Obama "Team" to Be Announced

iVillage Member
Registered: 11-05-2008
Obama "Team" to Be Announced
34
Mon, 11-24-2008 - 6:31am
Geithner, Summers to lead economic team
President-elect Obama' plans for Monday announcement confirmed




msnbc.com staff and news service reports



updated 11:39 p.m. ET, Sat., Nov. 22, 2008


NEW YORK - President-elect Barack Obama planned to announce the leaders of his economic team Monday, naming Timothy Geithner as treasury secretary and Lawrence Summers to direct the National Economic Council, transition officials confirmed Saturday.


NBC News reported Friday that Geithner would likely be named treasury secretary. The news helped send the Dow Jones industrial average soaring 500 points after several days of steep losses.


If confirmed by the Senate, Geithner, 47, president of the New York Federal Reserve, would be the top Cabinet official in charge of leading the administration's response to the global economic crisis.



Geithner served as a Treasury Department official during the Clinton administration, where he played a major role in negotiating assistance packages for South Korea and Brazil.


Summers, 53, a former treasury secretary under Bill Clinton and one-time president of Harvard University, will advise Obama from the White House. Officials said he would coordinate the federal response to the economic meltdown across several agencies, including a plan Obama announced Saturday to create or save 2.5 million new jobs by rebuilding infrastructure and modernizing schools while developing alternative energy sources and more efficient cars.


During the Clinton administration, Summers helped craft the U.S. support program for Mexico during its 1995 financial crisis. He later helped lead the U.S. response to the Asian financial crisis of 1997.


During Summers' tenure, the United States used budget surpluses to repurchase Treasury debt for the first time since the 1920s. He also extended the life of the Social Security and Medicare trust funds.


Summers was a key figure domestically and internationally in securing significant expansion in debt relief for the world's poorest and most indebted countries — a measure that led to the increased availability of funds for primary health care and education in a number of countries. He also played an important role in negotiating the United States' agreement to allow China to join the World Trade Organization.


During Summers' tenure, the United States marked the longest period of sustained economic growth in its history.


Geithner and Summers were scheduled to appear with Obama at a press conference in Chicago Monday morning.


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iVillage Member
Registered: 01-28-2004
Mon, 11-24-2008 - 12:27pm
The DOW loses 150+ points in first 10 minutes of Obama's announcement!
iVillage Member
Registered: 04-24-2008
Mon, 11-24-2008 - 12:40pm
Can you explain the depth of your knowledge about how long it takes for sales and purchases of stock to
iVillage Member
Registered: 11-05-2008
Mon, 11-24-2008 - 1:04pm
Are you "still" going with that scenario?
iVillage Member
Registered: 01-28-2004
Mon, 11-24-2008 - 1:20pm
It's as fast as you can click your mouse.
iVillage Member
Registered: 04-24-2008
Mon, 11-24-2008 - 1:25pm
Wrong!
iVillage Member
Registered: 01-28-2004
Mon, 11-24-2008 - 1:28pm
On Obama's plan to create jobs rebuilding America's infrastructure. Does he not realize how long that will take? With all the government regulation and red tape, it will years for dirt to be moved. Why, if
iVillage Member
Registered: 11-05-2008
Mon, 11-24-2008 - 1:42pm

If we were talking to one another in person, I would bet you $100 that that could be up and running in a month.

iVillage Member
Registered: 11-20-2008
Mon, 11-24-2008 - 1:44pm
He can just use executive signing statements like GWB did - over 200 of them to in essence, ignore Congress and do what he wants.....
iVillage Member
Registered: 11-19-2008
Mon, 11-24-2008 - 2:22pm
Well there you go...no facts, no links, no intelligent counter-argument...you MUST be wrong if she says so. LOL!
iVillage Member
Registered: 01-28-2004
Mon, 11-24-2008 - 2:22pm

No, that's those evil speculators driving the price down.

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