AP: Fed Official Is Obama's Treasury Pick

Tim Geithner, 47, Is A Veteran Of Several Previous Treasury Departments

(CBS/AP)  President-elect Barack Obama is likely to name Tim Geithner, president of the New York Federal reserve, to the post of treasury secretary as he rounds out the upper echelon of his Cabinet in a time of intense economic turmoil, an official close to the incoming chief executive said Friday.

Sen. Hillary Rodham Clinton, in line to become secretary of state, said through a spokesman that discussions were "very much on track" for that appointment but no final arrangement had been made.

Mr. Obama also has selected Eric Holder, a top Justice Department aide in the Clinton administration, as his attorney general.

If nominated and confirmed by the Senate, Geithner, 47, would assume chief responsibility for tackling an economic slowdown and a credit crunch that threaten to create the deepest recession in more than a generation. The president of the New York Federal Reserve, he has played a key role in the government's response to the financial crisis and has worked closely with Treasury Secretary Henry Paulson.

Separately, CBS News has confirmed that New Mexico Gov. Bill Richardson had emerged as a likely pick for commerce secretary. Like Clinton, he was a rival of Mr. Obama's for the Democratic presidential nomination last winter. He dropped out after the early contests, though, and soon threw his support behind the eventual winner.

It was not clear when Mr. Obama intended to make a formal announcement of any of his picks. He has largely stayed out of public view since his election on Nov. 4, preferring to work quietly in a suite of offices in downtown Chicago.

CBS News correspondent David Martin reports that the Chairman of the Joint Chiefs of Staff, Adm. Mike Mullen met Friday for a one-on-one meeting with Obama. Mullen flew to Chicago at the invitation of Mr. Obama and the men met for about 45 minutes. Mullen refused to say what was discussed. As the president's chief military adviser, Mullen will play a key role in helping Obama make good on his campaign promise to end the war in Iraq and get all combat brigades out by July, 2010.

While speculation has been rampant about numerous Cabinet-level appointments, there has been relatively little about Mr. Obama's choice as defense secretary. His aides encouraged speculation before the election that Robert Gates, who now holds the position, would remain in office for an interim period.

The officials who discussed Mr. Obama's plans Friday did so on condition of anonymity, saying they were not authorized to pre-empt any formal announcement.

[toolmangler-2009]

I think he should have gotten "CJ Cregg" to be his Press secretary. (tongue firmly in cheek) ;)

[andor3]

"So, when does Obama''''s promised "change" kick in?"

It is here! Maybe you are not paying attention. His appointments are a new generation: experienced but not the tired old guard from the last several administrations. It looks like every one of them is new to the cabinet level.

[wardoglrs]

Oh yea I forgot "Keep the Change"

[wardoglrs]

Let me see: it looks like it will be Hillary for Secretary of State, and the New York Federal Reserve president for Treasury Secretary. So, when does Obama''s promised "change" kick in? It sounds like the kind of "change" contained in the old joke, wherein the commanding officer of a military unit was told, by a subordinate, that his men had not had a change of underwear for months. The officer responded: "that''s no problem: Smith you change underwear with Jones, Johnson you change underwear with Walker, Thompson you change underwear with Adams," etc.

We may soon discover the intended meaning of Obama''s other electioneering phrase: "Hope." It should be recalled that "Hope" was the word inscribed on Rhode Island''s revolutionary war flag. Nor should it be forgotten that, following the ratification of the U.S. Constitution - with Rhode Island refusing to ratify - that state was threatened with invasion and blockades unless it immediately ratified. Those who naively looked for meaningful "change" in this new administration may soon discover - like the earlier Rhode Islanders - that "Hope" stands for nothing more than an intensified "Homage to the Omnipotent Political Establishment."

[nanc12]

Posted by Rowdydfw

Ah, Rowdy is, of course, still on here and still blowing steam. Bush is doing nothing but some last minute pardons, proclamations to permanently harm the environment and take away some more of our rights, and getting the ranch ready for sale, now that he doesn''t need it anymore for ''Texas citizenship.'' He''s probably also working on the pop-up Bush biography.

[think-people]

THE COMMANDER-IN-CHIEF IS EFFECTIVELY AWOL and FAUX-NEWS IS HUSH-HUSH ABOUT IT!!!

If the Obama-Biden team are coming up with plans to turn Bush-Cheney national disaster around, and trying to find ways to assist the auto industry; then what do the Bush-Cheney administration do for the next two months? After all they are still on the clock. They are still getting paid. This is clearly Bush-Cheney''s disaster. So why is the Obama-Biden team picking up the slack when they have NO AUTHORITY until January 20, 2009?

If the nation is in a crisis, then why is the Commander-in-Chief (Bush) AWOL?

[think-people]

THIS COMES BITTER / SWEET
.
.
THE SWEET PART:
I am happy and not surprise the Obama-Biden ''Administration-Elect'' is announcing their financial plans to help the country. I am happy they are working hard to find a way to assist the auto industry. Although they have NO AUTHORITY, the token help is appreciated when their focus should be primarily on the search for 3,000 political appointments.

THE BITTER PART:
Look around. Nobody in the media, much less FAUX-News or Right-Wing radio is reminding the Bush-Cheney administration they are still getting paid to fix the disaster they created. The Bush-Cheney administration is still ''on the clock'' for the next two months. Assuming this national crisis is as critical as claimed, then why is there not greater pressure from Congress, from Governors, from the media, and from Right-Wing zealots to make the Bush-Cheney administration work this crisis until their last days in office? Again, if they are still getting a paycheck, should not they have to dive in and fix the problem? Why is this problem left to the Obama-Biden team?

[wardoglrs]

It is surely time for men to think for themselves, and to throw off the authority of names so artificially magnified.
-- Thomas Jefferson, letter to William Short, August 4, 1820 (see Positive Atheism''s Historical section)

Thomas Paine wrote in Common Sense:
In America, the law is king. For as in absolute governments the King is law, so in free countries the law ought to be king; and there ought to be no other.
Government is not reason; it is not eloquent; it is force. Like fire, it is a dangerous servant and a fearful master... George Washington

[wardoglrs]

How is it that America just wont get it?.

[bjcone8559]

Gimme the keys, Paulson... you goofball!!

[doorgunner3]

Hmmm.