'This Week' Transcript: Treasury Secretary Timothy Geithner

But I think that, so far, we've seen -- I think, actually, in the end of the day, it's going to be a problem for the Republican Party. And -- and I think Governor Palin could be a problem for the Republican Party. This week, Wall Street Journal reported that John Boehner and Eric Cantor were meeting with bankers from Wall Street saying, "Why -- why aren't you giving us more money? We're opposing financial regulatory reform. We're opposing putting caps on your bonuses."

Sarah Palin won't stand for that. The Tea Party movement won't stand for that. And I think when that clash happens, I think the Republican leaders in -- in Congress, I think, are going to pay a price for it.

(CROSSTALK)

HUNT: The Tea Party movement will clearly help Republicans this year, because they're an insurgent party this year. They create energy out there. They don't -- they don't have litmus tests of Scott Brown or Mark Kirk or anyone like that. However, I'm not sure exactly what the Tea Party movement is. I don't think the polls -- the people who respond to the polls -- know what it is. And it remains to be seen whether it will be an asset to the Republican Party once you get beyond this insurgency year.

TAPPER: One thing -- and speaking of difficult Republican primaries, there is a difficult Republican primary, very contested, in California right now. A former Hewlett-Packard CEO, Carly Fiorina, is running this ad running for the Senate for the Republican nomination against former Republican Congressman Tom Campbell. Take a look.

(BEGIN VIDEO CLIP)

(UNKNOWN): Is he what he tells us? Or is what he's become over the years, a FCINO, fiscal conservative in name only, a wolf in sheep's clothing? The man who literally helped...

(END VIDEO CLIP)

TAPPER: There you go, the demon sheep ads. George, aside from the -- the fact that that demon sheep now haunts me at night, I'm wondering if you could comment on the fact that Republicans are now running to the right for this mantle of fiscal conservative. Certainly that's something we see in the Tea Party movement. We're seeing it now in California, as well.

WILL: Sure, because California has a closed primary. Republicans will vote in it. And about 15 percent of the decline to states will vote in it. That's -- Fiorina running an ad against Tom Campbell, who was running for governor until enticed back into the Senate race, I think by Meg Whitman, who's running for governor and really doesn't want two former Silicon Valley CEOs running in tandem on the ticket, Meg Whitman coming from eBay, Carly Fiorina from Hewlett-Packard.

That said, it's the dog that didn't bark there. There's another candidate there, and he's Chuck DeVore. He's the conservative in the race. And I'll make you a small wager that he is the Republican nominee, neither of those two.

TAPPER: Do you want to get in on that action?

NOONAN: That -- I've watched that thing three times. It is -- I'm fascinated by it. It is less like a political advertisement than it is like a nervous breakdown. It is crazy. Its text doesn't follow its art, if that's what it would be called. It's like -- it's like an answer to the question, what would happen if Salvador Dali made a tech (ph) commercial?

TAPPER: You don't -- you don't like the demon sheep? You're not a fan of the demon sheep?

NOONAN: I kind of love it.

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