Breaking: Timothy Geithner for Treasury

[DCBob]

per CNBC

The markets are already responding. They like it.

[redstate_democrat]

1. Isn't that special.

[lamp_shade]

2. 5..4..3..2..1..

[Thrill]

3. Wall Street jumping up and town. I like it

[DCBob]

12. DJIA up 220 points in 20 minutes.

:wow:

[lamp_shade]

4. .

[Fleshdancer]

5. I need to learn more about him

Here's what wikipedia says for anyone interested:

Timothy Franz Geithner (last name pronounced /ˈgaɪtnər/; born August 18, 1961) is the 9th president of the Federal Reserve Bank of New York. In that role he also serves as Vice Chairman of the Federal Open Market Committee (FOMC).

After completing his studies, Geithner worked for Kissinger and Associates in Washington, DC, for three years and then joined the International Affairs division of the US Treasury Department in 1988.

In 1999 he was promoted to Under Secretary of the Treasury for International Affairs and served under Treasury Secretaries Robert Rubin and Lawrence Summers.

In 2001 he left the Treasury to join the Council on Foreign Relations as a Senior Fellow in the International Economics department. He then worked for the International Monetary Fund as the director of the Policy Development and Review Department until moving to the Fed in October 2003.<1> In 2006 he became a member of the influential Washington-based financial advisory body, the Group of Thirty.

On 21 November 2008, Geithner was named as the Treasury Secretary for the Obama administration.

He was involved in the Bear Stearns and AIG Bailout and the decision to let Lehman Brothers fail.

[DCBob]

6. Insiders like him. Good creds.

No nonsense guy.

[DCBob]

7. DJIA jumped 150 points in 15 minutes.

Will see if it lasts the day.

[Skwmom]

13. Well if Rubin and Summers taught him everything they know, what more could we ask for?

[zippy890]

14. 'Group of Thirty' Hmmm

thirty who

[Fleshdancer]

17. Krugman is a member. List:

This actually looks like an interesting group. It's a private non-profit: http://www.group30.org/index.htm

http://www.group30.org/members.htm

Paul A. Volcker
Jacob A. Frenkel
Geoffrey L. Bell
Montek S. Ahluwalia
Abdulatif Al-Hamad
Leszek Balcerowicz
Jaime Caruana
Domingo Cavallo
E. Gerald Corrigan
Andrew D. Crockett
Guillermo de la Dehesa Romero
Mario Draghi
Martin Feldstein
Roger W. Ferguson, Jr.
Stanley Fischer
Arminio Fraga Neto
Timothy F. Geithner
Gerd Häusler
Philipp Hildebrand
Mervyn King
Paul Krugman
Guillermo Ortiz Martinez
Tommaso Padoa-Schioppa
Kenneth Rogoff
Tharman Shanmugaratnam
Lawrence Summers
Jean-Claude Trichet
David Walker
Zhou Xiaochuan
Yutaka Yamaguchi
Ernesto Zedillo

Senior Members William McDonough
William R. Rhodes
Ernest Stern
Marina v N. Whitman

[HughBeaumont]

8. What's the G30?

Read the wiki and I'm still not sure . . .

[Fleshdancer]

15. looks like a consultancy group. they have their own website:

http://www.group30.org/

[Lumpsum]

21. Sounds like the name of a group of James Bond villains. nt

[cali]

9. I know nothing about him, beyond the wiki entry. I'm willing to wage

that's true of the great majority of DUers. But that won't stop many of them from pissing and moaning that he's just another Clintonian and that he worked at Kissinger and Associates, so he must be a neocon corporatist stooge.

[CTyankee]

10. Summers must be crying in his beer. Well, if you had kept your big mouth shut

and kept your ideas about "innate" ability and women in science to yourself, you might be T Secretary now, you idiot.

[Seen the light]

11. Geithner used to work for Kissinger and Associates

Ran by Henry Kissinger. Not sure how I feel about that.

[I LUV DEM]

16. guilt by associate not cool

[Seen the light]

18. I'm not proclaiming anyone's guilt

Just pointing out something that kind of jumps out at you.

[Jennicut]

19. OMG. Geithner was the best choice. No Paulson or Summers is good to me.

[Raineyb]

20. And since when is the stock market an accurate indicator of whether or not the economic situatuation

is good or not? Workers have been suffering for years yet the market just started to tank. Wall Street's approval means it's not good for the rest of us. I'll hold off judgment on the man until I can do some more research.

Regards

[DCBob]

22. You would prefer a total meltdown of our financial system?

Halting the hemorrhaging is good news for all of us.

[amandabeech]

23. Geithner is involved with the Federal Reserve and with Treasury's TARP.

Neither group has been able to get the credit markets unstuck which is a big part of the reason why Detroit is asking for a bridge loan.

There is no indication that Geithner has any new ideas to get things going, and he was most likely involved in the current failed policies.

I suspect that Wall Street likes him due to his bailout ideas--lots of dollars, not much regulation and no strings.

If he has something new to try, let's hear about it, because what is being tried isn't working.

I'm not seeing much to cheer about.

[Raineyb]

26. My point is that you're using the wrong item as an indicator.

It's the fate of the workers that ought to be the indicator of how the country is doing economically. Workers have been suffering for much longer than Wall Street has been tanking. It is the condition of the workers that ought to be the indicator of whether or not things are going well economically. Focusing on Wall street is part of the problem. The answer to whether or not things are getting better will not be found there. This is the same stock market that goes up when unemployment goes up and only freepers would argue that an increase in unemployment is good for the economy.

Regards

[Raschel]

24. You may be on the right track. I heard on the news he was involved with the bailout.

[blue_onyx]

25. I heard that too

The news said he was involved in the bailout and the decision to let Lehman Brothers go bankrupt. I'm concerned about this pick.