"I've sought leaders who could offer both sound judgment and fresh thinking, both a depth of experience and a wealth of bold, new ideas, and most of all who share my fundamental belief that we cannot have a thriving Wall Street without a thriving Main Street," Obama said.
The news came as Goldman Sachs Inc. predicted that the economy will shrink in the fourth quarter and the first quarter of next year in the deepest recession since 1982.
Play Chicagoans React To Obama's Economic Announcements
CBS 2 Chicago via Yahoo! News - 23 minutes ago
Play Obama Announces Economic Team
CNBC via Yahoo! News - Nov 24 10:45 AM
Geithner, Summers have eye for stimulus, restraint
Forbes -28 minutes ago
By JIM KUHNHENN , 11.24.08, 07:01 PM EST In the president-elect's new economic team, these are not mutually exclusive views of the world.
Obama names his economic teamCNNMoney.com
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4 comments:
During their earlier tenures at the Treasury and the IMF, Larry Summers and Tim Geithner have consistently pushed policies of financial deregulation under the Washington Consensus. They have helped create the crises which they were subsequently asked to manage. It's disappointing that Geithner and Summers are now joining the Obama administration, while people who got it right (such as Joe Stiglitz and Paul Krugman) are not even on the Transition Economic Advisory Board.
On November 4, Barack Obama said that this was "our victory." With appointments such as Summers and Geithner, his administration doesn't look like "our government" unfortunately.
For more detailed comments, see www.internationalrivers.org/en/node/3522/ and www.internationalrivers.org/en/node/3510/
There is a light to our poor financial situation. You would be surprised at how many low APR loans, bailout's, and other grants that everyone is missing out on right now.
Bailout Assistance for Everyone
With the Treasury Secretary on his spending spree he surely isn’t trying to get a good return on the tax payers’ investment. The bailout was to buy up bad mortgage debt but it never did. What is the purpose of the fund? Paulson’s has warrants on many banks and they average 1 – 3 percent when enacted. Yet the cash investment is about 20 percent of the market cap. Maybe the next Treasury Secretary will be less erratic.
http://nomedals.blogspot.com
And what will happen to those bad mortgages? I thought the world was supposed to end if they did not address them.
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