Obama's economist pick seen as sign of new agenda

Honolulu (AFP) - one of the first President Barack Obama will make his return from his vacation in Hawaii to make is a candidate for the post of economic advisor to the summit, a decision that a new direction for the administration as it struggles could indicate to move the economy struggling through unemployment.

It is more than just the transfer of personnel. He replaces former director of the National Economic Council, Lawrence Summers, one hand guiding every decision Obama makes on the economic and the selection of the President of the close watch for signs of what he wants for his economic program in the second half its mandate.

He said he will benefit from the business with a character like Roger Altman, an investment banker and Clinton graduates who are sometimes too much baggage of its association with Wall Street? He said that instead of resorting to the academic community, an appeal to scientists such as Yale President Richard Levin? Or go with a depth of experienced insiders like Gene Sperling Hawk deficit in the treasury or Jason Furman, director of the Council Vice?

Where unemployment was 9.8 percent in the private sector, struggling with a steady growth and economy in general, the top concern, and to safeguard the issue of Obama's address in the coming months certainly a crucial role in the effort for re-election.

And caused the selection process for the position of the Council for the month. Summers announced his resignation in September, and many in the administration knows very well that time that he planned to return to Harvard after spending two years in the White House.

He said Obama spokesman Robert Gibbs said Obama is expected to issue an announcement in early January, the debt and any delays in the frenzied legislative session that consumed the White House until the end of the year.


The evolution of the thinking of the administration on how to fill this position, because Summers announced his resignation. It was Obama's name should be the leader of the company to another, in a bid to the private sector a greater voice in managing and reducing the perception that the president of the anti-business - preview - inside and outside the White House .

But the government now believes the relationship began between Obama and industry to the ice to melt. For example, the two sides praised each other after a meeting of Obama with top executives earlier this month. The White House has grown more willing to find another job is remarkable for the designated private sector, while leaving the office to the economic burden that can be formatted Obama receives advice from the whole sector.

"For people working in there, it seems a strange place," said Dean Baker, co-director of the Center for Economic Research and Political Rights in Washington. "If he does not have to work, I do not think he wants someone from Wall Street."

Wall Street is that the contact and that was a blow against one of the leading candidates for this position, Altman, founder of Evercore Partners. Altman has government experience, despite the presence of Deputy Minister of Finance under President Bill Clinton.

Sperling, last compete with the top, and struggled even on Wall Street, and advising Goldman Sachs and other financial companies, although he is best known for his work in both the Clinton and Obama, including his current position as adviser Timothy Geithner and the Minister of Finance. Sperling helped craft the 1993 deficit reduction law, and his appointment may prove Obama is serious about its commitment to the accumulation of debt and the deficit in the next year to address.

Levin, who as chairman of the percentage ratios Yale Summers Academy, is probably the organization benefit raised Wall Street. The foreman is also in the running for vice and promotion.

Both Forman and Sperling bring knowledge of the inside of the White House, Obama and the economic policies of President for this position, and attributes that are not necessarily in their favor. Critics accuse Obama of economic advisors do not fully benefit from the depth of the crisis, and the team president Bill tremendous boost the unemployment rate is less than 8 percent, and headaches within the administration to predict.

Choose from the outside to this position of economic help, Obama face of the notion that the islands and is very willing to accept advice from outside the administration to fill. He filled the other two high-level vacancies in his economic team this year from the government, the budget director Peter Orszag, an official at the Ministry of Foreign Affairs Liu Jacob, and the Council of Economic Advisers to President Christina Romer with Goolsbee, Austan , who served as a member of the Council to replace.

"They should be looking for things to incorporate into a new direction," said Baker. "I do not think more of the same is the answer."

Apart from the financial qualifications of the candidates was given, and also believes that the President of the Republic in search for the director of the Council, which can serve as a director of both good team player. For all the intellectual weight Summers, and brought along a healthy ego and temperament of stabbing in many cases. There were rumors of a conflict between Summers and Orszag Romer, which is rare in the White House led by the president with little patience for drama.