According to this report , "US Treasury Secretary Timothy Geithner is practically alone on the job, working night and day to cope with the worst economic downturn in decades.
Unemployment figures which revealed Friday that 651,000 jobs were lost in February, showed the recession is running ever deeper, but Geithner, who started work in late January, has no deputy secretary, no under secretaries for international affairs and no deputy under secretaries."
Annette Nazareth, who had been expected to be chosen as deputy secretary — Geithner’s top aide — has withdrawn her name, the Wall Street Journal reported in its online edition, citing people familiar with the matter.
The former Security Exchange Commission head "withdrew in large part because of the long vetting process" President Barack Obama has put in place to choose members of his government, the daily said."
Given the direction our economy is going, we absolutely need to have the best and most capable minds to run our treasury department. I have a suggestion to the Obama administration: appoint Nouriel Roubini to the deputy secretary of treasury.
In case you haven’t heard about Roubini, he is a professor of economics at Stern School of Business, New York University. As early as 2005, he forecasted that "home prices were riding a speculative wave that would soon sink the economy". In September, 2006, he announced to a skeptical International Monetary Fund (IMF) that "In the coming months and years, the United States was likely to face a once-in-a-lifetime housing bust, an oil shock, sharply declining consumer confidence and, ultimately, a deep recession."
If you think he was lucky to make the correct forecasts, just read his blog at Nouriel Roubini’s Global EconoMonitor . He has been right on money on a lot of things regarding our economy.
I think Roubini would be a great depute secretary of treasury because
- he has tremendous credibility with the public and the market.
- he is one of those rare public intellectuals who combines academic brilliance and real-world pragmatism
- the current economic crisis calls for someone who has a global perspective. He was born in Turkey, moved to Iran, then lived in Israel and Italy. He came to the US to pursue his doctorate at Harvard.
- He worked in the Treasury department under the Clinton administration
If you like my idea, can you please pass this idea to others? I hope to spread this idea to reach someone in the administration.