Articles

Thanksgiving Cheer From Obama

November 27, 2008

When President-elect Barack Obama's economic transition team met this month, everyone was there -- inflation fighters, business leaders, union firebrands and leftist economists -- creating confusion about where the new administration was headed.

Mr. Obama's announcement of his economic team on Monday provided surprisingly positive clarity. He picked as Treasury Secretary Tim Geithner, the respected, soft-spoken New York Fed president. Mr. Geithner has been a key player with Treasury Secretary Hank Paulson and Fed Chairman Ben Bernanke in confronting the financial crisis. Every major decision in the rescue effort came only after the three agreed.

The National Economic Council director-designee, Larry Summers, is another solid pick. Mr. Summers has been an advocate for trade liberalization, he was the Clinton administration's negotiator for the financial deregulation known as Gramm-Leach-Bliley, and he even attempted to rein in Fannie Mae and Freddie Mac in the 1990s.

Mr. Obama also named a respected monetary expert -- Christina Romer -- to head up his Council of Economic Advisors. On Tuesday he selected a first-rate thinker, Peter Orszag, to be director of the White House's Office of Management and Budget.

FULL ARTICLE: http://online.wsj.com/article/SB122783239069463007.html

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