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Sources: Obama's Economic Team Taking Shape

UPDATE 4:46 pm:

The Post's Anne Kornblut reports that a source close to President-elect Barack Obama confirms that New York Fed chief Tim Geithner is "almost certain" to be offered the Treasury secretary position, but he hasn't formally been offered the position yet.

Obama is expected to name his economic team on Monday, The Post's Lori Montgomery reports. Congressional sources said the team is likely to include:

* Peter Orszag as White House budget director. Orszag is currently director of the Congressional Budget Office.
* Jacob "Jack" Lew as assistant to the president for economic policy and director of the National Economic Council. A former CBO director during the Clinton administration, Lew is now chief operating officer of Citigroup's Alternative Investments unit.
* Jason Furman as deputy assistant to president and the number two man at the NEC.. Furman was chief economic adviser to Obama's campaign.
* Austan Goolsbee as head of the president's Council of Economic Advisers. Goolsbee is a University of Chicago economist and one of Obama's longest-serving economic advisers.

---------

Wall Street seems to like Tim Geithner, the head of the New York Federal Reserve, who NBC News first reported, isPresident-elect Obama's nominee for Treasury Secretary to succeed Hank Paulson.

Evidence? After NBC News broke the news of Geithner's selection, the Dow -- which had been muddling along at about even -- shot up more than 200 points almost instantly and is now trading up more than 350 points.

Given the last-hour crashes that have pummeled the Dow in recent days, shedding hundreds of points of losses at a time, it makes one wonder if the Obama camp timed the leak as a way to thwart another dive. Even if they didn't, it's working so far.

Geithner, who is 47, is most closely aligned with Clinton-era economics, having previously worked at Treasury under Clinton secretaries Bob Rubin and Larry Summers.

But he is thought of as an economic centrist. In other words, he may be about as Democratic as Paulson is Republican, aligning more with Obama's stance on many issues. Geithner is viewed as non-partisan, having attended conservative Dartmouth College, a fact that did not dissuade Obama.

Prior to Treasury, Geithner worked at the IMF and with Henry Kissinger at his consulting firm.

Geithner has an international background, having lived in East Africa, India, Thailand, China and Japan.

According to some profiles, Geithner, who will now have to quickly shed his preference for shunning the spotlight, he both fly-fishes and surfs.

Over the past several months, Geithner has worked closely with Paulson and Fed Chairman Ben Bernanke, a stark reversal of the way Treasury treated the Fed under much of the Bush administrations.

Here's a September piece by The Post's David Cho and Neil Irwin describing the close relationship between Geithner, Paulson and
Bernanke.


--Frank Ahrens

By Frank Ahrens  |  November 21, 2008; 3:41 PM ET
Categories:  The Ticker  | Tags: Geithner, Obama, economic team  
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Comments

Wall Street loves the pick! How will Rush Dimbulb spin this?

Posted by: koolkat_1960 | November 21, 2008 4:13 PM | Report abuse

How is appointing Free Trader stooges going to restore our manufacturing base? Theses NAFTA shaftas Wall Streeters are the ones who started the demise of our economy in the first place. Sen. Baucus for Treasury for true oversight and change!

Posted by: lockmallup | November 21, 2008 5:38 PM | Report abuse

The comments to this entry are closed.

 
 
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