While some are questioning the speed at which Obama is assembling his cabinet, others say his quick tactics show dedication and determination. The financial crisis coupled with the Iraq war may be reason enough to work at a fast pace. The lame duck Bush adminstatration currently in office can do little more than continuing to avert the economic crises from plummeting farther into recession. Obama's coice for the Secretary of the Treasury is indicative of a president approaching the job in a cautious manner. By appointing Timothy Geithner, the current New York Fed chief as Henry Paulson's successor, Obama chose someone who is extremely familiar with the crisis and the financial industry as a whole. Although an unexpected choice, Wall Street guru's have known and worked with Geithner for years so choosing someone on the inside of the industry was a smart move. Stocks rose for the first time in weeks after the announcement that Geithner take over where Paulson has left off. With so many unknowns revolving around the meltdown of Wall Street, it's comforting to know that Geithner will enter office with the experience and knowledge needed to tackle the crisis and veer it away from a recession.
The Associated Press released this video elaborating on the positive day on Wall Street:
"Wall Street is ending a volatile week with an unexpected jolt of confidence following reports that President-elect Barack Obama plans to name New York Federal Reserve President Timothy Geithner as Treasury secretary. (Nov. 21) "
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I thought it was interesting that stocks plummeted the day after the election a few weeks ago. It shows that there's little financial faith in the incoming administration.
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