Friday, November 21, 2008

Tim Geithner for Treasury?

The rumor mill has it that Federal Reserve Bank of New York president Tim Geithner will be announced as Barack Obama's appointee to be Secretary of Treasury. This is a wise choice and selects someone who has both a lot of experience and will be a fresh face in the Cabinet. The president of the NY Fed is also a permanent member of the Federal Reserve Open Market Committee, so we will be getting someone who has current experience sitting at the table in the middle of the current financial crisis. The NY Fed is responsible for carrying out all of the "market" and "system" decisions that are made by the Federal Reserve Board of Governors and the FOMC, and also it the Federal Reserve's main point of contact with Wall Street, giving Geithner access to the inside view of the crisis like no one else.

In short, I hope this rumor/leak is true. I suspect that it is.

Apparently, the stock market agrees, with the Dow up almost 500 points.

The rumor mill also says that Bill Richardson has been selected for Commerce. Another good choice.

So far, P-E Barack Obama is batting 1,000. He was a bit slow coming off the block, but is quickly coming up to speed.

-- Jack Krupansky


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