Fed's Geithner to be tapped for Treasury: reports
Fri Nov 21, 2008 3:36pm EST

WASHINGTON (Reuters) - Timothy Geithner, the president of the New York
Federal Reserve Bank, is expected to be tapped by President-elect Barack
Obama to be the next secretary of the U.S. Treasury, NBC News and the
Wall Street Journal reported on Friday.

NBC News said Obama was expected to announced his economic team on
Monday in an effort to calm markets.

Geithner was considered a top prospect along with former Treasury
Secretary Lawrence Summers for the Treasury post, which is in the
forefront of efforts to tamp down the worst financial crisis since the
Great Depression.

Geithner would take over from U.S. Treasury Secretary Henry Paulson,
with whom he has been working hand-in-glove for months while dealing
with a crisis that continues to wrack financial markets worldwide.

"This is an excellent choice. He knows where all the bones are buried on
Wall Street," said Tom Sowanick, chief investment officer at Clearbrook
Financial LLC in Princeton, New Jersey.

Still a relatively youthful 47, Geithner already has a lengthy stint at
Treasury under his belt. He joined the department in 1988 and worked his
way up to under secretary for international affairs during the Clinton
administration under former Treasury Secretary Robert Rubin and then
under Summers, who succeeded Rubin as Treasury chief.

Investors gave his nomination an early endorsement.

Stock prices jumped higher within minutes of word flashing around the
world that Geithner was expected to get the job -- a key one in any
administration but especially sensitive given the crisis that is hurting
everyone from pensioners to Wall Street titans as their wealth melts away.

A New York Fed spokesman refused to comment on the reports that Geithner
will be tapped for Treasury. His current job is also a highly sensitive
one, since the New York Fed president is at the nexus of dealings
between Wall Street and policy-makers at both the Treasury and the Fed,
the U.S. central bank.

The head of the New York Fed also carries a permanent vote on the Fed's
interest rate-setting committee, which would make the selection of a
successor to Geithner at the Fed also of great interest to financial
markets.

- - -

Also reported, Hillary Clinton will accept offer as Secretary of State,
and Bill Richardson will be Secretary of Commerce.

"Boater" wrote in message
...


Fed's Geithner to be tapped for Treasury: reports
Fri Nov 21, 2008 3:36pm EST

WASHINGTON (Reuters) - Timothy Geithner, the president of the New York
Federal Reserve Bank, is expected to be tapped by President-elect Barack
Obama to be the next secretary of the U.S. Treasury, NBC News and the Wall
Street Journal reported on Friday.


What a crappy choice!!! Lots of the meltdown is due to the Fed's action.
And now you put a Fed honcho in charge. Sad.

Calif Bill wrote:
"Boater" wrote in message
...

Fed's Geithner to be tapped for Treasury: reports
Fri Nov 21, 2008 3:36pm EST

WASHINGTON (Reuters) - Timothy Geithner, the president of the New York
Federal Reserve Bank, is expected to be tapped by President-elect Barack
Obama to be the next secretary of the U.S. Treasury, NBC News and the Wall
Street Journal reported on Friday.


What a crappy choice!!! Lots of the meltdown is due to the Fed's action.
And now you put a Fed honcho in charge. Sad.




Sorry, Bilious, but your hero, Zell Miller, is still institutionalized
in the Georgia State Hospital for the Incurable Lunatics.

"Boater" wrote in message
...
Calif Bill wrote:
"Boater" wrote in message
...

Fed's Geithner to be tapped for Treasury: reports
Fri Nov 21, 2008 3:36pm EST

WASHINGTON (Reuters) - Timothy Geithner, the president of the New York
Federal Reserve Bank, is expected to be tapped by President-elect Barack
Obama to be the next secretary of the U.S. Treasury, NBC News and the
Wall Street Journal reported on Friday.


What a crappy choice!!! Lots of the meltdown is due to the Fed's action.
And now you put a Fed honcho in charge. Sad.


I think what we are witnessing is "on the job training" in real time.
At least Obama finally realized that he needs to start making some
nominations for cabinet posts that are critical to the issues foremost on
the minds of the population overall, instead of being hung up with
negotiations about Hillary. I am encouraged that he is finally starting to
wake up.

Obama is an intelligent guy in an acedemic way and will probably be the
smartest POTUS we've had in many years. But here's his problem:

His past experience as a community organizer, advocate for people's rights
and short term as a US Senator is good, but very limited in terms of
general, overall leadership and governance. The projects and programs he
has had experience with are basically associated with specific, social
special interest type issues. Nothing wrong with that, and he has
demonstrated an intellectual approach to them.

That experience however did not prepare him for dealing with the interests
of a much bigger, broader and diverse audience. It's obvious that he tries
to address the new challenges in his familiar manner.
The larger audience is expecting action and response to an increasingly
serious crisis.

It's amazing what the stock market did within minutes of him leaking the
news of nominating members of his economic team, including Geithner.

Action, not hope, is what the majority of his new, expanded audiance is
demanding. I, for one, was gratified to see him take some action. I think
he may be getting the idea.

Eisboch

On Sat, 22 Nov 2008 02:44:06 -0500, "Eisboch"
wrote:

It's amazing what the stock market did within minutes of him leaking the
news of nominating members of his economic team, including Geithner.

Well, there were other factors involved in the bounce - it's options
expiration, hedge funds are about finished with quarterly redemptions
and other factors like the market being oversold.

However, it was a smart move - he's a good choice, he is involved in
the whole process and that certainly helped the bounce go higher.

Which, I guess, is kind of the point.

Action, not hope, is what the majority of his new, expanded audiance is
demanding. I, for one, was gratified to see him take some action. I think
he may be getting the idea.

There are other concerns fo rme - like AG and in Congress, guys like
Waxman.

It's going to be an interesting couple of years that's for sure.

On Sat, 22 Nov 2008 02:44:06 -0500, Eisboch wrote:


Action, not hope, is what the majority of his new, expanded audiance is
demanding. I, for one, was gratified to see him take some action. I
think he may be getting the idea.

Yeah, but I'd rather he get his choices right, than be rushed. There are
still 2 months before any of these nominees get the job.

wrote in message
t...
On Sat, 22 Nov 2008 02:44:06 -0500, Eisboch wrote:


Action, not hope, is what the majority of his new, expanded audiance is
demanding. I, for one, was gratified to see him take some action. I
think he may be getting the idea.

Yeah, but I'd rather he get his choices right, than be rushed. There are
still 2 months before any of these nominees get the job.

I don't disagree, but this transition period is not typical. The situation
requires an indication of intent now, not later, as demonstrated by the
reaction on Wall Street when the news of his nominations to be made on
Monday were leaked.

Eisboch

On Sat, 22 Nov 2008 07:11:35 -0500, Eisboch wrote:


I don't disagree, but this transition period is not typical. The
situation requires an indication of intent now, not later, as
demonstrated by the reaction on Wall Street when the news of his
nominations to be made on Monday were leaked.

Personally, I find it interesting that all these leaks are now coming
from a very disciplined and tight lipped campaign. I'm guessing he's
floating names for a response. The timing on Geithner's "leak" was
brilliant.

wrote:
On Sat, 22 Nov 2008 07:11:35 -0500, Eisboch wrote:


I don't disagree, but this transition period is not typical. The
situation requires an indication of intent now, not later, as
demonstrated by the reaction on Wall Street when the news of his
nominations to be made on Monday were leaked.

Personally, I find it interesting that all these leaks are now coming
from a very disciplined and tight lipped campaign. I'm guessing he's
floating names for a response. The timing on Geithner's "leak" was
brilliant.

The Obama is being handled by the Clintons.

"BAR" wrote in message
...
wrote:
On Sat, 22 Nov 2008 07:11:35 -0500, Eisboch wrote:


I don't disagree, but this transition period is not typical. The
situation requires an indication of intent now, not later, as
demonstrated by the reaction on Wall Street when the news of his
nominations to be made on Monday were leaked.

Personally, I find it interesting that all these leaks are now coming
from a very disciplined and tight lipped campaign. I'm guessing he's
floating names for a response. The timing on Geithner's "leak" was
brilliant.

The Obama is being handled by the Clintons.


Sometimes it appears that way, doesn't it?

Eisboch