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."
Posted at 8:27 AM ET on Nov 24, 2008
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