Quick off the top, an apology. Last night, i went on a bit of a tear against phillies manager Ryne Sandberg and his home city of philadelphia. And i may have overstepped. Sometimes you hurt those you dont intend to. In this case, the philly phanatic. Obviously theres no need to rehash who called who a bleep up jim henson reject looking piece of bleep . Or words exactly to that effect. The point is, it was said. Most likely by the one of us who doesnt have a blow tickler in place of a functioning larynx. However, after our taping, it was brought to my attention that the mascot of my preferred baseball club, one mr. Met, is himself neither fully animal nor human but is in fact an at least equally hideous halfman halfball mutant with a baseball instead of a head. Why someone would take a job where he is surrounded all day by bats, seems like a recipe for trouble. The point is, im sorry i offended mr. Phanatic. I know how difficult your life has been since that sex tape came out. Seriously, was that the cardinal mascot in the corner pleasurerring himself in i dont know how that guy got in there. With that out of the way, we turn to the midterm elections and our continuing coverage of democalypse 2014 the race to continued incumbency. Yesterday saw primary votes in six states. But not your usual, boring primaries. This time, the future of the Republican Party was on the line. The tea party over . Across the nation, Establishment Republicans seemingly tamed the tea party. The establishment won last night. The Tea Party Republicans they got spanked. Shellacked. Is the tea party over . Purple nurple look to further than kentucky for proof the tea party is finished. Mcconnell was the number one for Tea Party Groups in the country. He beat back the tea party. Jon we have foonlt from that race footage from that race what the how did you get up here anyway . Oh, uh, just runnin. And also i got a Million Dollars from the chamber of commerce, so that helped. Ah yup. Mitch mcconnell, the ultimate mainstream establishment candidate, handily defeating the tea party extremists. No longer will our government be in the hands of crazies who say president obama is destroying the constitution. The president of the United States is treating our constitution worse than a placemat at dennys. Or those insane people who say we have to repeal obama care if i had my way about it, we would repeal obamacare. Or the rhetoric Government Spending is out of control. Runaway government at its worst. Or care is the worst legislation passed in the last half century. Deny obama a second term. Stop this train wreck. applause jon so, yeah, take that tea party doesnt seem like the tea party is so much lost as found a new host by the way our own jason jones went to india to export american style poll six to them. Turns out the Worlds Largest democracy already has an electoral system theyre pretty happy with. I came to india to give 1 if the 2 billion people a lesson in democracy which turns out they didnt need one which made me sad, downtrod until i saw this arguing their democracy may be great but their news was worse than ours. Suddenly, i had new purpose, i had to save them from the path they were on. Let me talk to that guy. Yeah, im from america. Ill just go see him. He was the editorinchief. Jon cnn ibm, is that related our crn snn. Fortunately. Jon unfortunately . No, i said unfortunately because not great to have a brand name like cnn. This is . It is . Yeah. Okay. Its a terrific brand name. A news brand that proudly changes the actual number of voters in india from 815 million to 1 billion because it sounds better. If i said 800 million you wouldnt remember it. I say a billion, you remember it. Ill remember its wrong. Ts a Good American way of doing things. The wrong way . No, the brand recall. The americans love brand recall. Do not use us as an example, all we do on American Television news is shout at each other. We do a lot of that. People like noise, im told, on tv. They dont. But our news noise isnt the only production element they envy. I think you make terrific graphics at election time. I love american gizmos. The holograms. You want that . Eah, i like that. India is using this technology to deliver news in the most confusing ways imaginable. Id like to believe Indian Television is actually better than most people believe it is. You dont read tweets on the air, do you . I love them hash tags trending he loves tweets so much he takes them from everyone, even adolph hitler. But the one thing American News wants that he wants is prettier anchors. But you would be out of a job. Thats okay. I love them i love them. So indias cable news is a terrible loud mess. Indians looking for indepth reporting need to only turn to one of their 93,000 registered newspapers. Indias print media found a Surprising New way to remain profitable. One of the problems we have encountered recently is the paid news. Looks like a news story and it has been paid for. We have that. They label them at the top, this is an advertisement. Thats what theyre supposed to do but not doing anymore . In legitimate papers. Opinion polls are manufactured like that. You can buy opinion polls . Thats crazy yes. An indian journalist like the millennium post are understandably outraged by this unethical practice. I can go out and buy a story written by myself . Yes. Thats wrong. It is wrong. s gross. Totally oppose it. Would you write a story about me . If you pay me money. Tossed the millennium post 2,500 and got down to business. Why are you interested in indian politics . Im not, by can you make it seem like i am . I can do that. m doing the best to cover it. How about a poll that says im going to best coverage. Can you do that . I can do that. I have ethics. As a real journalist, you have ethics. But as a paid journalist, just write what im telling you. Okay. Turns out it was easier for me to write the article and the next morning it was printed in a National Newspaper that heralds itself as having no half truths, there it was on page 2, a story that was 100 lies. Seriously, i really did this. Go to this link and you can read the article yourself off. Best election coverage, it says. This is your body . My body, yes. Did you see todays newspaper . Yes. Hot. Yes. Do you believe those . No. I am a journalist. I can figure it out. But the common man, they must say, okay, the guy looks like this. You cant trust the media, thats sad. Yeah. I had to get the word out about how dangerous paid news was and there was only one news source trusted must have to spread my message. arguing why arent you talking about paid news in thats what you should be talking about. Cut off their mics and talk and paid news. Stop them honestly, the offseason isnt really off for me. Ive got a lot to do. Thats why i got my surface. Its great for watching game film and drawing up plays. Its got onenote, so i can stay on top of my todo list, which has been absolutely absurd since the big game. With skype, its just really easy to stay in touch with the kids i work with. Alright, russell you are good to go alright, fellas. Alright, russ. Back to work mwould not slow down. When they told him he had reached the limit. He just had one thought faster. What was he chasing . What are you chasing . Old spice take a look what youve done youve made a sexy man right out of my son old spice [ old spice whistle ] applause jon welcome back. Tonight, he was the United States secretary of treasury from 2009 to 2013, his new book is called stress test, reflections on financial crises. Welcome to the program timotny geithner cheers and applause how are ya . Look at this thing. Look at this thing. Look what i had to choke through over this past week its excellent. Jon it is excellent. Stress test. Heres where i think we should begin. It seems what this book seeks to do is clarify a perception difference. The perception on your end and maybe the governments end that the bailouts worked and were the right thing to do and the perception on, lets say, the other end of people who thought that it was the wrong thing to do and didnt work. So lets take that. Lets start with your perception. Its like an optical illusion. You see the thing where one person looks at it and they see a pretty girl and you flip it and the other person looks at it and sees america getting bleep . So lets figure that out. laughter what is your perception of this crisis and why we bailed out the banks the way we did . Theres only one reality. Jon all right. Okay. It was a terrible financial panic, and the only option, the only responsible, just, moral thing to do in that context is to protect people from the risk of mass unemployment, which is what happens in financial panics, unless governments step in and try to make sure they keep the lights on. Jon so this was a bulwark you have described it as there was a plane going down, the arsonists were on the plane, it was on fire if it was just the arsonists, you could let the plane crash, it didnt matter. Jon i see. The problem was, there were a bunch of innocent victims on the plane with them, and your first obligation is to figure out how to land that plane safely. Jon i see. Thats not your only obligation because, once you do that, youve got to get the economy growing again, you want to try to make people accountable for the mistakes they made, fix the system so it doesnt happen again, but the first obligation in the panic is to make sure you do whatever it takes to protect them from what we saw in the Great Depression which was 25 unemployment and bread lines for a decade. In that context, you have to do the opposite of what seems intuitive and fair. You have to make sure that youre preventing people from running from the system, the system from collapsing. Jon you dont want the system to collapse. We dont do it for the banks or the bankers. Jon right. You do it to protect them from their mistakes. Jon heres where i guess the perceptions begin to shift, because i think thats a compelling case, that youre being told this economy is going to crater and that even though the arsonists are on the plane with us, we have to land the plane. Then it felt like you took the arsonists off the plane and got them a massage and a steak dinner. applause laughter so the plane has now landed and our clothes smell like smoke. Its worse than that. They went and bought themselves a massage and a nice dinner on us. Jon but we continued to and the country was still burning. Jon that is correct. And continues to this day to lag mind in recovery in large part because the Housing Market hasnt really come back. We have these 8 million to 10 million homes still underwater as they call it. In comparison, this is not like a hypothetical thing, its tragic. If you look at the record of this economy, and its still hard and there is still a lot of tragic pain left over from this stuff, but the record of this recovery is very good against the last century of countries coming out of these crises. Jon it seems very good for the Banking System. Doesnt matter what it looks like for the Banking System. Its is the economy growing again and getting people back to work, how did that happen. Jon didnt that lag behind other recoveries . Not recoveries following financial panics like this. Jon are you talking about 1929. No, not just 1929, but if you look at the record of we had a bunchemerging markets fall off the cliff in the 90s. If you look at a broad measure of those things, its not to say its good enough. It could have been substantially stronger and it wasnt stronger mostly because we had a little premature fever of austerity in this country and fiscal policy turned too tight too soon, cut spending savagely when the economy is weak. Jon in the Public Sector. In the Public Sector in the government and that sucked a lot of growth out of the country when what we needed was more accelerated longer. Jon i want to talk to you next about the perception that those who feel the bailout was unfair as being populous rampager as opposed to the unfairness of it. Unfairness of it. Well be back with secretary [ souders ] photography. Its about capturing the moment. Its holding your breath. [ elephants grunting ]. Until something takes it out of you. Its performance without hesitation. Which is exactly what you get. [ camera shutter clicks ]. With a tablet powered by intel. Jon okay. So were here, were talking with former secretar secretary f treasury timotny geithner. So this gets into our next element which is the perception amongst the engineers of the bailout that they are being unreasonably castigated. No, i dont think its unreasonable. It was deeply unfair. The rescue itself at its core is a fundamentally unfair thing, except jon correct. Except relative to the alternative of letting the system burn down. Jon that seems like a false choice. Its not a false choice. Jon you dont believe the bailout could have been engineered in any other way than the one we did it, otherwise we have a depression. I know its hard. Its hard to accept, except theres been a great history of mistakes and errors of countries trying to have it always do it differently which would have been dramatically more damaging for their countries. The idea that this could have been a much stronger recovery and less damaging is mostly not about the design of the rescue. Jon didnt it just reinflate a toxic system . No. Jon the Banking System was toxic, yes . Absolutely. Jon we put a tremendous amount of money back into it to make them whole while kind of ignoring th the home owner sect. Well, theres something to that but let me give you a slightly different perspective on that laughter in effect, what happened jon all right. We let this crisis, in some ways, burn too hot. And i know people dont feel this, dont see it, but, in effect, the reason why this was so severe is because we let that panic get to momemtum and, in some ways, we allowed too much failure and crushing failure across the system. Now, after the we broke the panic, we did force them to raise a bunch of capital, pay back the taxpayer, unwind all those programs. Jon lets talk about forcing them, because i think thats an interesting which of phrasing it because what we did is we gave them that money and then we opened up a discount window the go to and borrow at zero , turn around and buy treasuries at 3 and basically create not quite. Let me say it slightly differently. Jon okay laughter what we did jon they gave us 100, and we gave them 103. Let me say it differently. Jon all right. We did what you have to do in a panic, okay, which is we, for a price, for a fee jon 5 . Sometimes cheaper, sometimes more expensive. We gave them a set of perception which made them pay for and paid the taxpayer back. Jon that suggests the damage to our economy was merely the taxpayer is on the hook no, its to suggest that if people perceive this today still as if we went and gave them money that they were never going to see again that we didnt need to do. Jon i honestly have no idea how we edit this. So i am going to say, like, tim geithner, thank you so much applause there is so much on the web right now on this, i dont know if we broke the web or not, but the the book is called stress test. Timotny geithner wrote it, was the secretary of treasury. Its a very interesting read. I actually say this, its a really wellwritten book and easy to understand and you can yell at certain pages, if you want. laughter but thank you so much for stopping by and spending an inordinate amount of time with us. Timotny geithner, thank you for being here. applause applause i cant believe you ordered all 25 shakes. Thanks for the salted caramel shake, cara. I really cant believe you know her name. I kinda have nicknames for everybody based upon my order. Salted caramel cara, yeah. Holly for jalapeno chocolate. Thats great and, uh, janine for Peanut Butter. Why janine for Peanut Butter . cuz she reminds me of my exgirlfriend janine, who was nuts. She was crazy announcer celebrate summer with 25 handmixed real ice cream shakes, all halfprice after 8 00 p. M. And try our. clicks phone beeps if youre going to bring the artichoke dip, bring the friggin artichoke dip. The oneofakind, creamy blend of sweet and tangy. Miracle whip and proud of it. Dig in. Because after a few icy seconds youll discover the light beer brewed for 21 days. And thats time well spent. When you want a real light beer. Its miller time. We read and write poetry because we are members of the humanshend race. Eness] and the human race is filled with passion. And medicine, law, business, engineering these are noble pursuits and necessary to sustain life. But poetry, beauty, romance, love these are what we stay alive for. To quote from whitman, o me, o life of the questions of these recurring. Of the endless trains of the faithless. Of cities filled with the foolish. What good amid these, o me, o life . Answer that you are here. That life exists and identity. That the powerful play goes on, and you may contribute a verse. That the powerful play goes on, and you may contribute a verse. What will your verse be . When Francois Thibault said he with spring water and the n best french wheat. Everyone here said. Non, non but little by little, the world got to love what he had made. Grey goose, francois . The extraordinary belongs to those who make it. cheers and applause jon what if we recollaterallized the banks and and and uh, thats our show. Here it is, your moment is in. I like fullfigured im a latino man. There you go, you like some latin, you like the cheers and applause come on, ladies and gentlemen. Whooo welcome to the report, everybody. Goodha