I’m giving him another month [UPDATED]
When Paul Krugman and Megan McArdle agree on Obama/Geithner’s lackluster reaction to the economy, that’s usually a good sign to go long on duct tape and shotguns. And this Brad DeLong post doesn’t make me feel much better — because I think he has the political economy just about right. Still, I’m going to wait ...
When Paul Krugman and Megan McArdle agree on Obama/Geithner's lackluster reaction to the economy, that's usually a good sign to go long on duct tape and shotguns. And this Brad DeLong post doesn't make me feel much better -- because I think he has the political economy just about right.
When Paul Krugman and Megan McArdle agree on Obama/Geithner’s lackluster reaction to the economy, that’s usually a good sign to go long on duct tape and shotguns. And this Brad DeLong post doesn’t make me feel much better — because I think he has the political economy just about right.
Still, I’m going to wait a month before allowing my freaking out flag to fly. Why? Because in the time that Barack Obama has been forced to react in real time, I’ve noticed two tendencies:
- He tends to take his own sweet time in making decisions;
- Those decisions have usually worked for him.
So maybe a month from now Treasury will actually have some appointments besides Geithner, and markets will be more certain about what Obama is planning to do. If these things don’t happen, however, I have every confidence in my commenters saying, "I told you so."
UPDATE: OK, now we’re seeing some movement! This Reuters story lists three incoming nominees at the assistant secretary level. It also explains the dithering at the more senior levels:
On Thursday, sources said former Securities and Exchange Commissioner Annette Nazareth withdrew from consideration to become a deputy Treasury secretary for personal reasons and that she would remain in her private securities law practice.
In addition, Geithner’s choice for international affairs undersecretary, Caroline Atkinson, also pulled her name from consideration. Atkinson, a senior official at the International Monetary Fund, has decided to remain at the institution, a person familiar with the decision said.
Both Nazareth and Atkinson had been vetted for the jobs but had not been formally nominated.
Lee Sachs, also currently a counselor to Geithner, is widely considered a top contender for undersecretary for domestic finance, but also has not been formally nominated.
One wonders if the reasons for the withdrawal have to do with the people involved or the rigors of the vetting.
Daniel W. Drezner is a professor of international politics at the Fletcher School of Law and Diplomacy at Tufts University and co-host of the Space the Nation podcast. Twitter: @dandrezner
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