Friday, November 21, 2008

Obama Makes Treasury Secretary Pick That Is On Target

Today, President-elect Obama appeared to make his first untainted nomination in Timothy Geithner as Treasury Secretary. Geithner was appointed to head the New York Federal Reserve on October 15, 2003. His appointment by the New York Federal Reserve Bank's Board of Directors was approved by the Federal Reserve Board of Governors and announced by Mr. Peter Peterson, chair of the New York Federal Reserve Bank's Board of Directors and of the search committee that selected Mr. Geithner.

If you've been reading my blog I have been consistent that the problems with Washington are the Republicans and the Democrats, DemRepubagogues if you will. Peter Peterson wrote a book titled "Running on Empty: How the Democratic and Republican Parties Are Bankrupting Our Future and What Americans Can Do About It".

Here's a commentary to sum up the book-

"Peterson takes the role of an extraordinary flight attendant preparing 290 million passengers for a hard landing--but the landing he anticipates involves not jetliners hitting the tarmac but rather the entire American economy spiraling into insolvency. Basing his conclusions on one inescapable economic reality, Peterson argues that twin deficits in trade and government spending now require an astounding infusion of $4 billion in foreign capital every day just to avert economic meltdown in this country. And foreign investors are growing weary of propping up the U.S. economy while American political leaders ignore the perilously unbalanced government budget. Unfortunately, Peterson finds both major parties locked into pathologically rigid ideologies of denial. While Democrats push for ever-larger entitlements for ever-more interest groups, Republicans press for ever-deeper tax cuts. Neither party will initiate the reforms--succinctly outlined here by Peterson--essential to safeguard the country's long-term financial health. Sobering, urgent, and evenhanded. Bryce Christensen"

Let's pray that Daschle knows what the heck he is doing when he tries to fashion universal health care. More entitlement with no financial substance behind it will not serve any purpose for this country.

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