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Friday, November 21, 2008

Obama's Economic Team

Posted by: Matt Lewis at 3:03 PM

Tim Geithner is expected to be named Treasury Secretary on Monday. He is thought of as being not a Wall-Streeter, but rather an acedemic sort. However, he was involved in the Bear Stearns and AIG Bailout.

... Bill Richardson is expected to be picked for Commerce.

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RASHUM writes:	Friday, November, 21, 2008 3:45 PM
Tim Geithner
I do not know much about Tim Geithner. I was worried that Obama might pick Corzine. Although I am not the biggest fan of Jim Cramer, he recently wrote this piece about Tim Geithner I thought I would share. If Tim Geithner, the New York Fed chairman, gets a top spot in the Barack Obama's cabinet, we are done, finished, kaput. It is that simple. Geithner is the man who this week appointed Michael Alix -- the former chief risk officer of Bear Stearns -- to a top bank regulation job. If I were a U.S. attorney I would be subpoenaing Alix to see if I could build a case against higher-ups -- or him for that matter. But no, Geithner appoints him to a high-level job. It is so clear that Bear's was the most reckless, the least regulated, the most clueless about risk, and Alix was in charge of that issue -- I can only say this travesty is Exhibit A in the brief against Geithner. Second, my sources indicate that Geithner made the fateful decision -- the one that spawned so much of the trillions of dollars in losses -- the decision to let Lehman Brothers die. Geithner had within his possession compelling evidence of what could go wrong if he closed it. He ignored it. He made the most wrong decision of wrong decisions we have seen in this era. He is a total fool.
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RASHUM writes:	Friday, November, 21, 2008 3:45 PM
Tim Geithner - continued
Third, the New York Fed was responsible for regulating the banks gone wild. Geithner was in charge of that regulation. He should be facing a Senate investigation for his action, not a Senate confirmation panel. He has spent no time on a trading desk, having been schooled entirely academically, like the over-his-head Bernanke, and in Treasury under the Democrats. The fact that ANYONE connected with this current administration's economic policies could have a role in the new administration is incredibly frightening to me. The fact that the key architect of what went wrong is going to be the financial czar is enough alone to reaffirm my view that the stock market will be a treacherous place for the next five years. Alas, what does Geithner have going for him? A fbulous behind-the-scenes PR campaign with everyone who writes and speaks about the Fed. He's so good at it. And he's a Democrat. He will be cheered when he gets the job. He will be a disaster. Oops -- it looks like I won't be called with any scoops from him! Oh well. I guess I will just have to do my own sourcing!!!
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Dose of Reality writes:	Friday, November, 21, 2008 4:28 PM
Economic Team?
Looks like the Detroit Lions of the financial industry... Jimmy Carter 2.0
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foxmustang writes:	Friday, November, 21, 2008 10:14 PM
Dose....
have a little compassion for the Lions........ however that comparision to Goober Jim was spot on....... great blog...and as O'Reilly would say.....Pithy!!
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