Shaping Our Financial Future: Obama's Economic Team

President-elect Obama today announced his economic team. "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 without a thriving Main Street," he said.

Here are the members of Obama's new economic team:

Treasury Secretary: Tim Geithner, New York Federal Reserve President
National Economic Council Chief: Larry Summers, former Treasury Secretary
Council of Economic Advisors Director: Christina Romer, Economist
Domestic Policy Council Director: Melody Barnes, former Executive VP, Center for American Progress

President-elect Obama also broadly discussed a new economic stimulus package, but declined to discuss its amount. "We have to make sure that the stimulus is significant enough that it really gives a jolt to the economy," he said. "We are going to do what's required to jolt this economy back into shape."

What do you think of Obama's new team?  

Comments

[Lisa P]

Consumers with good credit have had a difficult time obtaining approval for home loans, auto loans and a variety of other payday loans. Banks have tightened their belts to cut back on the mortgage defaults, which were and still continues to be one of their greatest problems to overcome. Unfortunately for the consumer, the banking industries consistent endeavors to raise banking fees tax the American economy even more. Overdraft fees, minimum balance fees, ATM fees and other miscellaneous fees are among those that have been increased. It has been perceived that the banks are raising their rates to compensate for their losses in revenue due to mortgage defaults. If there is anything good that has come out of the economy, it would be the fact that America's consumer base, which has been so prone to overspending and borrowing more than they can afford, have now woken up to the reality and constraints of personal debt. We rank number one in the world when it comes to consumerism and debt, so if it doesn't break this country, it will only make us better. Until stability comes, you may find yourself needing a little extra cash. Click to read more on payday loans.

[Payday Loan]

Finance seems to be the thing on the minds of government officials these days, with New Hampshire instituting payday loan reform, and the economy reform - job creation Obama speech. After the economic address, some Republicans offered their own tweaks to his plan, which includes a generous stimulus package. Most of them agree with the need for an infusion of capital into the economy for creating job growth, which would help offset the recession better than anything else; too many people are having to rely on a payday loan. House and Senate Minority Leaders John Boehner and Mitch McConnell both proffered that the plan, as it was, is too expensive. Boehner is in favor of a more balanced plan, and McConnell suggested that any aid given to states be given in the form of loans instead of grants.