Friday, November 21, 2008

Larry Summers

I guess after being Treasury Secretary once, Larry did not have any urge left to become the Treasury man again. Or may be after Obama rode to White House on over whelming support of Women votes; Larry never had a chance to become the Treasury Secretary again. Who knows what the truth is.

But one truth is clear – American Economy needs counsel of Larry Summers. Yes, we understand that it is Obama’s prerogative to appoint his Cabinet; but will we be missing the real guy for the most important job?

One can argue how seriously one needs to take opinions of James Cramer who has been relentless and incisive in his criticism of Timothy Geithner. He lays the blame for Lehman Bankruptcy at the feet of Geithner. One cringes when CNN describes Geithner as ‘watch dog’ of Wall Street for last five years. ‘Hello, excuse me do you know what happened on Wall Street recently?’ It is not just the historic election of Obama which happened lately, but there is something called ‘market crash’ which also happened too.

Obama’s hand is ‘hot’ in picking up right candidates for his Cabinet and Fed positions. But boy, these voices of objection do not inspire Geithner appointment that much.

Further, what is with that ‘senior role’ to Summers in White House? NYT speculates that eventually Summers could graduate to Fed Chairmanship after Ben Bernanke; once he enters the Fed Board. But that could be late. We need best minds now and Larry is that.

Market may like Geithner. But by now we all know how much ‘brain’ market has.

Could it be that in appointing Geithner, it becomes the first miss-step of Obama? Unfortunately today we need totally flawless judgment and execution on Economy.

May be this small blogger is ‘wrong’ and Geithner will ‘part the skies’ and will bring ‘honey and milk’ to this land.

We will wait and watch.

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