Barack Obama is set to unveil his economic team on Monday.  At the forefront and heading up the Treasury will be New York Fed president Timothy Geithner.  To hear people speak about this guy, is to hear nothing but high praise.  Is he the panacea that the economy and our Florida mortgage applicants, so desperately need?  Wall Street hunting up any straw on which to hang, seemed to react positively to the news of Geithner’s impending appointment as Treasury Secretary.  The market closed up 494 points Friday afternoon supposedly on the news.  Will it last?  The market seems to have a short memory when it comes to good news.  If recent history is any kind of indication, the market will fall back to reality quickly, focusing in on the more pertinent indicators and the glow of Geithner will be a fast passing fad.   

Still, the man has an extensive history within government, heading up the New York Fed as well as playing a key role along with Bernanke and Paulson in trying to contain the economic mess.  At the very least he will come to the table knowing exactly what’s been going on.  Considering he’ll be inheriting Secretary Paulson’s stewardship of $700 billion in bailout funds, it seems fortuitous that he has been so closely involved in the process to date.  As president of the Federal Reserve Bank of New York, Geithner is keenly aware of what it is that is occuring on Wall Street and his appointment would signal a very real desire to address the concerns of the market.

One thing is clear, if there is one sector of the country that truly requires “change” it is the economic sector.  At the same time, hopefully Geithner will be able to impart to the President elect, the need to reconsider implementing tax hikes in the near future.  Wall Street cannot be pleased with the notion that a President Obama would enact tax increases while the country stumbles through this economic bog. 

Is Timothy Geithner the answer to the nation’s economic woes?  We can only hope so.