Fri, 11/21/2008 - 5:58pm — lambert
More Friday fodder for Sunday morning:
President-elect Barack Obama has selected Timothy Geithner as Treasury secretary, charging the respected head of the New York Federal Reserve with pulling the United States out of an economic nosedive, NBC news reported on Friday.
A senior Democrat told Reuters in Washington that Obama wanted Geithner for the Treasury job, but had yet to make a offer. He did confirm that Summers was no longer under consideration.
"Summers is off the list," the source said.
Thank heaven for small mercies, though I don't suppose that's why stocks jumped.
The whole economic team comes next week.
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Versailles
Geithner was also closely involved in the design and execution of the Bush administration's $700bn banking bailout, which has proven less than popular with Congress and could become an issue during his confirmation hearing.
via open left
Well
Obama did say on 60 minutes that he plans to continue the Bush economic agenda so why wouldn't a bailout fairy be appointed treasury secretary?
US Margin Call
Englishman speculates on the bailout
Summers is in too--may get Fed--
Summers to Join Obama White House, Boosts Fed Chances -- http://www.bloomberg.com/apps/news?pid=2...
"Harvard University professor Lawrence Summers will join the Obama administration with a ready-made sales pitch for substantial economic stimulus and a chance that the role springboards him to the Federal Reserve.
Summers, 53, was Bill Clinton's last Treasury secretary. He will have a wide-ranging portfolio and help craft Obama's economic policies, a Democratic aide said. ..."
Fortune/CNNMoney-- "gives the appearance of a fresh face"
-- Obama Treasury pick means small-dose change -- http://money.cnn.com/2008/11/22/news/eco...
"... Geithner's selection emphasizes continuity and experience, the benefits you'd get from keeping Hank Paulson in the job, but is more appealing because the 47-year-old central banker gives the appearance of a fresh face arriving in Washington. Yet he is a Washington veteran whose fingerprints are all over the federal government's attempts to rescue ailing financial markets. ..."