Charlie Rose

marketmaven  10/24/2010 07:49 AM Report

Does anyone really listen to this guy? I have started this comment after only the first 4 minutes or his first comment on the economy and the expected growth in the American versus world economic growth. He is an master obfuscator of economic detail.

Why did Barack Obama ever name this tax dodging ' I've never worked in the private sector' to be the Treasury Secretary of the United States of America is my question that Charlie should have asked Geithner himself?

doodah  10/19/2010 07:07 AM Report

You're a true conservative and American, Neil. You're just missing the point that, the 'Financial-Services' 'Banking' 'LOBBYISTS' are NOT. And that they control MOST of the politicians. Especially Republicans!! . They are not conservatives; They are 'elitist-socialists', Hiding behind republican-rhetoric. Capitalizing on conservative TRUST! .. typical wolves in sheeps clothes. I say, bludgeon them!

NeilMacCallister  10/18/2010 02:31 PM Report

I apologize for my drunken rant below. My missed opportunities are mine alone.

I also apologize for carrying Mr. Ray Charles' song with me, as if he would agree with me. He would not. He made the best of his opportunities, after climbing over greater obstacles than I have faced. He did it with a smile, too.

And then he sang, "America the Beautiful":

http://www.youtube.com/watch?v=ghz4_kikLkE

I will take a break for 2 months. And go volunteer some now owed hours at the Veterans' Hospital.

NeilMacCallister  10/16/2010 03:14 AM Report

Hey, ..I'm sorry.

Want to feel better????

Try: http://www.youtube.com/watch?v=9jDleaINJKU

Some people know the truth!!!!!

God bless 'em!

NeilMacCallister  10/16/2010 02:59 AM Report

Yes, doodah, .."the new normal"... from Dartmouth to Detroit!

More importantly, ..like rob says, ..there is no "party", ..there is only "Do it yourself", ..or give your dreams to someone else.

I hate America, ..it is a land of wasted opportunity.

Thrown away opportunity.

So be it.

doodah  10/15/2010 05:48 AM Report

"10% 'official' unemployment - the new normal." They'll be teaching that soon in the halls of Harvard and Yale (as well as how to skew the numbers to their favor), as the 'elite' professors of the world anticipate the arrival of their new robotic garbage men.

afm528  10/15/2010 05:47 AM Report

Another softball session from President Obama's #1 fan. I am a fan of the show, but would like to see Mr. Rose ask liberals and progressives the same type of insistent, almost belligerent follow-up questions that he asks of many of his interviewees. Instead, he allows them to say virtually any nonsense they like without challenge or objection.

See the following for counterpoints:

http://www.economist.com/blogs/democracyinamerica/2010/10/public_opinion_and_bailouts

Jim Rogers on Geithner: http://dailybail.com/home/bailout-news-video-gentle-jim-rogers-brings-the-asian-pain-i.html

mutex  10/14/2010 07:57 PM Report

After listening to Secretary Geithner in this interview it is obvious he is not in the least concerned with the plight of self-employed and elderly savers. If you worked hard all your life, lived within your means and saved believing that you would be secure in your retirement you were apparently foolish and naive. The United States of America is a nation founded of, by and for debtors. The economy is not predicated on innovation, production and hard work but rather on credit. That people can (and do) save their money and start businesses and buy houses with CASH is apparently unfathomable to Mr. Geithner. He seems to conclude from this perspective that since we are all debtors we will all benefit from the manipulation of interest rates, our currency and this unprecedented use of government debt to determine winners and losers. We are set to unleash a level of moral hazard amongst the masses never even contemplated in the history of the world. Millions of people will receive huge discounts on houses courtesy of this kind of thinking. The stock market is predicated not on profits from sales but on low interest rates and taxes, stimulus and Quantitative Easing by the Fed. We fight wars we don't pay for, import oil with borrowed money and export jobs we are 'too good' to do. We have become a 'something for nothing', I'm going to get mine' entitlement society. Mr. Geithner seems to believe the government's purpose is to help people avoid the just consequences of their choices. A nation where fairness and justice are viewed as inconveniences to be avoided is not one headed for prosperity. The Obama Administration may believe they have averted disaster but the truth is its only been delayed. The cost of this short reprieve will end up being of monumental proportions.

doodah  10/14/2010 07:01 PM Report

That's right rob. I don't remember voting to legalize 'credit-default swaps' (and the like), in the late 90s and early 2000s, so that the 'financial-service' bloodsuckerpigs could make so much money for just screwing everybody (everybody whose worth a shit) (who WORKS and EARNS.). Now those everybodys are out of work OR working for chump-change, so these same bloodsuckerpigs can start the whole process over again. They are so ridiculously leveraged and fat-happy with the wealth they've managed to transfer into their own sniveling greedy little pockets. It will take much self restraint not to grab their necks and start SQUEEZING .

robdverity  10/14/2010 05:01 PM Report

Neil - do you really think venality and corruption are solely the province of one party? The loosening of regs started with Clinton (Glass-Steagall) and were exacerbated under Bush, Paulson and this guy Geithner. They're all whores and moral hazard is inevitable until some (of note) are thrown in the calaboose.

NeilMacCallister  10/14/2010 04:15 PM Report

Good Golly! ..you two lay there cursing and moaning as if you had actually nothing whatsoever to do with this American bankruptcy. But all of the very acts and people you rail against were voted into office!

All the rules about capital requirements for investments, tax structures, bailouts, public employment pension management, bundled securities, floating dollars...

All those rules have been written by our elected officials!

Are you unhappy with the economic product these men and women have been delivering back to you for years?

Well, duh, ..vote differently next time!!!

robdverity  10/14/2010 02:08 PM Report

Hear, hear doodah. Tax them first, then imprison them.

doodah  10/14/2010 08:42 AM Report

A sensible stimulation for the economy would be to tax the 'financial-servicers'-'capitalizing-THEIRprofits-socializing-THEIRlosses' (basically, 'the thieves' that took big $$ from government AND the people for putting their TRUST in them(the scumsuckerpigs who did this, just because it was "legal" to.). And in by doing so, SHAMELESSLY destroyed the economy.

Tax them 100%! And give it back to the people that actually have the ability to WORK for a living.

THAT would stimulate the economy. And deal with the problems of 'moral hazard' and 'perverse incentives' (for future scumsuckerpigs), all at the same time.

NeilMacCallister  10/14/2010 03:38 AM Report

I'm working 16 hr. days trying to keep my house from foreclosure, so I don't have much time to spend here, ..but I did get this far:

____

CHARLIE ROSE: U.S. Treasury Secretary Timothy Geithner is here. Unemployment remains at 9.6 percent, and the country lost another 95,000 jobs in September. Secretary Geithner is poised to become the dean of the president’s economic team.

TIMOTHY GEITHNER: Nice to see you, Charlie.

(LAUGHTER)

_____

I'll have to catch the rest later.

Sugarland  10/14/2010 12:48 AM Report

Comment: Charley Rose/Tim Geithner 12 Oct 2010

Excellent interview and exceptional performance by Mr. Geithner. He demonstrated substance in the answers to a large number of questions. It is easy to see that the President would use him as the “go to” man.

However, his background is in high finance. Identifying the cause of the crises and the methods necessary to increase employment go far beyond that. This is where broadly experienced , successful business people need to be brought in.

Andy Grove wrote a very provocative piece for Bloomberg last July. He shows that Apple created 25000 jobs in Silicon Valley researching, designing, sourcing and marketing the I-phone, I-Pad etc. Then Apple created 250000 jobs in China to produce the devices. The 10 to 1 ratio is typical of US technical companies.

Could it be that the US has totally mismanaged globalization? Should the US be selling devices instead of transferring valuable intellectual properties to eventual competitors? How do we create such businesses? The answer won’t be found in debating exchange rates with the Chinese.

onlychild  10/13/2010 11:14 PM Report

I have never seen Mr. Geithner display such passion before, and be able to explain the woes of the economy with such clarity. The current administration would benefit in being able to communicate in layman's terms with the nation and they would gain much more support. The interview was excellent and long overdue. Thank you

Deborah  10/13/2010 09:24 PM Report

Unless Charlie Rose lives in isolation, I find it hard to believe that he is perplexed about the cause of people’s anxiety concerning President Obama’s supposed socialist agenda, among other more distasteful memes penetrating the ethos. Watch Fox News or listen to any one of the bombasts on wall to wall conservative talk radio to clarify the confusion.

It is our collective tragedy that media have abdicated their responsibility to the public. We can’t have a functioning democracy without news information grounded in fact and a society that values civility.

Instead of asking if the U.S. system of government works, maybe Charlie Rose should reflect on the media’s central role in its demise.

rboardman  10/13/2010 05:43 PM Report

It's clear that Mr. Geithner understands fully the problems we faced, what took place, and the outcome. And after watching him I am a hell of a lot more confident in both his and the President's knowledge and handling of TARP and the ensuing financial and budgetary problems. It's a crime really, that the right wing gets away constantly with fact-free assertions about 'socialism' and other nonsensical conspiracy theories about gold and gun confiscation, etc. The administration and/or David Plouffe really need to craft a cogent, compelling, and accurate narrative about the degree of the crisis, the wisdom of the decisions made, and the good outcome that resulted. It doesn't negate our current unemployment or lagging economy which is in desperate need of MORE government help (not less) but Americans need to understand that government has an important role to play in stabilizing and stimulating the economy in times of trouble, and that this administration is on the right path.

DavLev  10/13/2010 05:17 PM Report

There is much blame to go around..from those who should never have bought homes they could not afford in the foreseeable future, to the lenders and mortgage borkers who wanted a "deal", to the packaging of loans by greedy bankers, to the nonsense of those who sold CFW in the trillions (insuring transactions), to the entire US public accustomed to borrowing and easy credit, to holders of

visa and master charge, to college students who took out loans to fiancne their education in the liberal arts ( a non starter to begin with).

Yes, he is right, financing is the grease that drives economies...but the loans have to be paid back.

Too big to fail, may or may not be resolved with tne new laws. Already, the lenders are figuring ways to make money on the cheap.

Fine, so China is slowly beginning to change the value of their currency,,what did he say, 2.5% over the last 6 weeks, on goody, goody.

Wal-Mart is looking to expand by thousands of stores, includihg small pint size ones..as small as 25,000 square feet. Im sure the mom and pop stores will just love to learn of this.

Millions of home owners are still upside down, with homes worth less than their mortgages. Yes states like California are putting a moritorimum on foreclosesures, using some

glitch in the notice requirements as an excuse.

But in the end, either the loas will or wont be paid.

The banks still hold the mortgages.

When equity refinanicng was cheap, and homes were sold at 8 times their purchase price, no one was crying, I khow people who bought at 150,000 and sold at 800,000 or refinanced, and gave the homes back. after using the money. So what was their attitude.

I have no pity for these people, who lived high on the hog at our US expense. They should have been renting all along.

As far as the TARP, was the money ever found that was lent to banks? Did the banks lend the money or are they sitting on it still?

The laws pertaining to consumers are absurd. Any 5th grader

know when he (she) is over their head.

The problem is that Obama still doesnt.

Yes the interviewee is very bright, and has learned through his experiences.

But Obama did not corect his faisco..straightened out to some extent over the millions of defaults, and loss of wealth in the trillions. How are those people to be compensated?

The Federal Reserve buys bonbs and creates money, but not out of thin air. It has to be paid back. There re no free lunches. Will GM survive..your guess. People are sitll buying

foreign cares, paid for by credit, granted by the Chinese still. Dont believe, me, just go to any supermarket parking

lot and count the cars. Go into a chain store and see who is making the products.

The other day, I went into a Sears, and noticed a winter

garment, brightly colored, made in China. It sure was cheap and attractive. I looked for an American product, and kept o looking.

Again, cheap products, made overseas..by cheap labor

and giving chain stores an edge.

Oh BTW, he should have bee asked who is paying for 3 wars?

The Feds are giving the States money to function and hire teachers. In California we have a propostion which swtill

gives breaks to businesses and relies on hidden taxes.

While this is going on, 100,000 families are paying the state tases..so why not everyone, vote for the liberals who

understand who will be paying what, with 50% of the high schoolers dropping out from their brand new schools.

forrestgump79  10/13/2010 04:44 PM Report

It seems that Mr. Geithner matured very quickly in his job as the new secretary of the treasury. Compliment! Good interview.

Gustav  10/13/2010 04:31 PM Report

The new forecast on the swedish gdp growth in 2010 is 4.8%(!!!)

Now I realize it is a small country compared to many others, but isn't it of any interest to look and see how a developed nation can still pull this off in these times?

Instead they mark all countries in Europe as European, the end.

REMant  10/13/2010 03:37 PM Report

China et al are growing at the rate they are because they are working to fulfill demand. Some of that is the demand created by the ppl who are doing the working and can afford it, but if it is not, no matter how circuitous the process, then we won't be looking at growth anywhere, because what matters is the work, not the demand. Model T's were priced so that the men who built them could afford them, because Henry Ford, almost alone among his peers, realized it couldn't work any other way. But it works both ways, for them and for us. Economics knows no national boundaries. It did not help Britain to dump manufactures on the colonies here, nor us to dump our own on places like China a century ago. I have no idea how anything can change that fundamental equation, not govt borrowing and spending, not printing money, certainly not a PR campaign. If we are concerned about imports, then we have to get down on a par with those who are doing the exporting and make the stuff we want, or something they do. Tariffs will not do the job, nor currency revaluations. Nobody in this country seems to want to do that. They blame everyone else. First it was Japan, then S Korea, Malaysia and the others, and now its China. Some here are certain it is only a matter of lifting barriers imposed by others to release native American productivity. Others feel it is a failure of command. But everyone seems to think it is only a matter of more credit. However, if activity, no matter the source, is not productive, does not pay back the debt incurred, and sustain the workforce, it can only add to the problem. In the words of one advocacy group, if you find yourself in a hole, stop digging. This crisis did not appear in the past decade, either, it has been at least half-century in the making, and I would suppose it will take at least as long to fully reverse. In order to do that we will have to work and save or face the vagaries of life as a 3rd world country. While you can consider the situation in the same light as the drug cartels, everyone should follow the rules China follows, not vice versa. The US, in any case, has been criticized for manipulating its currency as well.

I take it he is still trying to defend the idea of a "multiplier" aka "stimulus." In the Depression the problem was only made worse by leaving the gold standard. Gold was the anchor. Despite its inflated price, it still is. We ought probably be looking to gold's price rather than employment as the index of economic health, and not dismiss it as simply an index of pessimism or worse. When gold is lower, an economy is healthier. But I do not believe TARP has been paid back in coin. Leaving aside temporary loans made to shore up bank confidence, the debt has largely either been transferred to the Fed and/or it has been paid for by all the holders of dollars through depreciation, or will eventually end up that way. What Wall St wants is a return to the pyramid schemes of the past 50 years, which is why they get excited about talk of printing money, lower taxes and Treasury borrowing. They know equities are the place to be in periods of inflation. But back in 1977 when inflation wore a different appearance, tho it was really no different, no less than Warren Buffett wrote a celebrated article in Fortune on how it hurt investors. These days I'd say the only way to get business to change its mind would be to balance the budget, quit the "extraordinary measures," let interest rates find their own level, and force ppl to make money the old-fashioned way.

The idea of public goods as I argued July 12, is basically a myth, developed by Keynesians to support their ideas, not vice versa, the real issue being the inability of ppl to cooperate, which is no more aided by govt intervention, than by policing, putting ppl in prison, or bribing them with welfare. It pays both ppl and countries to be selfish in the short-run, but it can never be that way in the long-run. This is what agitated 19th c minds like Charles Darwin and Henry Adams. The answer, however, can only be education, and the discovery of our real self-interest. This means tho putting aside all ideas of some kind of creative progress, and focusing on the discovery of what nature has to teach us. That is real faith.

Despite being essentially the same argument he and Summers have made since the beginning and quite similar to what he said when last here, it was a good interview, more nuanced than two years ago, tho it had to contest with the extraction of the first of the miners in Chile. That brought to mind, however, that the spirit seen there is really the kind of thing we need here, now. I understand that an American crew drilled that hole, too.

charlizecourriers  10/13/2010 03:31 PM Report

It's obvious Geithner doesn't want to go near the question: who is responsible for the "blow to the economy" because he knows it was the government, i.e., Deocrats and Republicans who caused this crisis. This one term administration will also be held responsible, soon.

slightly_optimistic  10/13/2010 03:07 PM Report

*The US treasury secretary is accused of attempting to revise the U.S.Constitution.*

Interesting point, however it surely applies to governments everywhere. H L Mencken noted that it is the reflexive attitude of the politicians "to invade the Constitution stealthily, and then wait to see what happens. If nothing happens they go on more boldly; if there is a protest they reply hotly that the Constitution is worn out and absurd, and that progress is impossible under a dead hand. This is the time to watch them especially."

But how long can the old national constitutions survive, for multilateral economic and security matters in particular. At the weekend meetings of leading UN agencies, the IMF and the World Bank, Timothy Geithner pushed for "multilateral" solutions to global financial problems; on Monday the US defense secretary said in Vietnam that Washington needs "multilateral" institutions in order to confront the most important security challenges. Shouldn't constitutions be changed to reflect multilateralism?

robdverity  10/13/2010 02:57 PM Report

In my simplicity, the fiduciary underpinnings of any financial system depends on monitoring and safeguarding its integrity.

THIS IS YET TO BE DONE IN THE USA!

None of the perps will land in jail. Only in America can you steal billions with impunity, but get 5-10 for robbing a convenience store.

Too big to fail? How about too putrid to exist. Citigroup would be a perfect example of such, along with about 20 others of course. Hank Paulson bought an island. Malfeasance doth hath its rewards. Moral hazard? Guaranteed!

Makes an atheist pine for a hell for them to burn in.

kmmcgea  10/13/2010 11:05 AM Report

During your interview, Mr. Geithner proclaimed that the basic function of the US government was to do many things, including: 1) supplying healthcare for the citizens 2) making sure large financial corportations do not over-leverage themselves by designing rules and guidelines to prevent them from doing so.

I love the Charlie Rose show, but during this proclaimation by Secretary Geithner, you did not challenge the glaring intent to revise the U.S.Constitution by the executive branch.

In addition, I find it troubling that Secy. Geithner tends to use the political "talk-over" when the slightest challenge to the administrations decisions are presented. If the inspiration for their decisions were constitutional, he should be able to listen, then answer the question citing the legal framework. When the average taxpayer is audited by the IRS, he must respond within the tax code framework, does he not? The executive branch should be held accountable and audited according to law and, be prevented from revising the constitution to meet their political agenda. (Mr Geithner also stated that the President's quick, bold financial decisions, without debate, were key to their success.)

This interview may be historic if fiscal irresponsibility leads to our demise. Thank you for the show, but it would be so much better if you had somebody like Ron Paul presenting an equal-time response/debate, instead of a bobbing-head exchange. I continue to watch, and love your show, even though I do not always agree with your bias at the end of the show.