The Trail: A Daily Diary of Campaign 2008


The Rundown

It's the Economy...

By John Amick
The Obama camp, once famous for its discipline and ability to keep a secret, has garnered some criticism in recent weeks for a series of cabinet appointee leaks, name-floats and head-fakes. Some believe the "leaks" are part of a broader strategy. Strategic or not, the names are out there, which may remove some of the suspense from President-elect Barack Obama's public unveiling of his economic team today in Chicago at 12 p.m. ET.

Expected members of Obama's Team Economy include New York Fed chief Tim Geithner as Treasury secretary (when word of his likely selection got out Friday, the Dow Jones went up nearly 500 points) and former Treasury secretary Lawrence Summers as director of the White House National Economic Council. Geithner and Summers, longtime confidants, will bring to the team a "student-and-mentor" relationship, as the Wall Street Journal describes it.

Who won't be standing behind Obama today? Current Federal Reserve Chairman Ben Bernanke, whose status in the incoming administration is in question. The Wall Street Journal reports that he may not last beyond his current term, which ends January 2010. Bernanke may catch heat this week for some of his comments reported in a piece in this week's edition of The New Yorker: "I and others were mistaken early on in saying that the subprime crisis would be contained. The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict."

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Posted at 8:27 AM ET on Nov 24, 2008  | Category:  The Rundown
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With all of the spending we're doing, we're heading toward trouble...

Posted by: MatthewAvitabile | November 24, 2008 4:44 PM

RaZoR777-Actually, let's see what Jindal can ever accomplish in Loseranna first! So far, I would not want him as a Doorman!

Rick Perry, is one to watch, but Alan Keyes is one to consider.

But, Practicality would call for a Military man to hook-up with the Business and Economics wise Mittster!

Who SHOULD have been the Nominee, with McEgo as the Veep!

Posted by: SAINT---The | November 24, 2008 12:25 PM

PS: The only actual leaks in my opinion are those surrounding the SoS. Looks a lot like Clinton manoeuvering to me.

Posted by: CohtR | November 24, 2008 12:24 PM

There is some Poetic Justice in having all the Culpable Clintonistas, including the Clintons themselves(Buy one get one almost free!);

being BACK in Power.

Now, THEY have to fix the deregulated MESS they started in 1998! ;~)

Barry-Here, just Sign this! Good little Puppet! Go Play now! ;~)

Posted by: SAINT---The | November 24, 2008 12:21 PM

Head fakes? As far as I can tell, most names that were wrong were unconfirmed speculation by political pundits. Everytime I saw an unnamed source from within the transition team quoted it turned out to be correct. A single name is intentionally being leaked every few days. IMO there are a couple reasons for the sudden leaks in what used to be an air tight organization: it allows them to gauge public and political opinions and it fills the power vacuum created by the current administration's ongoing vanishing act. The current crisis simply made it impossible to leave an interval of a few weeks in which nothing seemed to be done. Obama and his team have no real authority until he is inaugurated, but a steady stream of reliable names as he assembles his governing team offers a little reassurance. It's not much, but at least people are getting the sense that someone is trying to do something about the crisis.

Posted by: CohtR | November 24, 2008 12:13 PM

It is the global economy ... stupid .

........ MITT ROMNEY * BOBBY JINDAL .......

................... 2012

Posted by: RaZoR777 | November 24, 2008 10:28 AM

Obama's move indicates that he has absolutely no confidence in Bush, Paulson or Bernanke to pull the country out of its current economic black hole enough in two months for the president-elect to lay low and merely cooperate. Citi's bailout was the last straw for Obama and his team.

Posted by: parkerfl1 | November 24, 2008 9:06 AM

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