Appointments
If I may say so, I think Obama’s done a pretty good job all around with appointments so far. But I’m particularly pleased about Geithner. Very solid guy, first-class temperament, and he actually understands the whole credit derivatives mess (as evidenced by the fact that he started asking intelligent questions about that market several years ago . . . not that it did much good).
Nonetheless, I think the market’s euphoric reaction to his appointment is a bit overblown. Even with a great guy in charge, he’s inheriting a colossal mess.
Sure he’s inheriting a colossal mess, but it’s so colossal partly because the markets are freaked out and need comforting in this lull period before we actually have a viable leader. The only effective thing Obama can do to help the markets at this point is to encourage people. It’s amazing how psychological the whole thing is. Anything that cheers everyone up and gets them optimistic about the future is a good thing BECAUSE it helps get us out of the colossal mess.
— Sam · Nov 23, 08:56 PM · #