Obama Rolls Out Economic Transition Advisers, Include Warren Buffett, Robert Rubin, Robert Reich
President-Elect Barack Obama is signaling quick movement on the economy, with his advisers moments ago rolling out a list of economic bigs who will serve on his Transition Economic Advisory Board.
Obama and Joe Biden will meet with the group tomorrow and hold a press conference afterwards, Camp Obama announces.
The group includes a bunch of expected names. There's Warren Buffett (who endorsed Obama) and Governor Jennifer Granholm, as well as some heavy-hitters from the Clinton universe, like Robert Rubin and Robert Reich.
Also serving: Harvard's Lawrence Summers and former Federal Reserve chair Paul Volcker.
Obama's press conference -- which will take place tomorrow at 2:30 P.M. ET -- is likely to be a media zoo, both because it will offer clues to Obama's first moves on the economy and because it's his first presser as President-Elect.
David Bonior (Member House of Representatives 1977-2003)· Warren Buffett (Chairman and CEO, Berkshire Hathaway)-will participate via speakerphone
· Roel Campos (former SEC Commissioner)
· William Daley (Chairman of the Midwest, JP Morgan Chase; Former Secretary, U.S. Dept of Commerce, 1997-2000)
· William Donaldson (Former Chairman of the SEC 2003-2005)
· Roger Ferguson (President and CEO, TIAA-CREF and former Vice Chairman of the Board of Governors of the Federal Reserve)
· Jennifer Granholm (Governor, State of Michigan)
· Anne Mulcahy (Chairman and CEO, Xerox)
· Richard Parsons (Chairman of the Board, Time Warner)
· Penny Pritzker (CEO, Classic Residence by Hyatt)
· Robert Reich (University of California, Berkeley; Former Secretary, U.S. Dept of Labor, 1993-1997)
· Robert Rubin (Chairman and Director of the Executive Committee, Citigroup; Former Secretary, U.S. Dept of Treasury, 1995-1999)
· Eric Schmidt (Chairman and CEO, Google)
· Lawrence Summers (Harvard University; Managing Director, D.E. Shaw; Former Secretary, U.S. Dept of Treasury, 1999-2001)
· Laura Tyson (Haas School of Business, University of California, Berkeley; Former Chairman, National Economic Council, 1995-1996; Former Chairman, President's Council of Economic Advisors, 1993-1995)
· Antonio Villaraigosa (Mayor, City of Los Angeles)
· Paul Volcker (Former Chairman, U.S. Federal Reserve 1979-1987)
Summers and Volcker listed twice?
OTOH, nice to see Eric Schmidt there.
November 6, 2008 3:17 PM | Reply | Permalink
Actually, it looks like the last four names are repeats of the first four.
BTW, here's UC Berkeley contact info for Laura Tyson and Robert Reich.
November 6, 2008 3:27 PM | Reply | Permalink
Actually, it looks like it's been fixed :-)
November 6, 2008 3:38 PM | Reply | Permalink
So glad to see Robert Reich listed!
November 6, 2008 3:20 PM | Reply | Permalink
Cosign and double-ditto. The Little Guy with the Big Voice for the People.
At an absolutely minimum, we need him there to bite Rubin's ankles whenever the big bob forgets most people don't need a tax break on servants.
November 6, 2008 3:58 PM | Reply | Permalink
Brilliant!! I like this team. What about my favorite professor, Alex Goldsbee? I hope Obama counsult with him. The guy is a brilliant communicator.
November 6, 2008 3:21 PM | Reply | Permalink
I like it.
It sounds hopeful. A lot of people I knew wanted to see Hillary Clinton elected specifically because they liked Bill Clinton's economy. These people pulled the country out of the last Bush Recession.
Here's hoping.
November 6, 2008 3:22 PM | Reply | Permalink
Granholm???
She's a lightweight compared the rest of the people listed.
November 6, 2008 3:23 PM | Reply | Permalink
I was just coming to say this very thing. I can accept Granholm's name mentioned in AG and SCOTUS Justice circles, but not on this list, and in this company.
November 6, 2008 3:28 PM | Reply | Permalink
She would bring a perspective of a governor, of economic deprived state, to the table. We need combination of academicians, Regulators, Wall Street Titans and Business-men-women on the table.
This is a brilliant move. If Obama can revive the state of Michigan, then, KY, MO will turn blue in the next election.
November 6, 2008 3:42 PM | Reply | Permalink
She's got the auto industry connection. That is not a trivial part of this economic crisis.
November 6, 2008 3:42 PM | Reply | Permalink
Aye
November 6, 2008 3:45 PM | Reply | Permalink
There is no question that she is well-connected. The question is whether she has the requisite knowledge and ability to handle these weighty questions.
November 6, 2008 3:54 PM | Reply | Permalink
In other words: you question President Obama's judgment on this.
Ok, what makes you think you know more about her role and her ability to take it on than he does?
No offense, but really -
November 6, 2008 4:04 PM | Reply | Permalink
Maybe I'm misjudging her--it just seems to me that she doesn't fit with the rest of the group.
November 6, 2008 4:11 PM | Reply | Permalink
I think it is wise not to kick around ideas and make decisions in a vacuum. I look at someone like her as providing inputs - to explain how a state is hurting, or an industry, and some of the on the ground issues that could help or hamper attempted solutions. You want the brain trust at the table too, but checked against what is happening closer to the ground.
November 6, 2008 4:32 PM | Reply | Permalink
Sometimes you need someone to be able to act as the representative of the people, ie what you're saying might be great, but it makes no sense to me or I don't see how this is going to benefit my economic situation.
November 6, 2008 4:21 PM | Reply | Permalink
Re:Granholm
"She graduated from UC-Berkeley in 1984 Phi Beta Kappa with two BA degrees, one in political science, the other in French. Granholm then earned a Juris Doctor degree at Harvard Law School, also with honors. She clerked for U.S. Judge Damon Keith on the 6th U.S. Circuit Court of Appeals"
wikipedia.
Plus, she was Miss San Carlos. Having lived for a time surrounded by the beauties of the peninsula (think Alicia Silverstone, Miss Foster City...) I can vouch for the tough competition she faced.
November 6, 2008 5:42 PM | Reply | Permalink
Finally some competence!
Anything will be better than watching Paulson flail around.
November 6, 2008 3:24 PM | Reply | Permalink
Volcker would be a horrible choice, as would Summers. Obama needs to get the hell away from the freemarket freaks.
November 6, 2008 3:26 PM | Reply | Permalink
Reagan essentially fired Volcker because he wouldn't deregulate, and replaced him with Alan Greenspan. Obviously Volcker ain't that bad
November 6, 2008 3:30 PM | Reply | Permalink
Volcker did the dirty work so that Greenspan had a clean highway to run on.
November 6, 2008 8:35 PM | Reply | Permalink
I don't think free market is horrible but, and a big BUT, labor standards need to be enforced. One of the driving factors behind our labor force not being economically not feasible to be highly competitive is because the countries we trade with have almost no standards.
Once countries are held accountable, jobs won't be shipped so quickly to other countries.
November 6, 2008 3:32 PM | Reply | Permalink
I'm all for free trade as there's a level playing field. The problem is we got the first part, but the second part...not so much. Other countries have manipulated their currencies at artificially low levels to make their exports cheaper (cough**China**cough) and the Bushies have had no interest in doing anything about it. Second, you need to give workers the tools they need to compete. You can't put them in outdated factories and expect them to be able to compete with new, modern factories elsewhere. Third, they need the training to be able to build high value-added products rather than be stuck in increasingly commoditized industries. There's more, but that's more than enough.
November 6, 2008 3:44 PM | Reply | Permalink
Don't forget China's manipulation of their currency is also beneficial to us as far as our national debt goes. It also protects our lower income consumers. As much as I hate Walmart's labor and business practices, can you imagine how much worse off the lower third in America would be if they couldn't purchase goods at such cut rate prices.
November 7, 2008 12:27 PM | Reply | Permalink
Obama wants a team of rivals. He wants to hear from people like Summers and Rubin so they can argue the defense of theirs and Freidman's free market economic views.
November 6, 2008 3:35 PM | Reply | Permalink
You made me do a doubletake. Friedman's not on the list right? I actually really like most of what he has to say (just finished Hot, Flat, and Crowded), but wouldn't think he has the credentials.
November 6, 2008 3:41 PM | Reply | Permalink
Wrong Friedman. He's talking about Milton, not Tom.
At least I hope so, or I will have lost respect for Katjam. ;-)
November 6, 2008 4:36 PM | Reply | Permalink
It's funny, as soon as I'd typed it, I thought: "Wait a second!" Fingers just too fast sometimes....
November 6, 2008 5:47 PM | Reply | Permalink
Me likey.
OT but omg am I glad not be hammered with political commercials anymore.
November 6, 2008 3:27 PM | Reply | Permalink
My phone went dead yesterday. AT&T says it won't be fixed 'til tomorrow.
How come this couldn't have happened during the robocall firestorm???
November 6, 2008 3:36 PM | Reply | Permalink
Eric Schmidt in an interesting choice too. We on for free broadband for everyone?
November 6, 2008 3:36 PM | Reply | Permalink
Net Neutrality!
November 6, 2008 3:39 PM | Reply | Permalink
Aye
November 6, 2008 3:43 PM | Reply | Permalink
Quite a few CEOs in there. I'm not that enthused as you guys. This more like DLC territory to me. Volcker is OK. How about our new Nobel alumni Paul Krugman shouldn't he be on this list? Roubini, the guy who correctly called the downturn, should be here too. I'm sorry folks but the list is short on detached realists for me...
November 6, 2008 3:41 PM | Reply | Permalink
Krugman doesn't like Obama...he is for Hillary. Obama and Krugman cannot be in the same room.
November 6, 2008 3:44 PM | Reply | Permalink
Actually, that's the very reason I would have expected Obama to invite Krugman. Especially after winning the Nobel. It would have been a good move. Lincolnesque.
November 6, 2008 3:55 PM | Reply | Permalink
I would have liked to see Krugman included. Let's hope all involved read his column
Penny Pritzker? Big donor but what else?
November 6, 2008 5:34 PM | Reply | Permalink
I don't care about their personal problems, I just want people with the ability to detach their own interests from the task. CEOs cannot be reliable advisers to Obama in my opinion. Roubini and Krugman have been pretty strongly against conservative deregulation. I'm not saying these two guys are perfect just that the CEOs have been a major problem in our current economic situation. I think that guys like Nouriel Roubini and Paul Krugman can correctly identify the problems with the economy. Endless platitudes about free markets is mostly what you'll get from the professional Bull Shitter crowd aka CEOs.
Kevin Philips is another economist that comes to mind, he has proven he understands what's going on with his latest book.
Also, Warren Buffet may be a nice guy, but his wrote himself his own little bail out check buy investing in Goldman Saks, something I would call a conflict of interest.
November 6, 2008 4:00 PM | Reply | Permalink
I love Paul Krugman, but I remember him poo-poohing the possibility that derivative-market speculation was a big factor in $140/bbl oil. He said it truly reflected the current state of supply-and-demand.
I haven't seen him revisit that topic yet. Sure would like to.
November 6, 2008 4:16 PM | Reply | Permalink
Like I said he's not perfect. You have to remember professional careers can be destroyed for going against free market religion. And I would not call what happened in the oil markets speculation, but instead price manipulation. Clearly, the fox was stealing from the hen house because no one was looking. Its a problem that cannot be addressed by free market ideology.
November 6, 2008 4:23 PM | Reply | Permalink
Yes, price manipulation is what I meant. But attributed my many to speculators. And to an unregulated, untransparent futures market.
FWIW, I'd count Krugman among those least likely to hold his tongue for fear of crossing the free-marketeers
November 6, 2008 5:35 PM | Reply | Permalink
I believe that his selections reflects the level of confidence he has in his own judgment. It is easy to surround yourself with likeminded people and then test your theories with them, very little threat. Better to surround yourself with those who might choose to disagree or have alternate viewpoints. Then you can truly test your theories. Sun-tzu said it "keep your friends close but your enemies closer".
I would say that GWB surrounded himself with friends to test his ideas, but then I would have to admit he had any ideas.
November 6, 2008 4:51 PM | Reply | Permalink
Roubini is supposedly a notorious "party animal" and he likes the womens a little too "ravenously".
November 6, 2008 6:06 PM | Reply | Permalink
His readers have promoted him as Treasury Secretary in recent weeks because he was right on the housing bubble, and he hasn't said anything to sink the idea. Maybe the dislike is coming from the other side, or doesn't exist at all?
I agree with those who say he should be on the list. He should be in an Obama administration, as an adviser at the very least.
November 6, 2008 4:06 PM | Reply | Permalink
Completely agree with you about Krugman. He's got the brains and the gravitas, not to mention a nice little Nobel prize. Not quite so sure about Robert Rubin, but Obama must have his reasons.
November 6, 2008 3:49 PM | Reply | Permalink
Being a CEO shouldn't automatically disqualify you from a job in the Obama administration. None of these people are Carly Fiorina types who have run their companies into the ground. They know their stuff. And there are plenty enough outsiders for me. Besides, we all know that Obama is smart enough to keep his own counsel. He's not going to let the CEO of Xerox push him around.
November 6, 2008 3:51 PM | Reply | Permalink
He's got plenty of Corporate advocates, but what about some people for the "people"? He's got Villaigarosa, Granholm, and Reich, ok, but Reich's the only one of the 3 with any heft, and he's 4 feet tall! He'll be facing a veritable forest of free-marketeers!
November 6, 2008 3:58 PM | Reply | Permalink
I hope Robert Reich gets a very public role in this administration. He is very bright, and an excellent and tireless communicator with a good sense of humor, who seems to be able to maintain good relations with many people in the media. If Obama moves forward with an ambitious domestic economic agenda, Reich would be an excellent guy to carry the message.
November 6, 2008 3:41 PM | Reply | Permalink
Thank the Lord that Robert Reich was picked.
http://robertreich.blogspot.com/
I would have liked to see Nouriel Roubini as well, but hey, ya can't always get what ya want....
November 6, 2008 3:41 PM | Reply | Permalink
Nouriel is too busy throwing cocaine parties in his vulva-tiled Soho loft.
November 6, 2008 4:12 PM | Reply | Permalink
!!!!!
Wow, I never would of thought economists lead such rock star lives...
November 6, 2008 4:45 PM | Reply | Permalink
"would of thought"
Gawd! Did I just write that? *blush*
November 6, 2008 4:47 PM | Reply | Permalink
woulda thought
November 6, 2008 6:11 PM | Reply | Permalink
Er, I hope dat was sarcasm.
Folks, don't believe everything you read on tabloid web sites run by jerk-offs. Yeah Nick Denton I'm talkin' to you....
November 6, 2008 6:17 PM | Reply | Permalink
By the way, Lindsey Graham's stomping all over the "Rahm is too partisan" line of attack. Excerpt from his statement:
"I worked closely with him during the presidential debate negotiations which were completed in record time. When we hit a rough spot, he always looked for a path forward. I consider Rahm to be a friend and colleague. He's tough but fair. Honest, direct, and candid. These qualities will serve President-elect Obama well."
http://www.politico.com/blogs/bensmith/1108/Reacting_to_Rahm.html
November 6, 2008 3:46 PM | Reply | Permalink
Whoa - LOL! Lindsey got spanked or sumpin'
Or maybe his old friend McCain told him to make nice.
I'm almost buying the McCain as martyr to Palin story. LOL
November 6, 2008 3:53 PM | Reply | Permalink
The battle within the Repubs for control might be between those trying to become grown-ups led by Mitt et al. and the brats led by Palin et al.
November 6, 2008 4:24 PM | Reply | Permalink
Update on the MN Senate race, and really GOOD news for Al Franken- looky, looky....
http://www.senateguru.com/showDiary.do;jsessionid=C009CADD15D69BF56D0081FA9E5DEA49?diaryId=359
Key finding: "The current margin between Al Franken and Coleman is a mere 477 votes. There are 4,132 precincts across Minnesota. That means that Franken needs only to pick up one single vote every 8.6 precincts in order to claim the lead. Every 8 or 9 precincts, there just has to be one single ballot overlooked, one single ballot that didn't scan right."
I like this site, as well, all the Senate info y'all could need.
November 6, 2008 3:48 PM | Reply | Permalink
This is looking good for Frankhen
November 6, 2008 3:50 PM | Reply | Permalink
Even better news is that on the MN SOS site the difference is now only 342 votes.....
November 6, 2008 3:56 PM | Reply | Permalink
I've wondered if they've gotten all the absentee ballots and provisional counted yet. Either way, we won't know until about a month from now.
November 6, 2008 4:21 PM | Reply | Permalink
I don't care about the names. All I care about is competence. Adequate for me ain't good enough. I don't care what race, I don't care what party, I just want people that can carry out the orders of the POTUS!
November 6, 2008 3:55 PM | Reply | Permalink
"The orders"!? Isn't that the problem we've been having this last few years?
Obama is the guy we hired to preserve, protect and defend the Constitution. I want people on his team who will provide seamless communication with Congress and the people, ensuring a diversity of views so that all the nation's constituencies are part of the process.
November 6, 2008 4:21 PM | Reply | Permalink
Gotta agree with you here!
The last thing we need is another unitary executive. Of course it generally works better when the dude at the top calling the shots isn't quite such a complete dipshit as Bush is...
November 6, 2008 4:35 PM | Reply | Permalink
ABC is reporting that Axelrod will be White House Senior Advisor:
http://www.huffingtonpost.com/2008/11/06/david-axelrod-obamas-seni_n_141860.html
November 6, 2008 3:57 PM | Reply | Permalink
I was hoping Axelrod, Plouffe and the like would remain outside of the White House bubble, though still have a direct line to Obama.
November 6, 2008 4:16 PM | Reply | Permalink
I would take the relative diversity of views on this team to be a sign that Obama has the acumen to actually evaluate competing arguments and make an informed decision.
November 6, 2008 3:57 PM | Reply | Permalink
That is indeed refreshing--I remember Bush's economic summit consisted of a bunch of yes men, no one who actually challenged him.
November 6, 2008 4:08 PM | Reply | Permalink
This is Clinton redux. Larry Summers? The guy who helped get us into this mess? Is he kidding?
November 6, 2008 3:58 PM | Reply | Permalink
In fairness, he's one name out of more than a dozen on there.
November 6, 2008 4:00 PM | Reply | Permalink
I don't mind Summers being one of the advisors on this panel, but I do NOT want him as Treasury Sec. again. He and Rubin were complicit in the deregulation that started at the end of the '90s, and a lot of women have negative feelings about him--why start off with that when there are many other good candidates?
I also thought that we would be getting fresh faces in this cabinet, not a bunch of Clinton retreads, although I'm not saying that he shouldn't hire any of them. Just not the same person in the same post as the Clinton administration.
November 6, 2008 4:03 PM | Reply | Permalink
My only complaint is that there are no labor leaders on the list and no one from the Economic Policy Institute. On the other hand, Reich and Bonior can probably ensure that labor's perspective is part of the equation.
November 6, 2008 4:05 PM | Reply | Permalink
Right, I was gonna say Reich would probably represent their interests--although it seems like labor is so demonized by the right, that we forget to offer them a place at the table. I'm sure Obama hasn't forgotten that organized labor helped get him elected, but they deserve a place at the table for these economic discussions, not just a bunch of academics and CEOs.
November 6, 2008 4:13 PM | Reply | Permalink
Agreed.
November 6, 2008 4:29 PM | Reply | Permalink
I wouldn't mind seeing Trumka in the Obama labor department. He's sharp and apparently is very well respected in the labor unions.
November 6, 2008 4:34 PM | Reply | Permalink
Won't happen -- too controversial.
But he will likely succeed John Sweeney as head of the AFL-CIO soon. And he gave a series of very powerful, thoughtful, moving speeches about Obama and race leading up to the election.
November 6, 2008 4:52 PM | Reply | Permalink
one more thing, OT--that election results map is looking so sweet with VA and NC now blue, and Florida. Just need GA and SC to reclaim the entire east coast!
November 6, 2008 4:15 PM | Reply | Permalink
But what about CO and NM looking so lonely and isolated? We need to flip AZ to keep them connected!
November 6, 2008 4:23 PM | Reply | Permalink
Arizona should flip without McCain on the ticket in 2012.
November 6, 2008 4:28 PM | Reply | Permalink
And as we flip AZ we also flip Nebraska, making a blue chain from sea to shining sea.
November 6, 2008 4:45 PM | Reply | Permalink
I think you're misjudging her. I still believe her experience, as a Michigan governor, will be valuable. She is the only Governor that has seen the economic devastation of the Mo-Town.
November 6, 2008 4:24 PM | Reply | Permalink
But, but wait, where are the Marxists, Socialists and Communists, not to mention the Islamofascists?
Man, can you believe the nonsense we were put through the last month and a half or so. . . .
November 6, 2008 4:26 PM | Reply | Permalink
Astonishing, really.
November 6, 2008 4:30 PM | Reply | Permalink
Poof! All that stuff just disappeared.
Now it's endless worrying about how this victory is a huge problem for liberals, and discussion about how much trouble Obama really is in, what with the Mandela effect (whatever that is).
Different shit, same producers.
November 6, 2008 4:33 PM | Reply | Permalink
Note that this list is touted as the "Transition Economic Advisory Board". I'll be interested in seeing the final makeup of the Council of Economic Advisors. I wouldn't be surprised to see some of these names carry over, but some won't. I also won't be surprised if the actual Council includes one or more of the economists commenters have mentioned above.
November 6, 2008 4:30 PM | Reply | Permalink
Yes, good point.
[rolls eyes]
Everyone is busy eviscerating the Transition Team.
November 6, 2008 4:32 PM | Reply | Permalink
You just can't turn off the switch...
November 6, 2008 4:40 PM | Reply | Permalink
Not "you" personally, but the collective "you" or "we". As in we've been finely tuned in to, and discussing everything for so long, it's hard to just stop cold turkey...
November 6, 2008 4:43 PM | Reply | Permalink
I got it. ;)
November 6, 2008 4:45 PM | Reply | Permalink
I'm not purposely trying to eviscerate. I just care about the out come so much, I want Obama to get the best possible advice he can get. I meant my comments as constructive. Bush can still do a lot of damage in 70 days.
Yesterday, was the first time in many years I just smiled out of the blue while driving down the road. I feel like I have lost time I'll never get back, but things change and I take solace in that fact.
November 6, 2008 4:42 PM | Reply | Permalink
And surely that is what this forum is for, as well, sir.
You are certainly welcome to post your opinion on this or any other topic anytime.
:)
Goddamn! I'm in a good mood. Peeps = it's going to be ok. In fact, it's gonna be great! I know it - I can feel it in my bones.
November 6, 2008 4:44 PM | Reply | Permalink
Exactly. This is not permanent. I can't believe the hyperventilation over a bunch of advisors! What do we all want: another secret Cheney style conclave or an open and transparent conversation?
This list is terrific. I am sure we could all add a name or two. So what?
November 6, 2008 4:44 PM | Reply | Permalink
I wish James Galbraith were on that list!
November 6, 2008 4:34 PM | Reply | Permalink
Regarding the list, one could assume that other big names that Obama might have wanted included just couldn't make the meeting tomorrow.
Where is Austan Goolsbee?
November 6, 2008 4:36 PM | Reply | Permalink
Good question. I'd almost forgotten about Austen. Maybe he's to busy preparing for the Sec. of Treasury.... Ooooooh. I like that too.
November 6, 2008 5:00 PM | Reply | Permalink
Goolsbee's always favored being a behind the scenes kinda guy, the antithesis of Krugman in that respect. I see his hand all over the selection of this transition team, and I definitely believe he'll be holding some sway once the lineup has been confirmed.
November 7, 2008 12:33 PM | Reply | Permalink
Robert Reich....YES,YES,YES......
I like the idea others here have expressed, Paul Krugman!
With the announcement of this team I expect the markets to settle down a bit.
November 6, 2008 4:37 PM | Reply | Permalink
This group is excellent. Any list would have a name or two I don't like. And we should remember this is a transition panel. I would have liked a representative of labor but since the immediate objective of this group will be on the money markets and the effects of policy on industry in the near term I have a hard time criticizing it.
Plus we should all relax: compare this list with any such list Bush ever put together and already we are way ahead in terms of marshaling talent rather than cronies.
November 6, 2008 4:39 PM | Reply | Permalink
Where's Goolsbee?! I would really like him to play some part in this administation.
November 6, 2008 4:39 PM | Reply | Permalink
Ya know, I'd forgotten about him, but absolutely, he'd be great somewhere- Sec. of Treasury? Under-Sec of Treasury?
November 6, 2008 5:03 PM | Reply | Permalink
I'm praying Robert Reich gets Treasury rather than that load Summers.
John
November 6, 2008 4:41 PM | Reply | Permalink
just remember how Obama's campaign was a fabulous piece of well-oiled machinery. The history books will describe his management and organizational style as the acme of presidential campaigns. It's safe to say that his administration will be the same -- or darn close to it.
Many of the people on this transitional board are bound by other responsibilities which preclude them from serving full-time on the Council of Economic Advisors. Whatever the makeup of the final group, I have confidence that Obama will choose wisely.
November 6, 2008 4:43 PM | Reply | Permalink
and remember how they've been working on the transition since July...
November 6, 2008 4:53 PM | Reply | Permalink
Villaraigosa? The rest look good. Maybe Obama sees something in the mayor that most in LA don't.
Anyway, great to see--and I'm not surprised-- Obama off to a serious start. This guy's going to be so good!
November 6, 2008 4:49 PM | Reply | Permalink
It is called diversity...the guy will bring the plight of hispanic to the table just as Jennifer Granholm will bring the plight of mo-town to the table
November 6, 2008 6:18 PM | Reply | Permalink
So far, he hasn't been that impressive has Mayor. He's proven to be nothing more than an opportunist--and an obvioius one at that. As I said, perhaps Obama sees something in him, but at this point, I don't.
November 6, 2008 7:38 PM | Reply | Permalink
I've recently become a fan of Barry Ritholtz, who saw this morass coming a long time ago. He seems to have a very clear-eyed perspective of things.
http://www.ritholtz.com/blog
But in general the team looks very solid as it is. (Didn't expect otherwise, really)
November 6, 2008 4:56 PM | Reply | Permalink
Hahahahaha! I just vid of Bush after his speech about transition and he was crying!
And I don't feel one bit bad about it - I'm jubilant!
November 6, 2008 5:02 PM | Reply | Permalink
The only two that impress me are Robert Reich and Warren Buffet. The rest are just run of the mill.
The emphasis on Democratic rich guys with little sympathy for regular people (like Rubin and his ilk)is not at all encouraging. But what counts is who has the real influence and that we cannot and do not know at this point in time.
November 6, 2008 5:21 PM | Reply | Permalink
On Jennifer Granholm: I think an important strength of JG is her political acumen in coping with the troubled economy in Michigan and still managing to get reelected twice with relatively large margins. Clearly Pres. Obama is already thinking about his second term -- because the first will most likely be consumed with cleaning up after GWB. So, I think it's a brilliant move to consult with JG on the economic situation -- very forward thinking.
November 6, 2008 5:26 PM | Reply | Permalink
wow....the Mayor of LA? I cant wait to see what Obama thinks this guy can bring to the table.
November 6, 2008 5:36 PM | Reply | Permalink
a good sex scandal?
November 6, 2008 5:59 PM | Reply | Permalink
I totally disagree with you. He is the representative of hispanic community. He is going to bring the perspective of a mayor of big city to the table
November 6, 2008 6:21 PM | Reply | Permalink
HEAVYWEIGHTS!!!!!!!!!! Economic HEAVYWEIGHTS!!!!! These are the men and women that will bring this economy back on track, truly can't wait for that one.
November 6, 2008 5:40 PM | Reply | Permalink
I like that he is getting the perspectives of governors and big city mayors, who know of the rubber meets the road these days.
November 6, 2008 5:54 PM | Reply | Permalink
how the rubber meets the road.
November 6, 2008 5:55 PM | Reply | Permalink
Obama's first Treasury Sec. will be a greybeard, because the markets will need somebody they trust. I could see something like Volcker to come in and clean up the mess using an experienced hand, then be replaced in a couple of years by Tim Geithner.
November 6, 2008 5:57 PM | Reply | Permalink
These guys are amazing! They already have a president-elect website up and running detailing what can be expected throughout this transition process. It's strikingly similar to the Barack Obama website that helped make his campaign an online success.
November 6, 2008 7:03 PM | Reply | Permalink
there's a lot of buzz in washington circles about Judge Nelson A. Diaz, who was President Clinton's General Counsel for HUD taking the reins of that agency. Apparently the Brookings Institute is publishing a book on Housing and it cites the Diaz Opinion as the cause for the success of the HOPE IV (hope 6) program to Judge Diaz opinion that allowed leveraging of public and private financing and partnerships with private sector by the Public Housing Authorities never done before. He's also responsible for the opinions and court settlements for the elimination of high risers throughout the country .
November 6, 2008 7:45 PM | Reply | Permalink
Some serious Villaraigosa (AV) haters. The guy was ex-Speaker of the CA Assembly...before running for LA City office. There was a comment about no Labor voice. Well AV came from labor and has tremendous ties to the National and Local Federation. He's an excellent coalition builder (across party lines going back to when he was speaker)...and a community organizer. Didn't he give the Spanish response to Bush's station of the union in 2006 or something? Check that.
November 6, 2008 8:00 PM | Reply | Permalink
Most of us who are way under making 250k a year, and working very hard not getting there, would gladly trade off the extra 3%. For instance, if I grossed 100k a year (which would be nice) and I paid the 25%, I would have 75 left over. If I was told that I could gross 250k a year but the trade-off was that I had to give an extra 3% a year back (36 to 39, which I would have paid before the "Fumbler-In-Chief" got there), I would have 152500 left over as opposed to 160000.
I'd happily take it, obviously. The lagniappe would be less debt for my country.
By the way, from the Great Depression until the 60's, the highest tax rate was never lower than 60%. And the effective tax rate, after credits and deductions, on business that we have at the moment, is the second lowest in the world.
And don't give me the jargon of trickle down economics. A slightly higher tax rate will not detour investment. If there is an investment opportunity worth taking or making, the opportunist who makes that much money has many ways to make up that extra 3%. The middle class person, the one who can never make 250k, does not.
First off, if you give the middle class person more money, they will be more able to buy the product that the investor is hawking. Second off, if a middle class person has an innovative idea or an opportunity for an interesting investment, they are more able to make it, which creates more innovation which we really need more of right now (especially from the Republican Party who have been bankrupt in ideas for too long now) . There isn't enough innovation creating investment opportunities as evidenced by the $7 Trillion put into mortgage back securities between 1996 and 2007, when the American housing market was considered a safe investment.
In other words, opportunity to make something of an idea, is more and more being restricted to the wealthy which means a smaller pool to draw from. Like a small gene pool, they are scraping the bottom of the barrel and creating deformed bastards.
Anyway, Joe "the not quite a plumber who was twice on welfare", sorry to rain on your "Don't Tax Them Rich Because I Fantasize About Being One Of Them" parade float, but you forgot you will most likely never be one of them and you'd give much more than the extra 3% to have that opportunity.
November 6, 2008 9:41 PM | Reply | Permalink
I'm sad that nobody has the stones to invite Paul Krugman. Clinton didn't either
November 7, 2008 7:13 AM | Reply | Permalink
At least Robert Riech will be there. Where's Paul Krugman - he just won the Nobel Prize for Economics and we don't want to talk to him? What is THAT about?
November 7, 2008 7:20 AM | Reply | Permalink
My apologies to all of you joy peddlars, but my elation is rapidly deflating. This looks like Clinton III and it is not the change we need - not even close. It's the same old, same old recycled. So far, I am sadly disappointed.
November 7, 2008 7:29 AM | Reply | Permalink
Krugman is and has been on Riech's shit list. Could that be why?? The right wing would also explode, but we don't care anymore RIGHT??
November 7, 2008 8:18 AM | Reply | Permalink