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24 November 2008

Obama Names Economic Team

President-Elect Obama has named his Economic Team. As expected he chose Federal Reserve President Timothy Giethner as the Treasury Secretary. Giethner help managed Wall's Streets meltdown earlier this year, overseeing the purchase of Bear Sterns by JP Morgan, the bailout of AIG and the bankruptcy of Lehman Brothers. He was appointed the Fed President in 2003.

Larry Summers will Head the National Economic Council. Summers served as Treasury Secretary in the Clinton Administration. He was chief economist at the World Bank from 1991-1993 and he taught at Harvard.

Christina Romer was chosen to be the Head of the Presidents' Council of Economic Advisors.

Obama also announced Melody Barnes as the Director on the Domestic Policy Council and Heather Higginbottom as the Deputy Director on the Domestic Policy Council.

Saturday, Obama offered an outline of his economic recovery plan to create 2.5 million jobs by 2011, but decline to offer details or specific numbers until his newly appointed team has a chance to provide input.

Obama also talked about a $175 million dollar stimulus plan, but many analysts suggested the number will have to be much higher.

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