Geithner to be Secretary of Treasury

[rgG]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aYTVvFjByOfc&refer=home

President-elect Barack Obama picked New York Federal Reserve Bank chief Timothy Geithner to head the Treasury.

The Dow is up 494 points on the news.

[MacGurl]

Yeah - he seems to be a good pick.

Kathy

[Mike Sellers]

Another Obama failure. Can't he get anything right?























:wink:

[$tevie]

Okay, so now let's hear from the folks who were waiting for Obama to do something about the economy. lap:

[Wags]

There must be a nasty comment about him somewhere on a obscure right wing blog. Coming soon..... Swampy and Sam googling like mad.

[mikeylikesit]

Maybe they could do what the banks do when they foreclose, offer the incumbent a few bucks to vacate early instead of waiting for the sheriff to evict them?

[swampy]

What took him so freekin long?

I don't know anything about the guy, but I do like the reaction the stock market had to the news!

Now if Obama will just issue a statment about no tax increases during this economic crisis, I'd feel a lot better.

[Stizzealth]

While the market rebound is certainly good news, it's important to note that the markets hate uncertainty. Any pick was a good pick at this point in time.

[Gutenberg]

It is 59 days, 15 hours and 41 minutes till Barack Hussein Obama becomes President of the United States. He has half his Cabinet named, and you say he is dragging his feet?

Pete--I suppose the Dow would levitate more than 400 points at the news that ohhhh, say, Barney Frank was nominated for Secretary of the Treasury? Or Paul Sarbanes?

[Ted King]

Stizzealth wrote:
While the market rebound is certainly good news, it's important to note that the markets hate uncertainty. Any pick was a good pick at this point in time.

I imagine you didn't mean that too literally. I mean, if Obama had chosen John McCain to be Treasury Secretary (in the spirit of bringing former opponents into the fold) I don't think the market would have responded positively even though it would have gotten rid of the uncertainty of who the secretary would be. It seems fairly evident that "the market" saw the choice as a genuinely reasonably good choice and was not simply reacting to being no longer unsettled because it didn't know who was going to be the new secretary.

Edit: Oops, I missed Gutenberg's comment about Frank and Sarbanes. Essentially, I'm just making the same point - I just chose I more implausible candidate for secretary to make the point.