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.