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For Obama, the economy can't wait.(USA)(Barack Obama)

Article from: The Christian Science Monitor Article date: November 07, 2008 Author: Trumbull, Mark

Byline: Mark Trumbull Staff writer of The Christian Science Monitor

The economy and financial markets are amplifying a message that Barack Obama knew about well before Election Day: The president-elect must start acting right now - not just upon his Jan. 20 inauguration - to forge his response to the crisis. As of Thursday morning, US stocks had erased the gains of an Election Day rally. A sagging world economy also hammered stock markets overseas Thursday. And the weekly pace of unemployment claims continues to hover near the half-million mark. Honeymoon? Victory lap? ...

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Rubin Won't Take Treasury Post

Posted Nov 6, 08 2:50 PM CST in Business,  Politics 

Rubin Won't Take Treasury Post
Source: AP Photo

(Newser) – Former Treasury Secretary Robert Rubin, a top economic adviser to Barack Obama during the campaign, will not reprise that Cabinet role in the new administration, Bloomberg reports. “I've spoken with him and told him I'm not interested in going back into government,” Rubin said today. His denial boosts the chances of another former Treasury chief, former Harvard president Larry Summers.

New York Fed chief Timothy Geithner and former Federal Reserve chairman Paul Volcker are also in the running, as is New Jersey Governor Jon Corzine, who might take the job but doesn’t think it will be offered. Summers is rumored to be the front-runner, according to campaign insiders. In the uncertain economic future, all possible candidates could take on special projects.

Source: Bloomberg

More about:  Barack Obama • President Obama • transition team • Treasury Secretary • Timothy Geithner • Robert Rubin • Larry Summers • Jon Corzine • Paul Volcker

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OPINION

Obama Should Beware 'Best and Brightest'

A la JFK's Cabinet, too often masks poor judgment, inexperience

New York Times New York Times Dec 7, 08 1:18 PM CST
(Newser) - Barack Obama has won praise for appointing “the best and the brightest” to his Cabinet during a time of war and economic hardship. But all the back-patting sounds a little too familiar, Frank Rich writes in the New York Times. “The stewards of the Vietnam fiasco had pedigrees uncannily reminiscent of some major Obama appointees,” he observes. More »

More about:  Barack Obama • Hillary Clinton • Financial Crisis • President Obama • Vietnam • John F. Kennedy • Timothy Geithner • Robert Rubin • Paul Volcker • Lawrence Summers • David Halberstam

 Summers Vs. Geithner 
 for Treasury Chief 

Democrats divided on pick

Politico Politico Nov 7, 08 12:55 PM CST
(Newser) - The top candidates to become Treasury secretary, Larry Summers and Timothy Geithner, have Democrats split, and Politico looks at the resumes of both. Summers is a brilliant economist and close Obama adviser, but hardly smells of change, having backed deregulation and free-market strategies as Clinton’s Treasury chief. He's supposedly become more progressive since leaving government, though he caused a ruckus as Harvard president by suggesting women were inherently weak in math. More »

More about:  Barack Obama • President Obama • transition • Treasury Secretary • Timothy Geithner • Larry Summers

Obama Gets Down to Business 

Treasury chief may be announced today as transition gears up

Washington Post Washington Post Nov 6, 08 4:20 AM CST
(Newser) - The Barack Obama team is swiftly dismantling his presidential campaign network and getting the framework in place for the transfer of power, the Washington Post reports. Economic issues are taking priority and the president-elect may announce his Treasury secretary as soon as today. Sources say New York Fed Chief Timothy Geithner, former Treasury secretary Lawrence Summers and former Federal Reserve Chairman Paul Volcker are likely picks. More »

More about:  Barack Obama • Election 2008 • George W. Bush • President Obama • Obama administration • transition • Treasury Secretary • Larry Summers • Paul Volcker • Tim Geithner

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