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. Pepe

    Barack Obama is economically illiterate. His policies will cost more than they provide in benefits. His presidency will be a lesson in economics for him and his supporters. It is unfortunate that the rest of us are being dragged along for the ride.

    November 24, 2008 02:39 pm at 2:39 pm |
  2. Michael-Ventura,CA

    Presient Obama is READY! Just as we knew he would be! January 20th can't come soon enough for this American!

    November 24, 2008 02:40 pm at 2:40 pm |
  3. LyonsPhilly

    Issue an immediate eviction notice to the White House. Tell Bush he doesn't need to clean, just get the hell out. We'll send his things to his forwarding address where he will live happily every after with Americas cash...What a lucky clown.

    November 24, 2008 02:40 pm at 2:40 pm |
  4. cool onlooker

    It really pains me to see Obama's appearing so tired on TV after the election. The huge national crisis has urged his youth to disappear more rapidly.

    I pray for Obama and wish him the best! May health and wisdom be with him as long as possible, as the nation, the world needs him to lead in a high spirit.

    I pray for Michelle Obama and the two daughters the most peaceful and enjoyable new life in the new home.

    November 24, 2008 02:42 pm at 2:42 pm |
  5. Devon Spencer

    Excellent team.

    November 24, 2008 02:45 pm at 2:45 pm |
  6. phil

    smart man. ladies and gentlemen imagine if john mccain has won what would have happen? he would have gone crazy by now considering the enormous precarious state of our economy . i always think abt it. obama is an enbodiment of ingenuity in the highest level. keep it going wise men. i though they said he has no experience during the election, now he is the one heading the stiring of a bad ship from the deep turbulent ocean to a steady land . well done sir. well done .

    November 24, 2008 02:47 pm at 2:47 pm |
  7. JuanM

    Hahahahahahaha...LOL....."CHANGE"........yeah right. Same old Washington insiders, same old lobbyist, same old government. McCain or Obama; it's all the same. We keep electing these fools and we keep getting screwed.

    November 24, 2008 02:49 pm at 2:49 pm |
  8. VA

    Clinton 90 s retreads when I was sold on change

    November 24, 2008 02:50 pm at 2:50 pm |
  9. Pat F

    Tim in Wa., give the record a shove, you're stuck in a grove and starting to repeat yourself a little too much, a little too much, a little too much. . .

    November 24, 2008 02:52 pm at 2:52 pm |
  10. Pres. McCain

    What would have happened if McCain had won?
    It sure would have been nice to find out.
    :-)

    November 24, 2008 02:53 pm at 2:53 pm |
  11. Armando

    Funny how all these people that think this is a good choice and change aren't going to be thinking the same in a year or two. Obama has no clue about basic economics.

    November 24, 2008 02:54 pm at 2:54 pm |
  12. phil

    we know it will take obama some time to rectify this big mess we are in but atleast the raod towards the solution has begun, in that case thats a plus.

    November 24, 2008 02:56 pm at 2:56 pm |
  13. David

    I am just so relieved that we have a thinking president along with a thinking 'team' of experts deal with this issue.

    November 24, 2008 02:58 pm at 2:58 pm |
  14. Wow?

    Competence is a beautiful thing. Any one running for office without an Ivy league education should be put through the ringer first.

    November 24, 2008 02:58 pm at 2:58 pm |
  15. David

    hey "Woe"- that is exactly what you bring upon society; woe.

    November 24, 2008 02:59 pm at 2:59 pm |
  16. JIM...TX

    @ PEPE...Obama is economically illiterate..policies will cost more than it benefits us....we'll all be dragged down.....Where the hell have you been the last 8 years...the moon. The WH is currently occupied with the most illiterate President in history...his policies(Iraq for just one) has cost us WAY more than any benefits(Halliburton might argue that) and we the people HAVE ALREADY been taken for a ride an dragged through the mud! ANYTHING Obama does after this 8 year fiasco will be an improvement.

    November 24, 2008 03:01 pm at 3:01 pm |
  17. sg

    Economic plan – 2.5 million jobs in 2011! The factory I work in is shutting down in Jan '09. Maybe we can convince the company to keep the factory running to 2011 so we can all get Obama jobs.

    November 24, 2008 03:07 pm at 3:07 pm |
  18. David

    JuanM, you are right. No change. And forget these claiming right winger are complaining. I voted for this guy only to see him not do the things he says he would do. He is not for change now that he was elected.

    November 24, 2008 03:07 pm at 3:07 pm |
  19. Peter (CA)

    We can see what will not "change"...

    Negative comments from Tom in Delaware, No Hillary, and Debby amongst others.

    If you guys have better ideas, please post them or send them to Obama.

    November 24, 2008 03:08 pm at 3:08 pm |
  20. Iroko Nija

    With Timothy Geithner as his Treasury Secretary nominee and former Harvard President Lawrence Summers as the director of the National Economic Council and now Hillary Clinton as the secretary of stae nominee, and finally, Joe Biden sitting strong and watching over the foreign affairs ladder, who still wants to hear or talk about inexperience? Truly, an OBAMA has come to justice.

    November 24, 2008 03:10 pm at 3:10 pm |
  21. Daniel

    Another example of Obama surrounding himself with knowledgeable people.

    "Change" does not mean hiring exclusively new faces. If he did that, conservatives would be screaming for more "experience" in the Cabinet. And remember, he hasn't even taken office yet! How about giving it a year or two before determining whether or not his change platform is successful.

    And if a movement away from Bush's policies isn't "change", then I don't know what is.

    For Jim in TX worried about all of the spending... well, no longer dropping $120 billion/year into Iraq might free up some cash, won't it?

    November 24, 2008 03:13 pm at 3:13 pm |
  22. AFAM

    Good

    November 24, 2008 03:14 pm at 3:14 pm |
  23. ozzy

    A smart president for a CHANGE. SHEEDING A TEAR.

    November 24, 2008 03:16 pm at 3:16 pm |
  24. Pepe

    Jim....TX

    No, it won't. Obama's socialist economic leanings will have the same effect in the US that they have had in other countries. Growth will slow or stop, and economic contraction will cost more than the handouts can possibly alleviate. Everyone who has ever taken economics 101 in school can predict the results of the Keynsian policies Obama will insitute.
    BTW, i agree that Bush didn't understand economics either. the $700 billion bailout is something a wiser president wouldn't have supoorted or pushed. But switching from Bush to Obama is like the Weimar Republic being replaced by the Third reich (economically, Obama's no killer) But don't believe me, just watch the results and you'll see what I mean in about 3 years.

    November 24, 2008 03:17 pm at 3:17 pm |
  25. rm

    @Jim...TX:

    You wrote that Obama is economically illiterate. I suppose you think that McCain would do much better, right? Please google the video of McCain being asked about the economy, you can hear the birds chirping while the interviewer was waiting for an answer. You know Obama is the man, come on, it's OK.

    November 24, 2008 03:17 pm at 3:17 pm |
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