I. Are Wall Street bankers losing their influence over the White House?

In appointing Timothy Geithner to the cabinet post of Treasury Secretary, President-elect Obama is breaking a long chain of Wall Street bankers running U.S. government, according to William D. Cohan at The Daily Beast (“Obama Gives Wall Street the Cold Shoulder” Nov 24, 2008).

Analyzing Obama’s choice of Geithner, Cohan writes:

But this surely drives home the point that one of Obama’s definitions of change is to not allow Wall Street its traditional role in running things. Tim Geithner, the presumptive Secretary of the Treasury, is all of a regulator, an academic and a civil servant. One thing he is not is a Wall Street banker (although he would have been an effective one.) Larry Summers, soon-to-be Obama’s director of the National Economic Council, is the son of economists, an economist himself, a former president of Harvard University and a former Secretary of the Treasury. He was never a banker and never worked on Wall Street. Indeed none of Obama’s cabinet picks, or rumored cabinet picks to date have worked in any substantive way on Wall Street.

The current U.S. Treasury Secretary is Henry Paulson — previously the Chairman and Chief Executive Officer of the investment bank Goldman Sachs.

To see short biographies of Obama’s new economic team, go here (“President-Elect Barack Obama and Vice President-Elect Joe Biden Announce Key Members of Economic Team” TPM, Nov 2008).

II. Obama’s not happy with Wall Street’s legendary greed is good credo

Obama offered a reprimand to the country’s top businesspeople last week in an interview with Barbara Walters on ABC network (Nov 26, 2008).

Excerpt:

BARBARA WALTERS: How did you feel when you read about the three heads of the auto companies taking private planes to Washington?

BARACK OBAMA: Well, I thought maybe they’re a little tone deaf to what’s happening in America right now. And this has been a chronic problem, not just for the auto industry, I mean, we’re sort of focused on them. But I think it’s been a problem for the captains of industry generally. When people are pulling down hundred million dollar bonuses on Wall Street, and taking enormous risks with other people’s money, that indicates a sense that you don’t have any perspective on what’s happening to ordinary Americans. When the auto makers are getting paid far more than their counterparts at Toyota, or at Honda, and yet they’re losing money a lot faster than Japanese auto makers are, that tell me that they’re not seeing what’s going on out there, and one of the things I hope my presidency helps to usher in is a, a return to an ethic of responsibility. That if you’re placed in a position of power, then you’ve got responsibilities to your workers. You’ve got a responsibility to your community. Your share holders. That if — there’s got to be a point where you say, ‘You know what, I have enough, and now I’m in this position of responsibility, let me make sure that I’m doing right by people, and, and acting in a way that is responsible.’ And that’s true, by the way, for members of congress, that’s true for the president, that’s true for cabinet members, that’s true for parents. I want all of us to start thinking a little bit more, not just about what’s good for me, but let’s start thinking about what’s good for our children, what’s good for our country. The more we do that, the better off we’re going to be.

III. Obama names his National Security team

Yesterday, Obama held a press conference to introduce his choices for his National Security team. From the Obama website change.gov:

Nominees announced today include Senator Hillary Clinton as Secretary of State, Eric Holder as Attorney General, Governor Janet Napolitano as Secretary of the Department of Homeland Security, Susan Rice as Ambassador to the United Nations, and General Jim Jones, USMC (Ret) as National Security Adviser. President-elect Obama also announced that he has asked Robert Gates to stay on as Secretary of Defense.

Video of the press conference here (27:01)

IV. The everlasting Clinton(s) factor

As noted above, Obama has picked Hillary Clinton to be his new Secretary of State. And as Newsweek‘s Senior White House correspondent Richard Wolffe said in an interview yesterday (Countdown with Keith Olbermann, MSNBC, Dec 1, 2008):

“…for the media, Hillary Clinton has overshadowed every other pick coming out of this transition…”

My impression while clicking around online is that this Hillary media storm occurred with news outlets worldwide, given the high international profile of the former First Lady. Visiting various USA newsites and blogs, the two questions I saw posed most often were: one, why did Obama really choose his former arch-rival Hillary; and two, what does this choice tell us about what kind of president Obama will be?

The answers, of course, can largely only be speculation. But in a column yesterday, Matthew Yglesias captured the central focus of the discussion well, I think. Recalling some of the major differences on foreign policy between Obama and Hillary Clinton during the campaign, Yglesias writes (“A hawk in the roost?” The National, Nov 27, 2008):

For all the speculation about Obama’s offer to Clinton, there has been no real account of the rationale or motivations for his decision – at least not beyond vague, and endlessly repeated, references to Doris Kearns Goodwin’s book, Team of Rivals, a profile of the cabinet Abraham Lincoln assembled under wildly different circumstances. The transition team has done very little to outline the substantive agenda it expects a Clinton-led State Department to tackle, and indeed, perhaps the ongoing financial crisis will mean any bold new foreign initiatives will be put on the back-burner.

What is unclear at this point is whether Clinton joining the Obama team means that Clinton has gained faith in Obama’s approach, or that Obama has lost faith in his own. The very fact of Obama’s election would seem to tilt things in his direction: there was a consistent trajectory to their disagreements, and Obama was on the right side – a judgment vindicated by his victories over both Clinton and McCain. It’s not merely that he won, but that winning demonstrates his supposedly “risky” positions were not so risky after all.

V. Do you wanna speak English, Uncle Sam asks

The U.S. Department of Education is sponsoring a new online program offering free English language instruction. Titled U.S.A. Learns, the website…

…promotes programs that help American adults get the basic skills they need to be productive workers, family members, and citizens.  The major areas of support are Adult Basic Education, Adult Secondary Education, and English Language Acquisition.  These programs emphasize basic skills such as reading, writing, math, English language competency and problem-solving.

Read more background about the program here (“Learning English the Web Way” The New York Times, Nov 24, 2008).

See previous A glance at online news of politics USA