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Geithner next Treasury Secretary ?

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Anonymous

Guest
Stocks surge on Treasury chief talk
Wall Streeters hail reports that Obama has chosen New York Fed president Geithner for key economic job.


NEW YORK (CNNMoney.com) -- Stocks rallied Friday, with the Dow industrials bouncing as much as 550 points, after reports surfaced that President-elect Barack Obama will nominate New York Federal Bank president Timothy Geithner as his new Treasury Secretary.

The Dow Jones industrial average (INDU) rose 494 points, or 6.6%, according to early tallies. It was the fifth-biggest single-session point gain ever, according to Dow Jones.

The Standard & Poor's 500 (SPX) index gained 6.3% and the Nasdaq composite (COMP) added 5.2%.

Stocks rallied in the morning on reports that troubled Citigroup (C, Fortune 500) might put itself up for sale. But the company's CEO shot down the rumors in a call with senior managers, sending Citi's shares and the broader market lower.

But the market managed to snap back in the last two hours of trading as reports about the president-elect's cabinet appointment circulated. Stocks had also been primed for a snap-back rally anyway, after the S&P 500 ended the previous session at an 11-1/2 year low.

In particular, Wall Street seemed to welcome Obama's reported pick of Geithner, the vice chairman of the Federal Reserve's policy-setting committee. Geithner was the Fed's point person on the rescue of Bear Stearns and AIG.

Additionally, New Mexico Gov. Bill Richardson is reportedly being considered for Commerce Secretary.


http://money.cnn.com/2008/11/21/markets/markets_newyork/?postversion=2008112115
 

Texan

Well-known member
Additionally, New Mexico Gov. Bill Richardson is reportedly being considered for Commerce Secretary.

Wasn't there a Richardson that held a cabinet position during the Clinton Administration? Wonder if it's the same guy? There's some real "CHANGE" you can believe in, huh? :???:
 
A

Anonymous

Guest
Mahoney-Pursley Ranch said:
No CHANGE coming. The Dems are playing a game of chess and just moving the men around. Same faces same old crap.

Many I hear are saying this is the "change" they would gladly welcome back as the Clinton era represented peace, prosperity, and a budget surplus- where the Bush era will represent 2 poorly run wars, spend and borrow "fiscal conservity" that ran up a multi Trillion $ National debt and an impending depression that most economists are now predicting that if we can survive may take 7-10 years to recover from.... :(
 

Steve

Well-known member
Lonecowboy said:
Mahoney-Pursley Ranch said:
No CHANGE coming. The Dems are playing a game of chess and just moving the men around. Same faces same old crap.

This is all just taking recycling to a whole new level :(

"On October 29, 1993, President Clinton signed Executive Order 12873 entitled 'Federal Acquisition, Recycling and Waste Prevention', which mandates the use of retreads on all government vehicles".

and it looks like the team Obama bus has a full set of retreads... the retreads do hold up well when innocent friends (and grandmothers) are thrown under it,... but as soon as Obama's bus picks up any speed it's going to get messy..
 
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