If news reports are correct then US legal tender (for all debts private and public) minted after his confirmation will be signed by Timothy Geithner, the current President of the Federal Reserve Bank of New York. Also he will engineer this nations financial recovery. And in doing so, he will get me a job...
Right, back to the economy (and everyone else's jobs), here's what everyone else is saying about this pick:
The largest knock against Geithner is the Fed's decision to let Lehman Bros. fail, but he's among the more credible and connected candidates out there and the only one with first-hand experience in the trenches of the current credit crisis. US NEWS TICKER
After completing his studies, Geithner worked for Kissinger and Associates in Washington, DC, for three years and then joined the International Affairs division of the US Treasury Department in 1988.
In 1999 he was promoted to Under Secretary of the Treasury for International Affairs and served under Treasury Secretaries Robert Rubin and Lawrence Summers.
In 2002 he left the Treasury to join the Council on Foreign Relations as a Senior Fellow in the International Economics department. He then worked for the International Monetary Fund as the director of the Policy Development and Review Department until moving to the Fed in October 2003. In 2006 he became a member of the influential Washington-based financial advisory body, the Group of Thirty. Wikipedia
As president of the New York Federal Reserve since 2003, Mr. Geithner has straddled Wall Street and Washington as a central player in trying to resolve the most significant financial crisis in more than 60 years. He would bring a deep understanding of Wall Street and a close working relationship with Ben S. Bernanke, the chairman of the Federal Reserve, his partner in the $700 million bailout, along with Treasury Secretary Henry M. Paulson Jr.
Though not an economist, Mr. Geithner has a deep understanding of monetary and fiscal policy and broad experience in international trade issues. Before the current crisis, he was involved in the bailouts of Mexico, Indonesia, Korea, Brazil and Thailand. Although he served in the Clinton administration, he is not viewed as partisan and enjoys good relations with both Democrats and Republicans in Congress.NYT
Here's my question: Does he know President Oden? I mean the man is Darmouth Graduate (class of '83) and a fly fisher. Wouldn't surprise me if President Oden knows the man. If President Oden does know him, does that mean that Carleton College is more of an AIG instead of a Lehman Brothers? No? Damn...
Well, about that job.
Update: Apparently the stock markets liked this choice by President-elect Obama and rewarded him with a 500 point jump in the Dow Jones industrials.
Wall Street is ending a volatile week with an unexpected jolt of confidence following reports that President-elect Barack Obama plans to name New York Federal Reserve President Timothy Geithner as Treasury secretary. The major indexes have jumped more than 5 percent, with the Dow Jones industrials surging nearly 500 points.
Stocks have erased about half of the losses that came in steep selling Wednesday and Thursday.
Wall Street appears buoyed by reports that Obama plans to name his economic team on Monday -- offering investors some hope of a smooth transition in an uncertain market. AP