No, that doesn’t sound like a good idea. Too few “ordinary people” have a grasp of these matters, or even know what it takes to be qualified for the immense task at hand, and too many people vote on the basis of what their heart and gut are telling them, not of facts. The electorate have a hard enough time as it is, figuring out which presidential candidate will be best for the country; the more parameters you bring into the equation, the messier it gets. We have to trust the next US president with making the right choice when it comes to the treasury secretary.

No.Presidents that do this will be able to manipulate the elect. outcome. It appears that Wall Street has done this already. Why and how has the markets gone down rapidly initially for 2 days ,then showed gains for 2days after a federal bailout bill was announced,Then when Congress didn’t pass it,stock plummeted again?But Wall. Street, during the congressional period of reconsideration,stock rose again ,then dropped just prior to congression. vote to approve the bill ,which was restructured to contain some inexplicable Pork expenditures.Now after all this Gov. of California is asking the Fed to give his state 7 B to help them.Please note that he’s a republican! US TAXPAYERS BETTER WAKE UP!!I perceive that a monetary Repub.election plot is in plain view and no one is minding the store! Racism has raised it’s national head .This Country seems willing,ready,and able to bring us to the ground rather than have a Black ,highly intelligent ,capable,young man as its Commander-in-Chief. Why hasn’t the news agencies asked for the author’s of the Pork additions to the bailout? I bet they’re Republicans,who are up for re-election and don’t care about anything but keeping their high wages from our tax dollars and keeping at least 3 constituents ‘ arrows,mental state?, and a decrease in taxes for somebody except the total Cititzenry! . I am aware of the state of appropriateness,but if you can’t cite a clear .viable economic hypothesis ,that’s ok.You must maintain you income also.Reblicans need to go! Oh,by all means ,McCain couldn’t command his brain to select a qualified running mate . How can he command troops to wage war when we don’t have anymore at home to send? The draft will be in order young people.Vote Republican by all means!

I think that having the candidates name their proposed Treasury Secretaries in advance is a good idea. Not only would it give us a better sense of where the candidate would take the country, it would keep the post from being given away as a political reward . In fact, why not name the whole cabinet? That way we could really assess the candidates intentions and judgment. And it should certainly simplify the confirmation process. Would the Senate ever refuse to ratify a cabinet member who had been virtually elected by the people?

As to finding a Treasury Secretary from the ranks of Wall Street executives who would actually understand the implications of the bizarre financial deals which dropped the nation into this morass, good luck. None of them saw this coming. Or, if they did, they simply didn’t care as long as they could line their own pockets with their fees and bonuses before it hit.

the republicans and democrats dont seem to care or think that we do !! gosh look at the 850 billion of we really dont care about america that they just impossed on us.

yes if you call the economy of the great depression a fix

Dear Maggie,
Even if the candidates would name their team, it does not mean that it would be the same team after the election. How could the voters make a call about who would be qualified for this or that position? They are already struggling to decided who the next President should be.

First the choice of treasury secretary would not sway anyones vote.
Second the candidates should not be forced to name the team.

I could imagine that some people would say if Obama would have Warren Buffet than that would be agreat choice, but maybe Warren has no idea about the treasury business per say.

So again it makes no sense to name the team before the election.

I’m puzzled at how provincial U.S. politics are. The credit crunch is a global crisis. Thus, according to my experience with America, it should be kept out of the election campaign (Iraq is almost completely out of the headlines).

For the sake of continuity, Henry Paulson should stay in office for as long as the crisis lasts. He has the best experience with this historically unique project.

Here’s yet one more comment on this bailout… it will not help Main Street Americans, the very working men and women of this country that both political parties are now signing about with wonderous praise! (or is it love of our wallets and assets we have scratched out).
More Financial Market talking heads appearing to now blame “the Goverment” for this mess (what about all those financial lobbists that pushed Bush for unfettered operational freedom?).
Where are the Captains of Wall Street now? I suspect thay are slinking away to their safety ,out of the lime light.

Both Political parties have robbed main street Americans last week with all the Pork that was added. I agree with many other working Americans… may they choke on the pork the next election cycle. This package has only helped those that control the finacial markets. What a deal, now the credit market is lubed so middle Americans can continue to pile up debt . When it smells like poo…
Brian

No, knowing the vp is quite enough.
Adding treasury secretary will just become an earmark election.
Next other will want to know who will be foreign secretary and then add their pre conditions ,I mean earmarks. Next someone wants to know who is going to be defense secretary and who is going to be homeland security head and Chairman of the Joint Chiefs of Staff. Next someone wants a list of all the judges the president might want for the supreme court. Before you know it , a whole cabinet and judicial system is running and campaigning with the candidate. Everyone has to make promises on the side, before you know it the president is working for a cabinet who made all kinds of promises to get elected. That is a start of a third world style of election. Stick to the president and VP. Let the president decide after the election what his cabinet looks like.
Let the Senate deal with the approvals of the presidents choices.
Do not change the formula.

While yes, after this bailout it will matter immensely who our secretary of the treasurey is, considerring he or she shall control that 810 billion dollars we’re spending. I think it still matters who the president is first and foremost though seeing as he can ultimately pass or veto giving such powers to the secretary. Then we have to remember how both candidates push to rush both the first and the second bailout. How both were in on the talks of making this bill. Then how both voted to pass this bill into law knowing it is earmark-laden and an ultimately risky and crappy deal for Americans, as well as leaving CEOs in their spots to potentially do this to us again.

Wake up, our candidates are serving their special interests and campaign contributors. It is time for Obama and McCain to retire, both are in need of a big reality check in the form of losing the presidential elections and their senate seats. We the people got the power to do this, let us make this happen. Do we risk McCain making Paulson the Secretary of the Treasury for four more years? Do we risk Obama pardoning Tony Rezko or one of his other Chicago underworld cronies to put in charge of our money? No, we vote third party and our fellow Americans wake up and realize their bad deal and realize they can choose between more people too. Check out the third party candidates, heck, while you’re at it check out Ron Paul he foresaw and has tried (but of course been stomped out by washington and had his many proposals killed in committees) to stop this beast from being set loose.

Cry corruption! And slip the dogs of free elections.

Paulson will take good care of U.S presidency.

Interesting idea to make pre-selection of cabinet members mandatory. I for one would very much like to see that a reality.

However…
…if it were so, I’m afraid it would just add one more target to each side for media scrutiny and smear ads. More petty distractions which would probably discourage many competent (and busy) professionals from ever considering a cabinet post.

I still love the idea. Though I would look (and am looking) to the business community & media to help me come up with a possible cabinet short-list to up my comfort level a bit. …or to at least get a sense of their views and judgment based on who’s counseling ‘em.
My choice of candidate for the 08 election has been in huge part due to his choice of economic advisers! So who are they talking too?? …tell us 360 team!!

By the way…
…could start by filling us in on the story of Timothy Geithner.
…and should I be afraid, very afraid, of Phil Gramm?

I await your fine reporting!

Maggie, as a spaniard I can’t cast my vote in the next american presidential election, how I would like to though!. Only to inform that in the last general election in Spain last march, the would-be Treasure Secretaries of the two biggest parties played a major role in the campaign in fact they had a much watched debate, the result of which was believed very important for the election result.

YES!! And all the supposed cabinet members!!

Sir,
I do not subscribe to the theory “though the `Wall Street’ does not deserve it, it must be bailed out as `Main Street’ is hurting”.
We have simply forgotten that it is the “Main Street” that makes “Wall Street”. The tail does not wag the dog.
Every economy has a broad band of efficiency within which it functions. Growth occurs when it functions at an optimum level and de-growth is the result when it operates at a lower band. No matter what you do, the economy cannot function beyond OR below this band.
The genesis of the present crisis lies in the assumption that “Wall Street” can make “Main Street”, when it tried to attempt financial re-engineering by resorting to excessive leveraging and making the economy to work beyond the band of efficiency within which it can function. As can be expected, the system collapsed under its own weight at some point.
Most certainly the financial system in its present form has failed and it is in the best interest of the economy that the “Wall Street” is allowed to die a decent death and allowed to RIP. Instead the Treasury would do well to spend the $ 700 b on “Main Street”.

I want to see everyone in this country urge congress to move to paper ballots for our upcoming presidential election. I recently listened to an interview with Stephen Spoonamore about electronic voting machines and how they can be manipulated. This is frightening to me. I believe other elections in the past were possibly controlled. I’m just an average citizen, who’s usually an observer. This time I feel it is imperitive that I get involved. There is too much at stake. I want to know that this election, whatever the outcome, is real and honest. Voting for those who govern us and hopefully have our best interests at heart , is something we should feel good about not be afraid of getting swindled yet again. The American people need to stand up and fight for our rights in honor of those who fought before us and in commitment to children of the future. Please go to Moveon.org and sign the petition for paper ballots. Real people counting real votes!

Why the media compares this financial meltdown to the great depression of 1930s where there was no 401K, no jobs/production going to China, no internet to gamble on stockmarket, no greedy CEOs who only look at numbers rather than employees and products?