today treasury man tim geithner isn't even a poor imitation of volcker. he is all hat and no cattle as the dollar continues to drift lower threatening bulge inflation and huge blow to american prestige. listen to some of the cliche ridden meaningless statements by the treasury man. >> a strong dollar very important to this country. i think the dollar remains the world reserve currency. i think it will be for a long period of time. a strong dollar is very important to the united states. we have a special responsibility in the united states to make sure we're doing the things in this country to preserve confidence in the u.s. financial system, confident that is very important to sustain the dollar's role it's the principal reserve currency in the international financial system. >> just a lot of yaping, no action. this is not leadership. this is surrender on the dollar. now we learn that rahm emanuel may be running dollar policy and the u.s. treasury. from january to july of this year, geithner and emanuel met in person, spoke on the phone or left messages f

secretary of treasury tim geithner as well, he plays a lot of hoops. some of these congressmen as well. all of these congressmen they play on a house league. they played in college, some high school. they all have some game. you know what, two of those members from the house coming over today are republicans. maybe, richelle, a little bipartisanship at the white house. >> maybe this is kind of like golf, where guys play golf and talk a little shop as well. we'll see. i need to know why are there no women playing with the guys? what's going on? >> the white house secretary was asked that. take a listen to what he has to say. >> the president is someone who is the father of two young daughters, has an avid interest in their competing against anyone on the playing field. the president certainly played basketball and other sports with women in the past and i anticipate he'll do so in the future. >> gibbs was also asked why he's no on the list, why he's not playing tonight. he said he did play a couple weeks back at a pickup game and he twisted his ankle. h

we also have treasury secretary tim geithner out with some comments. and a new scathing report on the t.a.r.p. our steve liesman joins us to break it all down. >> put it all together. a novel concept here, dennis. losing money if you invest in banks. comments from sheila bair that secured creditors and banks should face losses in the event of a failure. quote, skin in the game. treasury secretary tim geithner said now is not the time to scale back on governor assistance to the economy, repeating his warnings that history shows scaling back too early can make financial crises worse. it's not surprising that treasury announced additional funding for its public/private investment partnership early this morning. these partnerships are supposed buy toxic securetized assets. of the five who received, they rated the private equity. now five of nine public/private investment funds to come. here are the totals now. the new money is $7.7 billion. total of $12.27 billion. they think by the end of the month up to about $35 billion, $40 billion out there. this morn

larry summers tim geithner. i can do this all day. we can spend the rest of the show running the names of of the people connected to the clinton administration who are running things for obama. you're hopeful about what? >> i'm hopeful that president obama has recognized that probably the people best to clean up the mess are the ones who created it. tavis: you're a bright guy. you believe that? >> i want to believe it. i may not be right on this. listen. we just went through the worst eight years imaginable as far as i'm concerned. and the day that president obama was elected, last november 4, it was such an emotional day. i was just really beside myself with happiness and joy and i realized it was not going to be easy for him. he was inheriting a catastrophe. not just an economic catastrophe, three wars, etc., etc. you wouldn't wish this on anyone. god bless him for wanting to attempt to do something about it. but it was funny. when he was running for office, he wasn't the candidate of wall street. they were giving their money to mcc

. >>> at 11:30, treasury secretary tim geithner will be in chicago to announce a multi billion dollar community project to help spur growth in communities. >>> has an airline ever lost your luggage? you have to see how one passenger singing the blues after what happened to his precious guitar. this is an update. it's an old story. but we've got an update.

why can't tim geithner under cross-examination by various committees ever come up with a number for the size or the amount of toxic assets on the books of banks? >> i think that's fair enough. i think one of the problems there, rick, is that what exactly is toxic is something that changes on a day-to-day basis. >> i understand. >> what about whole loans? whole loans have become a bigger problem. would this be a good solution for dealing with the whole loan problem? >> just to be clear, melissa, there are two separate programs under beneath ppip. one is one you talked about which is the ppip which is the thing announced by the treasury. the fdic, meanwhile, held a pilot project and did an initial auction over on toxic assets from one of the -- >> it didn't go very well. >> i think it went okay. i think they got out there with the assets and sold it. it was assets from a bank that had been taken into receivership. the bigger challenge for the fdic program is getting -- using that to get whole loans off the books of existing and functioning banks, which is a tougher sell right now. >> is t

geithner. so, for instance, in the bank debate, cea, the pure economists, they think textbook way to deal with this thing is good bank, bad bank and recapitalize them with government money. geithner on the other hand, much more and the folks at treasury, much more sensitive to how the markets would respond. much more sensitive to the argument over nationalization or good bank/bad bank setting off a panic on wall street that would lead to a run on these institutions. and summers playing the sort of traditional hard core academic challenges the premise of every argument that is brought to him just sort of hammered geithner and the treasury people and made sure they explored every other option. >> he report a conflict between him and austin in the white house over whether to bail out chrysler. >> again, austin, who is a deputy, the sort of number two at the council of economic advisors and a well-regarded economist from the university of chicago and came to the table with a pure economist argument

tim geithner? he doesn't have any game. and a bunch of blue dogs. how hope the president gives hem a locker room talk. the president has been on the sidelines way too long in this health care debate. he needs to just jump in the game and lay out what he wants. this is a critical moment for the president. a new poll yesterday showed a major uptick in the president's approval rating for support on health care reform. pollsters say the public liked it when the president got involved. he spoke to congress, he went on the road, he needs to keep the pressure on. a poll just out today showed confusion still reigns when it comes to health care. 47% say they oppose the president's plan, but 61% say they support a public option. i also think democrats need to start calling the republicans obstructionists because i don't think the american people quite get it. only 27% of them think the gop is acting in good faith. okay, they get that. but 57% of them say that they want a bipartisan bill. i have no idea what the heck that is about. the democrats can't focus on

treasury secretary tim geithner and other finance ministers of the g-7 or the group of 7, richest nations in the world issuing a statement on china's currency. among other things. saying they welcome beijing's continued commitment, to move to a more flexible exchange rate. promoting a more balanced growth, in china, and the world economies and g-7 countries are concerned that an undervalued chinese currency is fueling chinese exports at the expense of their own and china runs huge trade surpluses and countries like the u.s., for example, run large deficits. >> and speaking of tough economies, horse owners across the country facing a major crisis right now. creating a crushing burden on rescue organizations, trying to cope with record numbers of surround -- surrendered animals and molly line has this report from massachusetts. >> reporter: a combination of bad weather and a worsening economy is creating crisis for horse owners across the country, leaving rescue organizations struggling to care for a record number of surrendered animals. >> the -- 2007 i believe we brought in 21 surrendered

tim geithner told a congressional committee the gdp numbers are encouraging, but, of course, millions of americans continue to struggle. >> unemployment remains unacceptably high for every person out of work, for every family facing foreclosure, fosh every small business facing a credit crunch, the recession remains alive and acute. >> investors helped to lift the dow 200 points on thursday. the nasdaq and s&p 500 making big gains yesterday. the markets soap just shy of two hours and are expected to pull back. >>> lawmakers in rhode island closed a loophole that made prostitution legal as long as it was done inside. a 1980 law passed by the state's general assembly cracked down on outdoor solicitation. didn't say anything about paying for sex indoors. more than two dozen suspected brothels operate in rhode island. the governor is expected to sign the new bill. >>> a maryland man could not be there to see the birth of his first baby because it was suspected maybe he had the h1n1 flu. doctors booted him from his wife's delivery room as a precaution. the couple had to get creative. the d

geithner over at treasury. and, look, i think that if you look at the criticism on those three big decisions, one of the stimulus -- it wasn't big enough. on the banks, a lot of people thought they should nationalize the banks and they were not bold enough when they did that. and on the out auto industry, they thought it would harm the capitalism. i don't think anything that was said from the harshest critics have said would happen. >> the question of the second stimulus has come up. where do you think we are headed on that? >> well, look, i don't think the white house is ever going to come out and say we are proposing a second stimulus and here are the items in the second stimulus. the word stimulus is poison now politically in washington. so what you are going to see, you are going to see unemployment benefits extended. you are going to see different parts of the original stimulus bumped up. when something looks like it's affective, and able to get through congress, they will champion it. one example is the c

. >>> treasury secretary tim geithner meeting with finance ministers from other go 7 nations in istanbul today. the u.s. has been pushing to decrease the size of the g7 from 7 countries to four, saying the current group has lost some of us relevance. >>> a man who is very relevant today, rick. >> answer a quick answer. we have people e-mailing, wanting to know -- >> that's good. >> when do we turn the clocks back? people want to know. >> i think it's november 1. let me double-check it. yeah. -- no, the first saturday in november. >> people thought today was the day. it's not today. >> there has been drought across much of south texas. this has been improving, though, after this last week. this is what it looks like. a couple dots here with the exceptional drought. more rain will be falling this week. that's great. we need all of the rain. that is the storm down here. moisture from tropical storm olaf. one system across the northeast, heavy rainfalling overnight. now we're seeing this across eastern areas of new england. this rain will be with us for the rest of the day here and then kind

i don't know if tim geithner was also there. what facts are we missing in terms of sequence of events. >> we've talked with anybody that has information. we're letting this investigation wherever it leads us, that's where we're going to go. >> when secretary paulson said it was me, it was me, and by the way, it was me. i told them to do it. it was me. that's not enough. >> some people are saying that's not the way it happened. we need to continue to look. if we're going to reform our system, don't we need to have all the information? i would think so. >> i think there's obviously information gathering, congressman, right? you'll issue a statement like this one. our investigation has uncovered troubling facts. we hope we can resolve unanswered questions about the merger. you clearly have some suspicions, right? >> of course. no doubt about it. that's the reason why we keep looking. we know there's something rotten in the cotton. we keep going to see what was happening. that's the reason the investigation is still ongoing. >> it's

i did not understand tim geithner asking for an audit of the federal reserve. we need this distraction to keep our mind off the government. i appreciate it. host: we have a tweet. it will only cost america up more money. lost in the conversation is the fact that these olympics are for 2016. we have to go through london first. this is the front page of "the hill" newspaper. "they tried to convince captain sully sullenberger to run for a congressional seat in california. the gop wanted sullenberger to run against jerry mcnerny. the white house did not make calls on public option. they did not lobbied senators before the rejected two amendments the but of edit a public option to the reform plan. north carolina. joe. you say you are opposed to the president's trip. caller: i think that it is a waste of time for him to be doing that. they're more important things for him to be doing. we need as many jobs in this country as we can. i think rio would be a better place to have these olympics. host: what do you think rio is a better place? caller: i think there is too m

chris dodd, tim died there, i give you crops for that. -- timothy geithner, i give you props for that. >> you like that? what about the republicans? sean: the subprime mortgage crisis was caused by the community investment act initiated by jimmy carter. they forced financial institutions, by law, for homes that they could not afford. people took the banks up on it. my question to you is that if you buy a home and cannot pay it back, who should pay the bill? >> first of all, if you believe that that is the cause of this, the carter administration, why did the crash not happen then? sean: he started it, they got a double down on the clinton years. >> what happened during those reagan-bush years? sean: i will explain it to you. >> they got rid of the rules. sean: that is not the problem. >> clinton followed up on it. when bush the second came in, he really smoked them. he made it so that the banks could get away with murder. sean: bush tried to prevent the subprime crisis. let me give you an example. franklin raines, kim johnson, friends of obama. one of them made $90 million in six year