During his acceptance speech, President-elect Obama noted that "change has come to America." For better or worse, the economy agrees; things seem to be changing by the hour these days.
And while he won't take the reins until late January, Obama isn't wasting any time readying his economic advisory crew. The next president met today with a group dubbed his "economic transition advisors," which boasts a star-studded list of economic and business heavyweights.
The more notable members include:
- Warren Buffett (via speakerphone)
(NASDAQ:GOOG)Chairman and CEO Eric Schmidt
(NYSE:XRX)Chairman and CEO Anne Mulcahy
(NYSE:TWX)Chairman Richard Parsons
- Former Treasury Secretary and current Citigroup
(NYSE:C)director Robert Rubin
- Former Treasury Secretary Lawrence Summers
- Former Chairman of the Federal Reserve Paul Volcker
- Former Secretary of Labor Robert Reich
- Former SEC Chairman William Donaldson
One big topic that might be discussed within the group is who will replace Hank Paulson as Treasury secretary. Whoever does will essentially take over the $700 billion bailout plan that started deploying gobs of capital into the banking system last month. He or she will also carry the dubious responsibility of funding the government's astronomical borrowing requirements -- a task that might as well require the ability to walk on water as a job skill.
Who are some potential candidates? Some have speculated that New York Fed President Tim Geithner could be a possible pick. Geithner was instrumental in the bailouts of Bear Stearns and AIG
All this change making you queasy? No matter where your political views may lead, investors should take comfort knowing that Obama's economic advisory team is packed full of some of the most respected and successful business names in America. After a campaign plagued by charges that he was a socialist out to redistribute wealth, Obama's decision to surround himself with advisors who have a huge incentive to keep things pro-business might help ease some tension on an economy already overwhelmed by fear of the future.
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Fool contributor Morgan Housel doesn't own shares in any of the companies mentioned in this article. JPMorgan Chase is a Motley Fool Income Investor pick. Google is a Motley Fool Rule Breakers recommendation. The Fool's disclosure policy has been known to reach across the aisle.