Comments on: Tim Geithner To Be Treasury Secretary. Stocks Soar. http://donklephant.com/2008/11/21/tim-geithner-to-be-treasury-secretary-stocks-soar/ Big Teeth. Huge Ass. Surprisingly Reasonable. Sat, 13 Mar 2010 17:46:02 +0000 http://wordpress.org/?v=2.9 hourly 1 By: mw http://donklephant.com/2008/11/21/tim-geithner-to-be-treasury-secretary-stocks-soar/comment-page-1/#comment-425546 mw Sat, 22 Nov 2008 06:48:51 +0000 http://donklephant.com/?p=11251#comment-425546 <a href="http://donklephant.com/2008/11/07/obamas-economic-rescue-package-starts-to-take-shape/#comment-423841" rel="nofollow">I thought Geithner was more likely.</a> No particular reason, except Jimmy Cramer was railing against him, and Cramer is wrong more often than he is right. Seems like a solid pick, and certainly someone who can literally be ready day one for the financial mess, since he has been working in it up to his neck for the last two years in his role as President of the NY Fed. Here is the really interesting part- Right now, the absolute Center of the Financial Clusterfork Universe is Citibank, which may or may not be on the verge of collapse. CNBC was reporting that something would have to be negotiated over the weekend, will probably need some government intervention, and be announced before the Market opens on Monday. Guess who is the primary federal regulator for Citibank? The New York Fed. And - all together now - The President of the NY Fed is today... The presumed Secretary of the Treasury of the next administration. So... The Obama administration actually kicks in this weekend. This is going to be fascinating to watch, and I do believe it will turn out well. Both Obama and Geithner know how important it is to get this right. This could set the tone for the Obama administration right now, as the shadow government comes out of the shadows. Oh - and Justin - I don't think you can give Geithner credit for that 500 point rise on Friday, unless you want to also give Obama credit for the several thousand point drop in the market since election day. I thought Geithner was more likely. No particular reason, except Jimmy Cramer was railing against him, and Cramer is wrong more often than he is right.

Seems like a solid pick, and certainly someone who can literally be ready day one for the financial mess, since he has been working in it up to his neck for the last two years in his role as President of the NY Fed. Here is the really interesting part-

Right now, the absolute Center of the Financial Clusterfork Universe is Citibank, which may or may not be on the verge of collapse. CNBC was reporting that something would have to be negotiated over the weekend, will probably need some government intervention, and be announced before the Market opens on Monday. Guess who is the primary federal regulator for Citibank? The New York Fed. And – all together now – The President of the NY Fed is today… The presumed Secretary of the Treasury of the next administration. So…

The Obama administration actually kicks in this weekend.

This is going to be fascinating to watch, and I do believe it will turn out well. Both Obama and Geithner know how important it is to get this right. This could set the tone for the Obama administration right now, as the shadow government comes out of the shadows.

Oh – and Justin – I don’t think you can give Geithner credit for that 500 point rise on Friday, unless you want to also give Obama credit for the several thousand point drop in the market since election day.

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