Friday, November 21, 2008

Geithner is Treasury Pick

CNN and The New York Times are reporting that Obama's pick to lead the treasury will be Timothy Geithner, current President of the Federal Reserve Bank of New York.

I'll admit it--I don't know much about Tim Geithner. But Wikipedia does...

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.[4] In 2006 he became a member of the influential Washington-based financial advisory body, the Group of Thirty.

Outside of Secretary of State, this is going to be one of the most scrutinized cabinet picks that Obama has to make. With the economy in the toilet and the Big 3 knocking at the door, Obama needs someone that he can trust to give the answers that are good for the people--not just the powers that be. Can Geithner be that guy? Well, in some good news he has more policy background than Paulson, who came out of an investment firm. So I should think he's more studied, at least. And the stocks jumped 300 points when this was leaked, so that might be a good thing.

I'm sure there will be much talk about this over the weekend.



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