NEW YORK (CNNMoney.com) – President-elect Barack Obama named key members of his administration's economic team Monday, including New York Federal Reserve President Timothy Geithner as his Treasury Secretary nominee and former Harvard President Lawrence Summers as the director of the National Economic Council.
Obama's announcement was scheduled just hours after the federal government announced a massive rescue package for Citigroup – which President Bush said he'd spoken with Obama about before it was announced.
Mission No. 1 over the next few weeks for Obama's economic team will be hammering out the details of what the president-elect described this weekend as a two-year economic recovery plan intended to create 2.5 million jobs.
This should be a fundamental answer to the critics who say that some of Obama's picks don't represent enough of the change he promised in the election.
The area where we most need change–the economy–is where Obama is tossing out the Washington insiders and tapping the nation's economic intelligencia.
I have no illusions–things aren't going to turn around in the next several months. I'm also sure that Obama will identify some areas that aren't going as well as planned and correct them, because unlike Bush, he's married to results instead of ideology. His picks show that.
In the end, I am confident that Obama can rebuild in 4 years what Bush destroyed in 8.
Now, if the shrub will just resign on 12.15,08 there may still be time to avoid financial armagedden!
As Obama builds his "brain trust" because he has to have "the best people", let's see if this makes any difference at all. It looks to me as if he has to shore himself up which is why he went with Clinton vets. When all is said and done, it will be the Clinton's running the country.
The country is in the biggest mess of our lives. We have a chance to dig ourselves out over a long period or time. This is a good start; at last a smart President that has chosen smart people instead of political hacks.
Ah! The birth of Socialism.
Start spreadin' the weatlh...it's handout time!
That's nice. Now I am naming my economic team–bankers in the Cayman Islands. Obama can't tax what he can't reach.
God bless you, PE Obama!
obama, americas future, God bless him.
Good Job President elect Obama! I know you will make our country proud no matter what the nutty right wing say and a few nutty dems too!
Why is she still in the news? Go away Sarah. I'm tired of hearing anything about you. Please go be a hockey mom from Alaska and be a much needed mother to your underage pregnant daughter. How does that work out for ya?
I did not vote for him but I wish him the best of luck in his administration. I will stand by him and support him in his presidency. This is what makes America great.
with all the clintons and former republicans i aint seein much 'hope' for 'change'.
Try to imagine how this scenario would be unfolding if Sarah Palin were the president-elect....
Well done President elected BARAK OBAMA,
that what the US needs right now.
I'm sorry Obama. My comment was meant for the Sarah Palin piece.
Sara brings dialogue to the table.
As governor, she worked with BOTH sides of the aisle.
The politicians and the MSM bring debate.
They are not intellectually equiped to manage maturity.
Dialogue is harder but requires more intelligence and maturity.
thank you Sara.
Whoever is reading this at CNN and will not allow this comment to be viewed (like the last one I submitted) is practicing censorship. I thought that liberals and progressives defended free speech not obstructed it. Are you afraid of a point of view that is different than your own? Is that the definition of "bias"?
Well done! President elected BARAK OBAMA,
That is what the US and the whole world needs right now.
Let the magic begin!
Considering that I believe the "Clinton era" was a very prosperous one for us, I also believe Obama's picking a lot of Clinton people to come onboard his Cabinet is our best shot in our financial recovery. I believe creating jobs to salvage our infrastructure is a necessity, and I believe we should repeal or drastically rewrite NAFTA and abandon similar agreements, like CAFTA. We gotta take care of home first!
I’m pleased with the thoughtfulness of Obama’s appointments.
I only hope he does not give any thought to those who will not be
happy unless to appoints Palin and or Joe the non plumber.
Change does not mean incompetence!!
Come on guys, hook me on this one! This will be my biggest prediction since I called the undefeated season for the Pats! I don't know but I think I'm gonna start sending bills now since I'm beginning to realize that we still have money...hey, is also hard work too! LOL!!
Cue the typical republican reaction of "that's not change" in 3...2....1....
P.S. While I did not vote for Pres. Elect Obama, I must say I am impressed with his team picks so far. He just may wind up being the best thing that has happened to this Country in a long, long while.
Now look at this man named Obama Republicans, he has done more as a President Elect in 3 weeks than "W" has done in 8 years as this countries failing President.
Oh and I hope all you Penticostal Evangelicals Baptist Mormons are happy. You got just what you wanted out of Bush, Suffering and Gnashing of teeth. Stop "acting" in the name of God.
He is puting together the best of the best. I am hopefull about the next 4 years.