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Google CEO And Obama Get Cracking On Economy

Dotcom Bust Treasury Secretary, too

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Economists and Wall Street types sent two clear messages this week in one simple statement: President-elect Obama needs to get his financial team working on the present crisis ASAP. The underlying message there is, obviously: Bush’s team is asses over elbows on this, and we can’t wait until January 20.
Google CEO And Obama Get Cracking On Economy
Sure enough, as the stock market plunges again upon news of jobless rates—6.5 percent—and “layoffs” become the latest buzzword in Silicon Valley instead of trendy mashed-up neologisms, Obama is meeting today with a 17-member panel dubbed his Economic Transition Team.

Taking his place among an elite braintrust with a combined net worth as startling as the lengths of their economic resumes, Google CEO Eric Schmidt almost seems like a token representative of the tech industry. Still, he’s a far cry from the blank stares of Bernanke and the glistening panic-and-bail-out forehead of Paulson.

And why not? He’s done pretty well managing Google, and at this point all suggestions—except for hiring more Bear Sterns masterminds—for the Fed are welcome. Schmidt’s presence on today’s panel is interesting in light of a resounding “hell no” from the Obama campaign trail as to whether he was throwing his hat in the political realm. At the time, people were more inclined to view him as a consideration for Obama’s Chief Technical Officer, a position for which Steve Ballmer (not on the panel) and Vint Cerf also have been considered.

The meeting may also be a final audition for Lawrence Summers, the former Treasury Secretary who oversaw the dotcom bust between 1999 and 2001, who’s being reconsidered for that position. But Summers is perhaps better known for his graceless exit from Harvard after suggesting girls just can’t do math. Presumably a certain level of sexism does not outweigh his renowned brilliance as an economist.

Summers’ presence on the panel is telling in that the presence of the other lead-contender for Treasury Secretary—New York Fed chief Tim Geithner—was not requested (or couldn’t make it) for this meeting. Former Fed Chairman Paul Volcker is there, alongside the teleconferencing Warren Buffet, who apparently had more pressing issues preventing him from attending in person.

Here’s the complete list of the 17 people Obama has enlisted to save our economy.

David Bonior (former Congressman)
Warren Buffett (Chairman and CEO, Berkshire Hathaway)
Roel Campos (former SEC Commissioner)
William Daley (JP Morgan Chase; Former Commerce Secretary)
William Donaldson (Former SEC Chairman)
Roger Ferguson (CEO of TIAA-CREF and former Vice Chairman of the Board of Governors of the Federal Reserve)
Jennifer Granholm (Governor of Michigan)
Anne Mulcahy (CEO of Xerox)
Richard Parsons (Chairman of the Board, Time Warner)
Penny Pritzker (CEO, Classic Residence by Hyatt)
Robert Reich (University of California, Berkeley; Former Dept of Labor Secretary)
Robert Rubin (Chairman, Citigroup; former Treasury Secretary
Eric Schmidt (CEO of Google)
Lawrence Summers (Harvard University; Managing Director, D.E. Shaw; Former Treasury Secretary)
Laura Tyson (Haas School of Business, University of California, Berkeley; Former Chairman, National Economic Council; Former Chairman, President’s Council of Economic Advisors)
Antonio Villaraigosa (Mayor of Los Angeles)
Paul Volcker (Former Fed Chair)
 

Google CEO And Obama Get Cracking On Economy
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  • http://www.theanaloguerevolution.com/ Funny t shirts

    I seem to remember Gordon Brown doing something similar in the UK when he started. He got together the best minds in the country from a wide range of areas, and seemingly did nothing with them!

  • http://penglase.com Garth

    Yeah, it makes for great politics – sounds great. Lots of back slapping and talk of great ideas but in the end it still is a political show and not much else. The ideas that fit the agenda are adopted and lionized and those that are unpopular, no matter how great or amazing, if they are not vote winners or associated with celebrities, get the shaft.

    Obama may be a lot of things (and sorry, but I don’t buy the ‘Obama is the Messiah’ line) but he’s not stupid. No committee is going to make things happen and Obama & cronies should know that nothing is going to change much no matter what they do. The system is screwed – better to let it die a death than to keep it on life support – it’ll just bury everyone and everything else too.

  • Jason

    You have got to be absolutely (&%@*% kidding me!!!!! Granholm???????????

    We are truly in trouble if he’s enlisting her help. She has done nothing but helped kill michigan.  One of her favorite little things was to introduce a service tax on an already dying economy. The service tax applied to businesses that provide services like barbershops. No to mention her best buddy Kwame Kilpatrick…..

    Were in for a real treat now!

    Soon to be skyrocketing electrical costs (straight out of Obama’s mouth and very intentionally applied http://newsbusters.org/blogs/kerry-picket/2008/11/02/obama-energy-prices-will-skyrocket ), taxing my small business to death and enlisting the help of somone who likes to bring more taxes on an already screwed economy. All this joy built on a foundation of deregulation courtesy W and his cronies.

    I think I’ll go shoot myself now.

  • Voice of Common Sense

    That list of people to help save our economy is for the most part a list LOOSERS from the past.  Why should we think that they can solve the problem, when many of them were responsible for creating it in the fisrt place.  As for Obama he is not at all interested in solving this country’s problems.  HE ONLY IS INTERESTED IN POWER & CONTROL ALONG WITH THE D-CRAP CONGRESS.

  • http://www.racing-ahead.com Guest – Mick Walsh

    Don’t people see that Google are simply totally electronic and seriously good with algorithms. Just because they make piles of money online from advertisers will not make them improve the state of the world economy now or ever. They could however somehow "bundle" their own pay per click (PPC) advertising rates to help smaller businesses and sole proprieters who advertise online achieve a more realistic return on investment (ROI). In doing this, they could help kick-start the economy as they would certainly attract more business for themselves whilst creating opportunity for others. 

  • http://www.jacksononthemoon.com Guest

    You may be right to have concerns. The American economy is a topic that makes me want to scream and run away. But let us not condemn just yet. Let us give Obama a chance before we proclaim that this is a total lost cause.

  • Guest

    Foolish voters that actually thought Obama had the experience to handle this will be very disappointed in the things to come. Democrats have always used the money of middle class business owners to build their budget. Clinton taxed our business out of existence. We have since started over and started coming back just to watch it happen all over again. We are much wiser now. His lack of experience shows already in the list of people he chose to help. Los Angeles is bankrupt and who do you suppose helped them get there. Villaraigosa is never here and has to fly in from his many useless business trips with his mistress to attend to emergencies, most of the rest of the list are the people that brought us to where we are. This cannot be fixed, not by obama or a team of the elite, it has been 20 years in the making and they kept grabbing money as long as they could knowing exactly what was going to happen. Americans need to understand we are all starting over, it is time to rethink our priorities and restructure our way of living so we are no longer at the mercy of money grabbers. Their isn’t any money left, it is just numbers in a computer or on a piece of paper and unless you can touch it, it really isn’t there and never was. They have the real money and left us with just the idea that we had something. Credit means someone else owns what you have and you pay huge amounts of interest to use it until you can’t pay then they just rent it to someone else. What part of that don’t you all get?

    • http://www.diamondonnet.com/ Diamonds

      Sadly, you hit the spot.

  • Guest

    Man that’s an odd list of resumes. It seems that there are really only a small number of people that truly have the background in the kind of macro economics required to understand a problem of this magnitude. I can see Volcker,  Daley , Rubin, and Buffett; but the rest seem inappropriat;. take  Ferguson, he is part of the problem, not the solution.

    If his (Obama) intent is to involve the private sector to recevie feedback from industry then where is the representation from the auto industry, probably the single most important and dangerous sector of the economy.  How about energy; where is T. Boone? 

    This list clearly shows Obama’s complete lack of understanding of the subject. This is just plan scary, and smacks of good ole polictical payback and glad-handing.

  • Guest

    OMG – Granholm – like she has been doing for MI???????????????????????????????????????????????????????????????????????????????????????????

    • Guest

      I can’t agree more. Why would Obama want to recruit someone to help our country when she can’t even help the economy of her own state!!

  • Aaron

    I am not suprised to find a bunch of sore looser, Replublican comments on here. You guys have got to get over it. I will take this bunch of loosers any day over anything McCain would have thrown out there. All of a sudden you have all of these economy experts on here. Why dont you guys with all of the bright ideas go fix the economy.

    It is simply a diverse team with different ideas and backgrounds to begin the talks of how to fix this. That is all. These people are not in his cabinet.

    Or, maybe, he should have George "W" on this panel to help. I am sure that all of you crying Republicans would be happy then, since we know how well things have been going under your party’s leadership.

  • http://www.weightlossindays.com <a href="http://www.weightlossindays.com">Dan<

    I gotta say that Google has it’s place in the market but for this challenge, give me a break. Use people that are used to dealing with these problem not a but of hairy geeks but are playing around for a living. As I said it works on the net, but…

    Dan

  • http://www.top10richestactors.com/ Dan Top

    Google can do whatever they want, they control the world :) Lets see how this pans out…hopefully it becomes a success!

  • http://www.gayeatingcum.com/ Cum

    I am sure it is a clever decision because we all know that Big G keeps his eyes open wide on daily search trends. It tracks millions of search every single day.

  • http://lowongan-pekerjaanterbaru.blogspot.com/ lowongan kerja bank

    It is simply a diverse team with different ideas and backgrounds to begin the talks of how to fix this. That is all. These people are not in his cabinet.

  • http://aneka-resep-masakan-indonesia.blogspot.com/ resep

    Obama may be a lot of things (and sorry, but I don’t buy the ‘Obama is the Messiah’ line) but he’s not stupid. No committee is going to make things happen and Obama & cronies should know that nothing is going to change much no matter what they do. The system is screwed – better to let it die a death than to keep it on life support – it’ll just bury everyone and everything else too.

  • http://car2be.com/ Used Daihatsu

    Yeah, it makes for great politics – sounds great. Lots of back slapping and talk of great ideas but in the end it still is a political show and not much else. The ideas that fit the agenda are adopted and lionized and those that are unpopular, no matter how great or amazing, if they are not vote winners or associated with celebrities, get the shaft.