Saturday, November 22, 2008

A New Treausury Secretary Timothy Geithner

It looks like President Elect Barack Obama is set to announce Timothy Geithner as his new Treasury Secretary. This is really no surprise as his name has been thrown about lately. Mr Geithner is currently the President of the Federal Reserve Bank of New York so as such has been deeply involved in dealing with the Financial Crisis. When word of this appointment leaked out on Friday Stocks rallied hard maybe not so much on Mr Geithner himself but rather on any announcement. I think part of the problem here is the lack of leadership during this "lame duck" session. As I have said in the past I understand why. Mr Paulson doesn't want to do anything that the incoming administration will undo come January 20 2009, which could and probably would cost tax payers lots of money. As such he is trying to do little and keep the seas as calm as possible. This is next to impossible in the currenct environment. With Mr Geithner appointed, a transition team can be put in place and we can begin to hear some of his ideas on the direction he plans to take in dealing with the crisis and the $700 billion bailout fund.

I wish him luck, it is certainly not going to be easy.

Good Luck and Good Currency Trading.



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