Word: geithner
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...there were any left-wing rebels or right-wing reactionaries who still thought President-elect Barack Obama planned a revolution, today they got their answer. In reportedly picking New York Federal Reserve chief Timothy Geithner, 47, to be his Treasury Secretary, Obama has officially confirmed his preference for a Cabinet of qualified insiders...
...time of economic peril, of course, that is probably a good thing. Geithner has been in the middle of efforts to mitigate the financial crisis since it began in August 2007, and he is likely to be welcomed in Capitol Hill confirmation hearings as warmly as he was on Wall Street today, where the Dow industrials rallied nearly 500 points on news of his nomination. He does carry the baggage, however, of the still unsuccessful Bush Administration's attempts to halt the crisis. (See the Top 10 Dow Jones drops...
...Functioning as the eyes and ears of the Administration and the Federal Reserve on Wall Street, Geithner's army of economists are in constant contact with world markets, moving trillions of dollars of U.S. government funds into and out of the global financial system. That has afforded him a front-row seat when things go bad, and a unique feel for the character and consequences of the crisis...
...interview with TIME at the height of the panic last month, Geithner described the process of balancing technical indicators of market distress with the human factors affecting the crisis. "Our job is to figure out what the system can bear and mitigate the panic, and we don't depend on what people tell us about that to make those judgments," Geithner said. "But you can tell a lot from what's in someone's voice. And when you have [the leaders of] what are, without a doubt, some of the strongest, best-run institutions in the world [on the phone...
...backtracked. His decisions and his motives have been harshly questioned on Capitol Hill and by the press. And he's just tired. He gave off the vibe today that he might just be counting the days until he gets to hand off the whole mess to Larry Summers, Tim Geithner or whoever President-elect Barack Obama chooses to succeed him. (Read more about TARP...