Word: geithner
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Until a late-day rally on Friday, sparked by word that President-elect Obama would name Timothy Geithner as his new Treasury Secretary, last week was another brutal one for the stock market, with the S&P 500 stock index hitting an 11-year low. From trading floors to kitchen tables, people are anxiously asking, What's next? Historically, the markets rally as one calendar year turns into the next, but could there really be reason to hope for a year-end rally at a time when the only precedents that seem to apply are the worst bear markets...
...expected, Obama announced that he would tap a well-known duo of economic advisers. Timothy Geithner, president of the New York Federal Reserve, will be his Treasury Secretary, and Larry Summers, a former Treasury Secretary, will lead his National Economic Council at the White House. He also named Melody Barnes, a longtime aide to Senator Edward Kennedy, to lead his Domestic Policy Council; and Christine Romer, a University of California, Berkeley, economist, to chair the Council of Economic Advisers, two other White House policy shops. Obama said this group would put some flesh on the bones of an economic stimulus...
...choosing Geithner and Summers, Obama has tapped two of his party's brightest economic lights. Summers, who became president of Harvard after leaving his job in the Clinton Cabinet, is the economic leader of his generation, but he sometimes plays poorly in the public spotlight. Geithner, a Summers protégé, is smoother and more politically deft, able to work both for the Clinton team and alongside the Bush Administration. Summers, working from the White House, will most likely have Obama's ear, but it will be Geithner's job to speak to the markets, much as a horse...
...Treasury secretary, Summers, who led the Treasury under President Clinton from 1999 to 2001, will be advising the president on both domestic and foreign economic policy. He will likely be working closely with Obama’s nominee for Treasury secretary, Federal Bank of New York President Timothy F. Geithner, who reportedly maintains an excellent relationship with Summers. The position is considered to be a stepping stone to the Federal Reserve chairmanship, which is currently held by Ben S. Bernanke ’75. Richard Zeckhauser, Summers’ close friend and colleague at the Harvard Kennedy School, said that...
...Geithner's experience does have its downside. The Administration's attempts to shore up confidence in the stock and credit markets have stumbled, and now even previously rock-solid institutions like Citigroup are in deep trouble. And if Geithner locked horns with Sheila Bair from his perch atop the New York Fed, he'll have to work even more closely with her from the Treasury building on the other side of the White House, as the two will be key players in saving any big banks that fail. They will also control the shape of any mortgage bailout for Americans...