November 24th, 2008
12:40 PM ET
5 years ago

Obama names his economic team, led by Geithner

Obama officially named his economic team Monday (from left: Geithner, Romer and Summers).
Obama officially named his economic team Monday (from left: Geithner, Romer and Summers).

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.

Full story


Filed under: Obama transition
soundoff (137 Responses)
  1. keepitreal50

    Bravo!!

    November 24, 2008 01:50 pm at 1:50 pm |
  2. frodo

    lets see....how could we create 2.5 million jobs.

    Well, we could hire more people at the IRS to make sure we have enough to take all of that tax money that will be raised.

    We could hire more people at unemployment offices....heck, cut the line in half, hire half to process the claims of the other half...that would cut the unemployment rate by 50% immediately.

    we could nationalize the automakers so that employees would now have to be members of the United States Auto Workers and would get a GS salary like other government emloyees.

    All of these things would be "great" ways to get more jobs...

    November 24, 2008 01:52 pm at 1:52 pm |
  3. Debby

    Lets see what these 3 stooges can do for us in the next 4 years.

    November 24, 2008 01:53 pm at 1:53 pm |
  4. mrp owosso

    I commend the Pres. Elect for picking good people for his economic team, but I wasn't prepared for all the Clinton retreads when I was sold on change.

    November 24, 2008 01:53 pm at 1:53 pm |
  5. we're watching closely

    to see how obama is going to put a spell on the architects of the failed system,

    geithner, romer, summers, and

    turn them into believers of a new system.

    that would amount to a modern day miracle!

    he shall be called The One when it happens.

    November 24, 2008 01:55 pm at 1:55 pm |
  6. America loses

    Unfortunately the dream team, thinks that strengthening unions is a dream come true with cardcheck loss of the secret ballot, and they think raising taxes on job creators is the right thing to do, and mandating healthcare on businesses struggling to make a profit is the right thing to do, and closing our borders to trade is the right thing to do, and raising capital gains taxes so that less money is invested in the US markets is the right thing to do, and increasing government spending by another trillion dollars is the right thing to do.

    I don't call it the dream team, I call is the highway to a Depression team, or better yet the nightmare team. Goodbye American way of life, hello left wing liberal destruction of our economy.

    November 24, 2008 01:56 pm at 1:56 pm |
  7. David

    This is terrible news. This guy is in the same circles as Paulson, Bernanke, etc. He heads the NY Fed so that right there is a red flag. This just shows there is going to be a continuation of this thievery and fleecing of the US.

    November 24, 2008 01:56 pm at 1:56 pm |
  8. Jackie

    Awesome! He's on track and having women on his team shows changes are coming.

    November 24, 2008 01:59 pm at 1:59 pm |
  9. Robert Bland

    This is a strong team, and we will need it to find our way out of the mess left by Bush-Cheney.

    November 24, 2008 02:00 pm at 2:00 pm |
  10. Latina-Indepedent-4-OBAMA

    Brilliant! Can't wait for the day, when President-elect Obama has SUCCEED .... and the far-right-hate-mongers have to eat crow!

    November 24, 2008 02:00 pm at 2:00 pm |
  11. American

    Here we go again. Why is the Aftrican American left off this picture. This does not display the entire team, so why use the picture. Here we go again.

    November 24, 2008 02:05 pm at 2:05 pm |
  12. feelin'dissed

    change? look like the 90s again. i thought we were moving into the 21st century with a new team of folks interested in changing the politics of the past. one token california professor, to soothe the disgruntled progressives aint gonna cut it, this time.

    November 24, 2008 02:07 pm at 2:07 pm |
  13. EW

    Hmmm...an economic team that over the years has helped create the mess we are currently in. BRILLIANT!

    November 24, 2008 02:12 pm at 2:12 pm |
  14. Pat F

    Very smart move by Obama.

    Lawrence Summers is the one Obama really wants on his economic team, but Obama doesn't want to subject Summers to the Senate politically correct lynchmob regarding Summers' comments about women in science. So Obama has appointed Summers to a job which does not require a Senate hearing.

    Someone has given Obama very sound advice indeed.

    November 24, 2008 02:13 pm at 2:13 pm |
  15. RealityKing

    Tim Geithner's proudest moments were his years at the IMF in the 90s when the United States bailed out Mexico's economy. Of course that policy was devaluating their currencies. Devaluing currencies and raising taxes, both extremely federal interventionist approaches.

    Low paying road jobs for everyone.., spread the wealth.

    November 24, 2008 02:17 pm at 2:17 pm |
  16. Faith Restored

    Thank God someone is acting like they care about this country by trying to get behind the wheel and avoid the cliff even as we dangle precariously over the edge.

    November 24, 2008 02:20 pm at 2:20 pm |
  17. Steven

    Georgians:

    Remember to vote for Jim Martin for Senate!

    Early voting is today, tomorrow, and Wednesday. Election day is December 2nd.

    I cast my vote today; the line was not very Democrat friendly. Get out your vote to help us on our way to a filibuster-proof majority!

    November 24, 2008 02:20 pm at 2:20 pm |
  18. sandy

    It seemed wonderful to see a man stand up and talk and actually look like a President,whether you agree with him or not. I think he is being honest with Americans in saying this is going to be tough. At least we know what were in for! I just hope most American's don't jump off this bandwagon if things are fixed in 100 days. It took 8 yrs to get in this fix and one man cannot get us out of it overnight. Be patient America and let him try.

    November 24, 2008 02:21 pm at 2:21 pm |
  19. Emit R Detsaw

    Hasn't even been elected President by the Electoral College yet, and yet he is doing more for this country than the sitting President.

    2 thumbs up!!

    November 24, 2008 02:22 pm at 2:22 pm |
  20. Peter (CA)

    More good picks, especially Geithner.

    But the right wing spew will continue....

    November 24, 2008 02:24 pm at 2:24 pm |
  21. steve r. from Wash st.

    Great choices. We need the best of the best to steer our nation in the right direction. What an up hill climb we have, but this team will help us shine again like the Clinton Administration did. :)

    November 24, 2008 02:28 pm at 2:28 pm |
  22. Texas Trail Kitty

    Good for him. It is comforting to see him getting to work right away. And to the conservaties who are whining (as usual) Don't dis him until he messes up. Right now, he is right on track. His early choices are calming the stock market and that can't be bad.

    November 24, 2008 02:28 pm at 2:28 pm |
  23. Gorbashov - Long Beach, Ca.

    It's time to tackle the worst economic crisis since th Great Depression. Forget the "we have only one president" line. Dumbya Hoover jr. has abdicated all leadership on this most vital issue.

    Push the criminal aside and let's get down to solving this great nations problems – NOW!

    YES WE DID!!!

    November 24, 2008 02:29 pm at 2:29 pm |
  24. Brian from Fort Mill, SC

    Man, talk about being ready on day one!

    It's not even day one yet!

    WooooHooooo!!!

    November 24, 2008 02:32 pm at 2:32 pm |
  25. GINA, OHIO

    well done obama!! two major thumbs up!!!

    November 24, 2008 02:35 pm at 2:35 pm |
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