Monday, November 24, 2008

WSJ Editorial Throws Cold Water on Geithner Nomination

After the Dow rallied nearly 500 points on Friday after the leak that President-elect Obama would nominate Timothy Geithner to be the new Treasury Secretary, the Wall Street Journal editorial board has decided take an ideological view of the choice. Instead of providing the reliable, business-centric view of the economy and Obama's choice, the Wall Street Journal seemed to think it should contradict the market, who obviously approved of the choice (as I write this Monday morning, the market is up another 170 points).

Demonstrating the skewed take on the current situation, the editorial reads, "The uncertainty over Obama's team and its direction has itself been fueling the lack of confidence, so we're glad to see the President-elect getting on with the show." Undoubtedly, a period of transition affects confidence, but when the current administration decides to sit on the sidelines during a crisis, it hardly helps anything.

I expect to disagree with the WSJ editors when it comes to politics, but it is disappointing to see the editors' political ideology to interfere with their ability to see things clearly and offer the proper reassuring opinion necessary in the current economic situation.

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