Tags: freidman | geithner

Friedman: Bush Should Appoint Geithner Now

By    |   Monday, 24 Nov 2008 01:36 PM

President Bush should appoint proposed Obama Treasury Secretary Tim Geithner now, says New York Times columnist Thomas Friedman.

"Make him a Bush appointment and let him take over next week," Friedman writes.

"This is not a knock on Hank Paulson. It's simply that we can't afford two months of transition where the markets don't know who is in charge or where we're going."

Markets are pricing financial stocks at Great Depression levels, not just recession levels, Friedman notes.

“With $5, you can now buy one share of Citigroup and have enough left over for a bite at McDonald’s,” he says.

Friedman believes it’s obvious that President Bush can’t mobilize the stimulus package to create infrastructure and create jobs necessary to defuse the financial crisis.

More importantly, Bush cannot provide the huge injection of optimism Americans need and the confidence that the economy will recover with a new economic team.

“I have no illusions that Obama's arrival on the scene will be a magic wand, but it would help,” Friedman says.

Obama’s pick for Treasury secretary is part of the confidence game under way, says Carl Icahn.

“Tim Geithner is a real bright guy,” Icahn told Fox News.

“The important thing is that you have to instill confidence, you have to get moving. Obama has to get out there, show he is doing something, and show what will happen.”

“These banks are full of toxic securities right now, and you have to show your plan to clean this up,” Icahn says.

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President Bush should appoint proposed Obama Treasury Secretary Tim Geithner now, says New York Times columnist Thomas Friedman."Make him a Bush appointment and let him take over next week," Friedman writes."This is not a knock on Hank Paulson. It's simply that we can't...
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2008-36-24
Monday, 24 Nov 2008 01:36 PM
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