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November 24th, 2008

Obama Appoints Economic Team

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President-elect Barack Obama officially introduced his economic team as well as plans for a “major” stimulus package today at a noon press conference:

The president-elect introduced the top economic advisers for his new administration. New York Federal Reserve President Tim Geithner was selected to be treasury secretary. Mr. Geithner, 47 years old, is a veteran of financial crises at home and overseas and has worked closely with the Bush administration in recent months.

Mr. Obama chose Lawrence Summers as director of his National Economic Council. Mr. Summers was treasury secretary under former President Bill Clinton. Melody Barnes, executive vice president for policy at the Center for American Progress, was tapped as director of the Domestic Policy Council, and University of California at Berkeley economist Christina Romer will chair the Council of Economic Advisers.

On Tuesday, Peter Orszag, Mr. Obama’s choice to be director of the Office of Management and Budget, will headline the second day of economic events.

“I’ve sought leaders who could offer both sound judgment and fresh thinking, both a depth of experience and a wealth of bold new ideas–and most of all, who share my fundamental belief that we cannot have a thriving Wall Street while Main Street suffers,” said Obama at today’s press conference.

Sources have reported that the Democratic-controlled congress will quickly develop a stimulus package for the president’s approval when he enters the Oval Office on January 20. The new package, which is unlikely to include any tax increases, could be much larger than Obama had indicated during the election:

The new plan will be significantly larger and incorporate his campaign ideas for new jobs in environmentally friendly technologies—the “green economy.” It also would include his proposals for tax relief for middle- and lower-income workers.

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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