Who are the people whose advice will be based Barack Obama?

Obama’s team will confront an economic crisis that continues to deepen in spite of hundreds of billions of dollars in federal emergency spending in recent weeks. In the latest bailout, the U.S. government announced late Sunday it had agreed to shoulder hundreds of billions of dollars in possible losses at the banking giant Citigroup, and to put a fresh $20 billion into the stricken company. Presidente election Barack Obama explain his plan but declined to say how big a spending package he wants to revive the economy, adding that he was awaiting a recommendation from his economic team. Some Democratic lawmakers are speculating about a two-year measure as large as $700 billion. Obama would only say that “it’s going to be costly.”

Who are the people whose advice will be based Barack Obama?

The first named by president-elect was Timothy Geithner, the New York Federal Reserve president, as his treasury secretary. Geithner was born in Brooklyn, New York City, the son of Deborah and Peter F. Geithner of Larchmont, New York. He completed high school at International School Bangkok, Thailand, and then attended Dartmouth College, graduating with a A.B. in government and Asian studies in 1983. He obtained an M.A. in International Economics and East Asian Studies from Johns Hopkins University’s School of Advanced International Studies in 1985. After completing his studies, Geithner worked for Kissinger and Associates in Washington, D.C., for three years and then joined the International Affairs division of the U.S. Treasury Department in 1988. He was deputy assistant secretary for international monetary and financial policy (1995–1996), senior deputy assistant secretary for international affairs (1996-1997), assistant secretary for international affairs (1997–1998). He was Under Secretary of the Treasury for International Affairs (1998–2001) under Treasury Secretaries Robert Rubin and Lawrence Summers. Summers was his mentor, but other sources call him a Rubin protégé. In 2002 he left the Treasury to join the Council on Foreign Relations as a Senior Fellow in the International Economics department. At the International Monetary Fund he was director of the Policy Development and Review Department (2001-2003). In October 2003, he was named president of the Federal Reserve Bank of New York. Once at the New York Fed, he became Vice Chairman of the Federal Open Market Committee component. In 2006, he also became a member of the Washington-based financial advisory body, the Group of Thirty. In March 2008, he arranged the rescue and sale of Bear Stearns. As a Treasury official, he helped manage multiple international crisis of the 1990s in Brazil, Mexico, Indonesia, South Korea and Thailand. Geithner believes, along with Hank Paulson, that the Treasury Department needs new authority to experiment with responses to the financial crisis of 2008.

Geithner, will team with Lawrence Summers, a treasury secretary under former President Bill Clinton and former Harvard University president, who will take over the National Economic Council. Summers born in New Haven, Connecticut, on November 30, 1954, Summers is the son of two economists – both professors at the University of Pennsylvania – as well as the nephew of two Nobel laureates in economics: Paul Samuelson (sibling of father Robert Summers, who, following an older brother’s example, changed the family name from Samuelson to Summers) and Kenneth Arrow (his mother Anita Summers’s brother). He spent most of his childhood in Penn Valley, Pennsylvania, a suburb of Philadelphia, where he attended Harriton High School. At age 16, he entered the Massachusetts Institute of Technology (MIT), where he originally intended to study physics but soon switched to economics (S.B., 1975). He was also an active member of the MIT debating team. He attended Harvard University as a graduate student (Ph.D., 1982), where he studied under economist Martin Feldstein. He has had stints teaching at both MIT and Harvard. In 1983, at age 28, Summers became one of the youngest tenured professors in Harvard’s history. In December 2005, Summers married a Harvard English professor, Dr. Elisa New. Summers has three children by his first wife, Victoria Perry.

Obama also named three others members on his economic team:

Christina Romer as director of the Council of Economic Advisers. Romer is a U.C. Berkeley professor of economics, and co-director of monetary economics at the National Bureau of Economic Research.

Melody Barnes as director of the Domestic Policy Council. She has been co-director of the Agency Review Working Group for the Obama transition team, and also served as the senior domestic policy advisor to Obama during the campaign. Barnes previously worked at the Center for American Progress and as chief counsel to Sen. Ted Kennedy.

Heather Higginbottom as deputy director of the Domestic Policy Council. She was Obama’s policy director during the campaign and earlier served as Sen. John Kerry’s legislative director.

Conform CBC, over the last weekend, Obama directed his team to construct a plan to create 2.5 million new jobs by the end of 2010, and aides said his broader economic program was designed to quickly offer tax relief to lower- and middle-income earners.

Nothing to lose, everything to redistribute

House of Representatives in Congress said “step” plan Bush / Paulson, while in the background, Washington Mutual (confront with the backdrop of massive withdrawals and falling action) was taken over by the state and quickly resold bank JP Morgan Stanley amount to modest 1.9 billion dollars. How bank purchases may be growing, there are some questions … And this is: before they attend a reform of the financial system, witnessing an interesting “redeployment” of financial power.

While the plan saving American is cosmetise for meeting with members of the Senate, with increases every minute and anger the Americans, after they found out how much save the financial system, put logs on the excesses and slyness’ bankers on Wall Street. Especially that pests excess of “creativity” was possible and because nobody asked “for health”, politics being ultradependent money bankers. With fear comes anger. Because now located, and with the americans know we, too the true dimension of parallel financial system that virtually has no rules of procedure and that is totally non-transparent, sometimes even to the initiate.

Michael Bloomberg, mayor of New York, has recognized that each job on Wall Street lost its second match loss of other services. Statistics for September is depressing: half a million people were left without jobs.

 
Faced with a serious decrease in popularity, charismatic Sarkozy has decided (well) that the most appropriate is to tell the French the truth about the seriousness of financial cancer that begins to unfold and Europe. We are talking about Bradford & Bingley, Fortis, Hipo Real Estate, Dexia, part nationalized, part receiving infusions as such capital from other banks (in some cases not specify which, of course that will shape the financial elite “redeployment“).

Proof that almost everyone pays the chaos of U.S. sistem financial is the loss incurred by Russia – 40 billion dollars, according to RIA NOVOSTI. And is just beginning.

A friend in Germany tells me that in a short calculation, a 20-30 thousand Germans remained fleece. How? Easy. Explain journalists from DieWelt. More specifically, peoples went with little savings to secure German banks such as Die Sparkasse, Dresdner Bank, DAB Bank, DZ Bank and Citibank, where some employees intelligent (or maybe just interested) they say: We, the bank X, we offer for sale of U.S. bank certificates of “Lehman Brothers”, Bank of American tradition, the American economy strong, reliable earnings, blah, blah, blah. And the simple German, confident in the advice of “competent” of the bank, has said he rarely so lucky and bought those securities (or “derivatives” as they say in the language specialist). Only that, as well as we know, that American Bank “Lehman Brothers” (serious, tradition, etc) lame duck. They say that in Germany were sold almost 400,000 of such certificates yielding of “guaranteed win”, and that about 20 to 30 thousands of investors lost everything. May will find many such news.

 For now, the sun vanished in America. Figuratively. And to proper. U.S. Senate began debate on the vote account for bailout plan. Now, frankly, I have a question: What is the connection between the Hebrew New Year and the Senator’s decision to move the debate after sunset out of respect for the holiday mentioned? America have become a major Hebrew? or related to bankers on Wall Street? Decide yourself.