Washington, DC – Timothy Geithner, the president of the New York Federal Reserve Bank, is expected to be tapped by President-elect Barack Obama to be the next secretary of the U.S. Treasury.
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Obama is expected to announced his economic team on Monday in an effort to calm markets.
Geithner was considered a top prospect along with former Treasury Secretary Lawrence Summers for the Treasury post, which is in the forefront of efforts to tamp down the worst financial crisis since the Great Depression.
Geithner would take over from U.S. Treasury Secretary Henry Paulson, with whom he has been working hand-in-glove for months while dealing with a crisis that continues to wrack financial markets worldwide.
“This is an excellent choice. He knows where all the bones are buried on Wall Street,” said Tom Sowanick, chief investment officer at Clearbrook Financial LLC in Princeton, New Jersey.
Still a relatively youthful 47, Geithner already has a lengthy stint at Treasury under his belt. He joined the department in 1988 and worked his way up to under secretary for international affairs during the Clinton administration under former Treasury Secretary Robert Rubin and then under Summers, who succeeded Rubin as Treasury chief.
Investors gave his nomination an early endorsement. Stock prices jumped higher within minutes of word flashing around the world that Geithner was expected to get the job — a key one in any administration but especially sensitive given the crisis that is hurting everyone from pensioners to Wall Street titans as their wealth melts away.
A New York Fed spokesman refused to comment on the reports that Geithner will be tapped for Treasury.
His current job is also a highly sensitive one, since the New York Fed president is at the nexus of dealings between Wall Street and policy-makers at both the Treasury and the Fed, the U.S. central bank.
The head of the New York Fed also carries a permanent vote on the Fed’s interest rate-setting committee, which would make the selection of a successor to Geithner at the Fed also of great interest to financial markets.
Is he a Yid?
The head of Leahman Brothers and see what happened to Lehman, important is that he is competent.
another yid so if something goes wrong the Jews can be blamed. One of the worse name circulating in European Press is President Bushe’s economic guru Alan Greenspan who is being for the entire financial disaster including the default swaps and the ganeivishe financial instruments. I trust in President elect Obama’s judgment more than in the current administration’s experts. Believe or not his wife comes from a very chushive mishpoche the Sonnenfelds
Update: In his wiki page they removed the fact that he’s Jewish-probably owing to the fact that hes not in fact, Jewish. But like really, who cares (maybe Adam Sandler….he couldve added him to the Chanuka song 4-where he lists all the Jews in Obamas cabinet)………………………….
But he compiled four volumes on the Shaaga Aryeh. Impressed!
Better start to mispalel for President elect Obama because his economic adviser will be Larry Sommers formerly of Harvard University. Without these leftist liberal programs such section 8, WIC etc. the Kollel edifice may collapse and the yunge leit may have to start thinking about Rabbi Yohanan h”sandler and that means using hands , a schander and charpe
one of the lessons of this past presidential elections was the elimination of the myth that jewish votes make a difference . obama won with more votes than the total population of jews in the usa.the chazal have taught us that the lev melochim and manhigim is beyad hashem. although many of obama’s advisers are jews , many are also extreme socialist. all we can hope for, is a rational president who is intelligent to appoint the right people to advise to make good decisions for the usa and world.
No 15 can you name an extreme socialist he has associated or scheduled to be in his cabinet. I name you an extreme socialist Ben -Gurion and Gold Meir. Obama’s selections are from academia and the business world. I guess Ms. Pritzker , a billionaire is an extreme socialist. You need to learn the definition of socialism. I guess if you are not from the ganeivishe Wall Street crowd he/she is a socialist
No 15, I changed my mind you may be right only extreme socialists would support these give away program, section 8, WIC and all other socialist give aways which to the yunge leit,
Steve Forbes from Forbes magazine has stated that Paulson is the worst Secretary of the Treasury . Of course we have to watch for all these lurking socialists. Sad indeed when the savings of many hardworking Jews and non-Jews have evaporated because the incompetence/fraud of a few.
“Who are they, is it? Warren Buffet, Bill Gates, Eric Schmidt, Donald Trump, the Pritzger family, or all the Hollywood producers that support and advise Obama. All these people are real socialist not Capitalist right? They all want to give up their companies right?”
Historically, there have been many very wealthy people who have strongly backed left-wing causes ranging from the mildly liberal all the way leftward to the radical. In the past, these included such tycoons as industrialists Cyrus Eaton (winner of the USSR’s Lenin Prize for his efforts) and Armand Hammer (who boasted of his personal friendship with Lenin); in our day, there is George Soros, to name just one of many. Walter Annenberg, despite having been a diplomat in GOP administrations, had no problem funding unrepentant SDS/Weatherman radical Bill Ayers’ attempts to “improve” Chicago’s schools (read: turn them into an indoctrination machine for “progressive” causes) through his Chicago Annenberg Challenge, with Ayers givng then-unknown “community organizer” Barak Obama his first important political job as chairman of this group. The Rockefeller, Carnagie and Ford foundations, despite the capitalist activities of their founders, have frequently given big grants, no straings attached, to “progressive” groups that later turned out to be socialist.
My belief is that these left-leaning capitalist types feel guilty about their wealth and perhaps, the way in which they amassed it — but they are not so guilt-ridden that they are about to give it up because they enjoy it too much. So they instead buy off their guilt feelings by supporting left-wing candidates and causes — with the full expectation that when their liberal/progressive/radical/socialist friends do gain power, and move to “spread the wealth around,” as Obama said, they and their wealth will be spared, so they will continue to have both wealth and influence — but everybody else will be forced to “make sacrifices” in the interest of “fairness” and “economic justice.”