For those of you who don't know, today Obama named key members of the economic team for his administration 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. Their first job during these next few weeks will be to define the details of a two-year recovery plan that will eventually create 2.5 million jobs. The team will also be charged with overseeing the dispersal of the funds from the ginormous wad of cash our government has decided to throw at the economy in response to the recent crisis.
Obama's choices have given the stock market a brief rise although it seems to fluctuates at the drop of a hat these days. Hopefully the people President Elect Barak Obama has picked the right people to lead us through this crisis and their effect will not be limited to a brief rise in the stock market.
Thursday Morning Open Thread: To Boldly Go…
3 hours ago
4 comments:
How interesting! Hopefully these key members will do a good job to try to fix the economy. Thinking of a economic plan to help everyone will be tough. America is counting on Obama to follow through his promise of 2.5 million new jobs and rebuilding the stock market.
I'm crossing my fingers!
It doesnt matter what promises Obama makes or who his economic advisers are. the fact is, our country is in an economic recession. our federal reserve unwisely lent out too much money and now the rest of the country is realizing that this false economic boom is not real.
you cant stimulate the economy by printing more money or bailing out unsuccessful business. the economy will stimulate itself when big business makes smart investments and actually earns some money instead of taking advantage of dumb consumers and placing all they're reward in more risk, only to be bailed out by the government.
Obama can sit here from the white house and watch the economy take its natural course but the only action he can take is going to continue the cycle of boom and bust because bailing out and loaning more money only temporarily prevents economic recession, it doesnt fix it.
He has not named a secretary of state yet has? I think it would be really interesting if he really did pick Hilary Clinton for that job. Anyway, i'm glad that Obama is picking all of these cabable people for his cabinet and i wonder where he intends to put all of that money to try to help the economy
Well, i am also happy that the new administration id taking shape. I have recently heard some criticism because he is not choosing people that are new in Washington. I personally disagree, because the "change" we want is from the current system. We want capable people!
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