Barack Obama’s New Economic Team.

Quote from southamerica:

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Even with this A+ economic team it will take a long time to sort out the wreckage left behind by the Bush administration and establish a new direction for the US economy. Even the great minds that will be charting a new direction for the US economy starting in 2009 can’t change all the damage that still is coming in the pipeline and will push the US economy downward – just God knows for how long.

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I agree with your analysis.

I am not that concerned about individual appointments, since the team has so much depth and so many checks and balances, no one person will dominate. This is like the N.Y. Yankee team of the early 1960s. Mega stars, plenty of bench, and hopefully they all act as a team to clean up the mess left behind by Bush/Paulsen.
 
Obama's so called A+ team is simply going to do nothing new. The will expand greatly the borrow and spend policies of DC, which will do nothing to help the economy over the long term. More of the same just much more. Boring, short sighted, buy votes to get re-elected through massive spending. Nothing new. Crushing long term consequences.
 
Quote from richrf:

I agree with your analysis.

I am not that concerned about individual appointments, since the team has so much depth and so many checks and balances, no one person will dominate. This is like the N.Y. Yankee team of the early 1960s. Mega stars, plenty of bench, and hopefully they all act as a team to clean up the mess left behind by Bush/Paulsen.
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Good grief are you a tool.

How about telling us the diff between Rubin, Paulson, Geithner, Summers and the diff between Bush/Paulson bailouts and Obama's desires. A serial correlation of 90%.

If the market was enthusiastic about the Obama team then guess what. Equities would be rallying unmolested off of a 'V" bottom just like in 1937 and 1974. Sideways after this decline is macro bearish......
 
Quote from southamerica:

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November 28, 2008

SouthAmerica: I would give Barack Obama’s economic team an A+ grade with just an exception.

You can’t go wrong when you have on your team people such as Paul Volcker.

His nominee for secretary of the Treasury is Tim Geithner, president of the Federal Reserve Bank of New York for the past five years.

Obama also announced the creation of a President's Economic Recovery Advisory Board - and Paul Volcker will lead this new board.

Basically I have a problem with only one member of his economic team: Tim Geithner.

During the confirmation hearings they should place this guy under a microscope and check out his performance as a president of the Federal Reserve Bank of New York for the past five years. They should check a number of things very closely as follows:

1) As a regulator – his relationships with Citi group. (A bank under his supervision went from being the largest bank in the US 2 years ago – to become the latest joke of the US financial system.)

2) This guy played a major role in the demise of Lehman Brothers. He has a close relationship with the Goldman Sacks ....The question is: Did Goldman Sacks influence the decision to let Lehman Brothers die such a sudden death?

3) By the way, Tim Geithner has had a very close relationship with the current Treasury Secretary Paulson during this entire financial crisis – and Henry Paulson’s performance, as Treasury Secretary is nothing to write home about it.


Barack Obama is in the right track regarding his economic team, but people must keep in mind that in January 2009 when he becomes the new US president he is going to inherit a wreckage of a country in the beginning of a new Great Depression.


During 2008 the global economy has changed in drastic ways that we will be able to see it more clearly only few years from now when we look back and try to understand what has happened.

Even with this A+ economic team it will take a long time to sort out the wreckage left.......

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South America;
Thanks for the info.

Me thinks thou dost protesteth too much on Mr.Timothy G;
i simply dont buy into your conspiracy theorys.
My Dad was a banker and a good banker says no some times;
that means no to LEH sometimes ,comprehende????

Even the best banker cant do much about the old Wall Street Journal article about the Argintina financial system being in trouble because of the work/ early retirement patterns.

Also my Dad had his regional bank robbed once, the FBI is part of the bank robber solution, but the gov is not GOD.

And i also agree with your bottom line;
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even the most brillant banker cant make or stop the rain,

cant do much about hurricanes/ most violent city in USA,New Orleans,

best banker cant make rain to grow health food also..........
:cool:
 
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December 19, 2008

SouthAmerica: Barack Obama must be kidding with this appointment of Hilda Solis as the new Labor Secretary. This is a gigantic mistake.

At this historic turning point in US history the country requires a heavyweight for this position such as Jeremy Rifkin, instead Barack Obama is appointing a lightweight such as Hilda Solis.

Hilda Solis
http://en.wikipedia.org/wiki/Hilda_Solis


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“Obama rounds out cabinet with labor secretary pick”
By Caren Bohan
Reuters – December 18, 2008

CHICAGO (Reuters) - President-elect Barack Obama has chosen California Democratic Rep. Hilda Solis as his labor secretary, a Democratic official said on Thursday, completing his major Cabinet appointments.

Solis could be formally presented on Friday in Obama's final wave of job announcements which have introduced key members of his administration that takes office on January 20.

The proposed Cabinet, whose members must be confirmed by the Senate, includes two former Obama rivals for the Democratic presidential nomination, Hillary Clinton as secretary of state and Bill Richardson as commerce secretary.

It also includes Nobel Physics laureate Steven Chu as energy secretary and current Defense Secretary Robert Gates, who will keep his job.

Solis, 51, was first elected to Congress in 2000 and is considered a liberal. Of Hispanic origin, she represents a district dominated by Latino voters in Southern California.

The daughter of a union shop steward from Mexico and an assembly line worker from Nicaragua, Solis has led on both labor and environmental issues.

Obama is on schedule to complete most of his Cabinet picks by the end of the week before he leaves Chicago on Saturday for a family vacation in Hawaii.

He has chosen New York Federal Reserve President Timothy Geithner as treasury secretary and former treasury chief and Harvard University president Lawrence Summers to head the National Economic Council.

Obama has tapped former Dallas Mayor Ron Kirk to be U.S. trade representative, a source who knew of the decision said.

Democrats say Obama has offered the job of transportation secretary to Illinois Rep. Ray LaHood, a Republican.

On Thursday, he named seasoned regulator Mary Schapiro to head the Securities and Exchange Commission and Gary Gensler to lead the Commodity Futures Trading Commission, and charged them with leading broad financial regulatory reform.

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December 19, 2008

SouthAmerica: I already can see another train wreck in the horizon.

With the appointment of Hilda Solis as the new Labor Secretary – Barack Obama is sending a clear message to the American people: I am going to give amnesty to about 12 or 20 million illegal immigrants who are living today inside the United States.

I wrote the enclosed article in early 2000, and the article was the cover story on the “The Brasilians” newspaper in April 2000 when Brazil was commemorating its 500 anniversary. Later the article was also published on Brazzil Magazine.

My article mentioned both legal and illegal immigration – and in the case of the Africans – forced immigration into the New World: including Brazil and the United States.

Today, most people don’t remember – but when Ronald Reagan gave amnesty to the illegal immigrants in 1986 – the politicians thought that they were giving amnesty for about 6 million illegal immigrants – but after the dust settled and these new immigrants brought their families to the US – the final count of that amnesty was over 10 million people.

Most people don't understand and don't give much thought to the power of geometric progression (exponential growth) and its effect on population growth. For example, to show the power of exponential growth, in the 1980's more than 10 million legal and illegal immigrants arrived in the United States. This group of people will grow in numbers to approximately 25 million people by the year 2035.

The debate of the immigration issue in general – including legal and illegal immigration - it is a very complex subject with many ramifications – but when we see the politicians talk about this subject on television they have a very simplistic way of thinking and trying to resolve that problem.


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Brazzil Magazine – July 1, 2000 - “Overpopulated”.
Written by Ricardo C. Amaral

Quoting from that article: …Growth, growth, and more growth is the mindset of Americans. The United States had only five million people around 1800, when its Constitution and Bill of Rights were drafted and put into effect. The United States population had increased to 76 million people by 1900, but they had new lands, which they had bought or conquered since 1800. The United States could still afford to continue growing at that point in its history."

Today there are many studies estimating the optimum population the United States can support based on its resources, wealth, location, environmental considerations and type of economic structure. "Among these studies is one by David and Marcia Pimentel, professors at Cornell University. They suggest the United States should aim at a population of less than 100 million people. University of Maryland professor Robert Costanza reaches a more pessimistic estimate of 85 million people."

Based on the various studies it seems that up to 150 million people can be an acceptable limit of population for the United States. Above this number Americans are looking for trouble.

The United States reached the 151 million people mark in 1950; by 1970 the US had increased its population to over 200 million people. The country again increased its population to an estimated 275 million people by the year 2000.

Is it really surprising that the prison population started exploding in the United States since 1970, after the optimum population for this country of 150 million continued growing in numbers?

With the accelerated advances in technology and automation that we have today in the United States, the optimum population for the United States probably should be reduced to an even lower amount of people. Maybe the country should not have a population larger than 120 million people.

Most people don't understand and don't give much thought to the power of geometric progression (exponential growth) and its effect on population growth. For example, to show the power of exponential growth, in the 1980's more than 10 million legal and illegal immigrants arrived in the United States. This group of people will grow in numbers to approximately 25 million people by the year 2035.

To give another example, the estimated 25 million total legal and illegal immigrants who came to the United States during the 20-year period from 1980 to 2000, will grow to approximately 60 million people by the year 2040.

Government officials and the business community only think of their immediate needs of keeping labor costs down. They never think about the consequence of a growing population on future generations and its impact on the future of the country.

Governments such as the United States and Brazil have learned nothing from the past. They brought slaves from Africa to accommodate their needs a long time ago, never giving much thought about the consequences of their actions on future generations.

Today the United States is making the same mistake again regarding its immigration policies. The US is still letting one million people immigrate to the US per year, even though today the United States has a population of 275 million people; a number which is probably double the optimum population….


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Note: I received a lot of letters-to-the-editor and direct emails regarding this article when they were published on “The Brazilians” and later on “Brazzil Magazine.”

A number of people agree with my article and they let me know, but a lot of people were angry regarding that subject for one reason or another.

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December 19, 2008

SouthAmerica: Reply to AMT4SWA

Here in New York is 4:01 AM but the posting is showing 9:01 AM - maybe the server storing the Elite Trader Forums is located in Europe.

Anyway, regarding these women that you mentioned on your posting I don't know anything about them. I never heard their names before.

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April 30, 2009

SouthAmerica: In general I would give a grade A for Barack Obama's first 100 days in office.

He turned out to be a much better leader than I could ever expect before the 2008 election. He has the potential to become the new FDR for the USA in the 21st Century. (We will arrive at a better conclusion on this subject by 2017 after the end of his second term).

But I have a problem with his economic team - In my opinion he should get rid off Tim Geithner and he should pay more attention to what Paul Volcker has to say.

I would replace immediately Tim Geithner with Stephen Roach - From Morgan Stanley.

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