Wednesday, December 08, 2004

UPDATED - Treasury vacancy?

President Bush has retained Snow.


The Wall Street Journal editorial board weighs in for a strong hand at Treasury.


There is some talk that John Snow will be replaced at Treasury. According to the story linked to the title, WH chief of staff Andy Card is a candidate as well as former Senator Phil Gramm.

One of the weaknesses of the Bush's first Cabinet has been Treasury. As financial markets have grown increasingly transparent, linked and ubiquitous a Treasury secretary with a very strong background in finance is a big advantage. Neither O'Neill or Snow fit the bill. That's why Robert Rubin was the best pick and fit of the Clinton Cabinet. The recently departed Stephen Friedman (ex Goldman, Sachs) may have been a good choice. Unfortunately I don't think the Bush circle includes enough finance types so we will either get another captain of industry or a trusted confidant. A surprise, strong finance pick would boost US assets and buttress the sagging dollar.

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