Larchmont resident could helm Treasury
Timothy Geithner, a Larchmont resident who grew up in the village, may be in line to be the next Treasury Secretary. Here’s excerpts from the wire report:
WASHINGTON (AP) — President-elect Barack Obama is likely to name Timothy Geithner, president of the New York Federal Reserve, as Treasury Secretary in a time of intense economic turmoil as he rounds out the upper echelon of his Cabinet, a senior Democratic official familiar with the deliberations said today….
If nominated and confirmed by the Senate, Geithner, 47, would assume chief responsibility for tackling an economic slowdown and a credit crunch that threaten to create the deepest recession in more than a generation. The president of the New York federal reserve, he has played a key role in the government’s response to the financial crisis and has worked closely with Treasury Secretary Henry Paulson.
… It was not clear when Obama intended to make a formal announcement of any of his picks….
Geithner held posts in the Treasury Department under three administrations and five secretaries before moving to the New York Fed in 2003. He also held positions at the International Monetary Fund and was employed at the private firm of former Secretary of State Henry Kissinger.
The Dow Jones industrials soared by nearly 500 points late in the day, a sharp rise that coincided with first reports of Geithner’s possible appointment.
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You have to admit that Obama is drawing on the best and
the brightest…the question is are these very smart people
the ones we should trust our economic destiny to because
they understand the markets..or are they too academically
oriented to come up with practical solutions…I for one
hope they get it right
Yes, and today he expressed his confidence in the public school systems by enrolling his two daughters in a private $30,000 per kid grammar school. What do he and his wife know that they’re not telling us? One imagines that, unlike the rest of us, he’s this evening enjoying a cocktail flush with the newfound understanding that he’ll pay no more draconian school taxes.
in the case of the children of any president ed1…security
is a huge issue…sending them to a public school would
complicate the ability to protect them…I believe that
the kids safety is more important than the message in this
case…they need to be in a controlled smaller environment
having said that try and catch newsmakers today a discussion
about the need to do something to alter the present way
we run our governmentS in westchester
Vill do. Okay, he can say “the secret service made me do it” And I don’t blame him, but it’s a convenient, if valid, excuse. I think we all know of School Superintendents who have sent and send their kids to private schools. Surprising that this fact is seldom if ever mentioned anywhere. I’m sure their PR people have prepared excuses. I don’t blame them, either, but the hypocrisy is blatant and deafening.
No excuss Carter sent his child to a public school in DC. Also where does he get the money to put both chilfren into a private school paying $60,000 a year. It must be nice to be a public
servant
You are right a lot of smart who have gone to the best schools are not able to deal in the real world. They actually believe they are elitist and do not understand the common man. .
right ed1..but think of it this way…if you were president
and you were the first african american elected…and you
had two pre teen daughters would you insist they go
to public school even if your security people told you
it was more risky….i need an honest answer here..
Truly, you conservative bloggers are dumbos. You criticze a new appointee whom you know nothing about, and presume he is an elitist. WHAT makes you so qualified to trash everybody else with your acid pens?
My parents sent my sister to Catholic schools to avoid the poor quality public schools where I grew up, and they scrimped and saved to do so. I went to the public schools in a tough neighborhood. I don’t begrudge anyone for doing what they think is best for their kids.
Obama could save the world, but you’ll find something nasty to say, won’t you? We tried eight years of “W”, and 12 years of Gingrich/DeLay and that turned out pretty crummy, didn’t it? Let our side have a shot. If and when we fail, then you can let loose.
I wish him well. To truly make change at the treasury department after the Goldman Sachs influence will not be easy. The country needs a stiff policy without so much debate after every decision. Fiscal prudence should be highlighted. Remember what he is inheriting. The deficit has doubled under Bush. Commercial and Savings banks are failing. Citigroup was run by idiots. The once might Merill is down to $7 a share. Real estate is about to crash in New York City which will implode the mortgage crisis. Shall I go on. The real key to success is realizing that the country will have to endure hardship for ten to fifteen years and the key is not inflating the country out of this problem ,but of showing fiscal restraint.
The budget should be balanced next year without any excuses used. Yes there will be pain, but so what. Once the budget is balanced the recovery will come . Stop pretending that we can print our way out of our problems. Military spending must be brought under control without any excuses. THe treasury should reverse present day action and get rid of all Goldman Sachs personnel. They are not interested in strengthening the country but in profiting from their contacts. Balance the budget at any cost , and all will fall into place. i
Consultant,
You are correct about Obama’s daughters’ schooling They should not be in the D.C. Area schools. I would not put my son in them (I had private schools picked out when we were there-we just happened to move North before we had to deal with the public school system. Safety comes first, then comes education.
I will say Joy Behar (from what I saw from a snippet of the view) suggested that perhaps the Obamas ought to homeschool their daughters with other local children.
Joy Behar, herself, should be home-schooled. By Lizzie Borden. Let me put this as gently as possible, so as not to irritate some of the hyper-opinionated windbags out there in cyberspace: All these Senators and legislatures, state and federal, who nobly rage on and on about the poor and the middle class and the (sometimes truly) deprived and the inequalities of life, perpetuate those same and very things via the hypocrisy of their actions. It has been said that the essence of immorality is the tendency to make exceptions for one’s self. What is important is what one does personally after having delivered the sermon.
e.g. : April 2004 – “This was a sophisticated and lucrative operation with a multi-tiered management and structure, It was, however, nothing more than a prostitution ring and now (those people) will be held accountable.” – Eliot Spitzer
ed1
I agree that those who preach about how great public schools are should then send their kids to public schools. Those who disagree about the quality of public education and/or the desire to enhance their children’s religious education should not feel guilty about choosing a private school or homeschooling.
The children of the POTUS are an exception-we need to keep them safe, this is not 1976 and there are real dangers to them. All the other politicians/public employees who say how great the public schools are should send their kids to said schools.
Amen.
back on topic…citibank has been bailed out this morning
its stock is up almost 60%....will this be what the markets
need to regain confidence..I doubt it…the coming recession
and deflation will need to get the excesses out of the credit markets…there are still millions of mortgages set
to reset at higher rates in 2009…so far the TARP has not
addressed all of this coming pain…simply saving a money
center bank will not stop the housing market from its
death spiral…every single one of the bad loans will have
to be taken out of play before this is over..it is the only
way that the housing market will clear up and stabilize
so that banks begin to lend again but this time with 25%
down and 30 year fixed rate mortgages that people can
afford to pay..ie their monthly housing costs including
heat, ins, hoa dues, and taxes should not exceed 30% of
their monthly NET INCOME
I am trying to go cold turkey on blogging but I do have to make a few comments.
Consultant, Ed1, Jo, Donkey Darling
Obama, sent his children to private school in Chicago where there are some top quality public schools prior to Obama becoming well-known. He and his wife both went to private schools. There was no chance that he was sending his children to public school. That is perfectly reasonable but he should be a little more sypathetic to school-choice advocates who want more poor kids to have the same chances he and his children did.
Consultant
As far as Obama’s choices for cabinet positions. Geithner seems to be competent and politically savvy although not as brilliant as say the more controversial Summers. Clinton, is a risky choice as secretary of state. A better choice would have been Richard Holdbrooke. All in all, I am not certain how Obama’s advisors are any different from previous administrations. Most are bright and some will turn out to be good picks and others will not.
yes but here is the rub…the critics on the far right
like limbaugh and hannity have been railing about how
“liberal” Obama’s cabinet would be ..and so far the
consensus even among conservatives who are rationale
is that it is centrist
“The most important pick by far is Treasury chief, and the consensus is it was a good choice. I was in a meeting with one of our top investment managers today and he said that Mr. Geithner’s experience at both the Federal Reserve and Treasury is valuable.”
I am quoting my hubby, who works for an investment company-and, fyi consultant, my dear husband (of 18 years today)is a conservative.
Obama was forced out of the left lane by a large road sign that said “Reality.”
The very troubling current conditions in the country have made him at least temporarily centrist. The far left is already howling because Obama’s campaign rhetoric about big “change” is proving to be just that—rhetoric. And I think it will get worse from the far left’s point of view, although Obama probably will try to throw them a bone or two to shut them up.
But at least so far, this is like Clinton II. Because of that, perhaps Obama should be called “Obubba.”
Obubba is great..and that renders the continuous drival
coming from hannity and limbough every day ..which
is self contradictory at the least
Theologians have, for centuries debated “Christ-consciousness,” some theorizing that, not until about the age of 30 did Christ realized exactly who he was and what his true destiny and responsibilities were. Not to equate this debate with current personalities, still one must think that Obama must be experiencing a similar dilemma. “How in hell did this happen, and what do I do now?” must be running through his head. Andy Johnson, after Lincoln was killed, faced a similar conundrum. Huge, often unexpected responsibilities sometimes bring new insights. We shall see what we shall see.
I remain positive and am rooting for this new president