united states the growth is going to be okay. in that 2.5, 3, maybe a hair more. nominal gdp won't be very strong. there's not a lot of inflation there. but i thin

>> well, i don't know, but, you know, warren buffet is in a major tax dispute with the united states treasuryther for hundreds of millions of dollars on getting back taxes for net jets which warren buffet owns and he's trying to get back hundreds of millions of dollars. it's sort of interesting, he talks about the secretary all the time but nobody mentions the little article that there's this major, and i mean major, lawsuit going on having to do with taxes that they claim warren buffet owes. >> that's right. >> meanwhile, donald, you know, it's autism awareness day and the facts came out last week that so many more people are being diagnosed with autism than before. have you been thinking about that? >> well, i've been very much involved with it over the years. i have some great friends, bob and suzanne wright who used to head up nbc, as you remember, they've really devoted their life to autism. and they've had a serious event take place in their family and they're fantastic people and i've helped them over the years and we've had fundraisers at other places and i've gotten to be pretty fami

this legislation will allow the united states treasury to mint $1 and $5 commemorative coin in 2016 inecognition of the important legacy of mark twain. surcharges on the sale of the coins will benefit four institutions that either bear mark twain's name or focus on his study of work. the mark twain house in harford, connecticut, the university of california berkley, elmeira college in new york and in my congressional district, the mark twain boyhood museum in missouri. it will cover all real and costs for marketing production that the -- it will be no cost to the taxpayers. i'd like to thank my colleague, representative john larson of connecticut, who

geithner's the 75th secretary of the treasury of the united states serving as treasury he served as the president and chief executive of the federal reserve bank of new york. in that capacity he served as a vice chairman and a permanent member of the federal market committee, the group responsible for monetary policy. secretary geithner has a long career at the treasury, but also worked at the world bank -- sorry, at the imf directing the policy development and review d.. so he has very strong both international and national experience, bringing it together. secretary geithner studied international economics and east asian studies at dartmouth and ice. the event will -- sais. he writes a twice a week foreign affairs column and contributes to a blog. david has also written eight spy novels, the most famous of which is probably "body of lies" which in 2008 was made into a hollywood film starring leonardotyty cap ri pri owe and- dicaprio and russell crowe. he became foreign editor in '93, he began writing his column in '98 and continued even during his three years as executive director of

august we agreed to certain debt limits, the amount of debt we would incur and add to the united states treasury and it was a fought-over agreement but we reached it and we stood by it and we, i believe, have a moral obligation to not mislead the people who elected us when we said we intend to stay by the limits on increasing debt. this bill increases debt above that limit. the congressional budget office scores it as adding $34 billion in debt to the united states. chairman conrad has certified a budget point of order is legitimately placed against it. if -- i would expect we would have a motion to waive the budget point of order. i would expect there might be a motion to say well, we don't agree with the c.b.o. or somehow this is so important we need to add to the debt anyway. but colleagues, if we mean what we say if this time in history we begin to at least stay within the limits we agreed and don't want do that, then i think we have lost further credibility with the american people. so i don't -- i respect the work of the colleagues on the bill but i think we're setting a great precedent he

we've got experts that have looked at and said it basically is accurate that the united states treasury does owe the postal service $11 billion. and under some circumstances maybe we are required to pay that back. i don't argue that at this point. what i would say is if we pay it back, is it not an expenditure of the united states? if you're behind on your car payment, and you have to make that payment, well, you have to make the payment. but don't you have to get the money from somewhere? and if you and your family have agreed to you're not -- agreed you're not going to borrow not so much but so much new money and shouldn't you look to see where you can cut spending to pay for that? that's all we're talking about here. certainly owing a debt doesn't mean you don't have to pay the debt. but as a matter of coring scoring, a matter of integrity and accounting you have to understand that it costs money. the money comes from somewhere. most people understand, i think, that the united states government borrows money through t-bill sales and we pay inta on the money -- interest on the money w

the postal office is in debt to the united states treasury by $13 billion. by the end of the year, it is likely to reach its statutory debt limit of $15 billion. driving this crisis are many factors, not the least of which is that the volume of first-class mail has fallen by 26% since 2006 and continues to decline a, as this chart shows. reflecting that sharp drop in volume, revenue has plummeted from $72.8 billion in 2006 to $65.7 billion in 2011. mr. president, the postal service is part of our culture and economic fabric. its failure would deliver a rushing blow to our economy, at a time when the economy is already fragile, and it would be particularly harmful to people living and working in rural america. that means that we must pass a bill. doing nothing is only an option if we're willing to let the postal service fail. that is the choice that we face. and failure would impale a vital component of our economy. for the postal service a the linchpin of a trillion-dollar mail-related industry that employees near 8 million americans in he would faos as dive

forget the millions squandered bit general services administration try billions more by the treasury of the united statesamerica. let's raise academic standards across the nation. let's get back to the head of the class. let's solve this. all we have to commit more. we have to commit more. million until ridiculous. ridiculous. ridiculous. >> i warned you, that is all i could do. i was never a fan the bank bailouts, of any bailouts, i said it was a slippery slope. and now, now this, the inspector general seeing the bailout fund saying taxpayers are still on the hook for $118 billion guess what, they may never see a penny of it back. we will hear more from her tonight at 6:00 p.m. but, first, to the judge who, like me, saw it all coming, the fact that two italian americans were on this before anyone is purely luck. from new jersey, this was so obvious. you know --. >>judge napolitano: we were in the minority. the so-called free marketers like president george w. bush who said you have to i salt the free market to save it they went along with it and six months ago when the big banks paid their money back, t

the united states postal service, and the federal treasury itself. far are we away from the th advertisers are invited to bid to put their logos on postage stamps, or even on dollar bills. it sounds ridiculous, but ten years ago you wouldn't have even thought we were talking about the nba, with the coca-cola celtics. >>> not everyone can be in new orleans for jazz fest. but gospel singer irma thomas is there. fred talks to irma right after this. [ director ] cut. cut! [ monica ] i thought we'd be on location for 3 days -- it's been 3 weeks. so i had to pick up some more things. good thing i've got the citi simplicity card. i don't get hit with a fee if i'm late with a payment... which is good because on this job, no! bigger! [ monica ] i may not be home for a while. [ male announcer ] the citi simplicity card. no late fees. no penalty rate. no worries. >>> some breaking news now to tell you about from the university of south alabama, they have put a statement on their website saying there's a crime alert about an armed individual, that there's been r

united states. the one-year cost to the treasury for this proposal is $46 billion. and that's part of why president obama has threatened to veto this as an unnecessary give away. he's not going to have to veto it because it's going nowhere in the senate. this is a tax cut that would go to people who don't need it. >> how our colleagues across the hall can figure out more ways to help the very -- >> so larry, this is simply like the proposal that went down in the senate on the buffet rule earlier in the week. it is not intended to become law, it's rather an effort to frame the political debate going into the election season, and that's a debate that i know you're right about to have, larry. back to you. >> john harwood, we welcome our distinguished guest, kay bailey-hutchison and chris van hollen is actually the ranking democrat on the budget committee. all right, chris, you voted not too long ago, i know you voted against the 20%, eric cantor small-business tax cut. can you tell me why? >> yes, i can, larry. this is one of those here we go again moments. what this d

united states. unfortunately. i don't want to say they are not helping or you are not helping. the treasury is doing a lot but we realize the american government has a lot of political restrictions and need to pass a special law into congress in order to do so. the point is even without the united states we've got to the imf the support is needed to participate in the solution. so how do you say? the cavalry is coming. and we can see solutions. soik see the end of the tunnel. even the agenda for the future in terms of the issues i want the most which is food security and green economy. >> i think the cavalry's going to come for you soon. let me just wrap up by saying a few things. first of all, you absolutely have the commitment of the u.s. chamber and our members in supporting your meetings in las cabbos. we'll be present, active and supportive of the agenda whether it's food security, dealing with financial risks and many other issues on your plate. so count on the commitment of the business meeting. second, you have the commitment of the u.s. chamber. you heard it from tom donahue and fr

united states. unfortunately. i don't want to say that they're not helping or you are not helping. the treasury is doing a lot. but we realize the american government has a lot of political restrictions and need to pass a special law into congress inned or ti orin order. even what the united states, we got to the imf, the support its needed to be ready to participate in the solution. so the cavalry is coming. and i say that we can see solutions. so i can see the end of the tunnel. i hope that we can provide good news for the world economy. in terms of resources. the new financial architecture and agenda for the future in terms of the issues, the most. which its food security and green economy. >> i think the cavalry is going to come for you soon. let me wrap up by saying a few things. first of all, you absolute loo have t -- absolutely have the commitment of the u.s. chamber supporting your meetings in los cabos, we will be present, active. supportive, food security, demg with financial risks and many other issues that are on your plate. count on the commitment of the business meeting. second you have the comm

in other words, the old days trs united states had it all to itself, and state tax rates were pretty high. what you got now, martin, you're a tax expert, a former treasury man. this competition is bringing down tax rates. canada has a 15% federal tax rate and a 10% dominion tax rate, provincial tax rate. how can the united states have a 40% tax rate in this new world order of low corporate tax rates globally? that's really my question. >> larry, i absolutely agree with you. we must lower our corporate tax rate. i think the rate should be 15%. >> well, i love that i love that, by the way. editorially. thank you for that. >> however, to get there, if you look at the romney plan, the ryan plan, the obama plan, the bowles-simpson plan, all say we need to close loopholes. this loophole that apple is using is the biggest loophole. if we want to start getting our rates down, we have to start broadening the base. we don't want an uneven playing field. >> all right. fair enough. >> what is the loophole? >> let's allow apple to pay the same amount of tax as a midwestern manufacturer or a northeastern service company. that's what we're talking about here. >> they'