From The Independent, UK, 22 Nov 2008
"Hillary Clinton has finally agreed to become President-elect Barack Obama’s Secretary of State and spearhead efforts to restore America’s credibility in the world.
Once confirmed, Mrs Clinton will be the highest-ranking cabinet official in the next administration and she is expected to become a powerful diplomatic force, dealing with some of the international community’s most intractable problems, including terrorism and climate change.
News of her readiness to accept the job came as the Obama transition team said that the new Treasury Secretary will be Timothy Geithner, a decision that sent stocks soaring. He is highly respected and will replace Hank Paulson. This transition is the most sensitive because of the magnitude of the credit crisis, and markets have become increasingly concerned that there is a power vacuum at the heart of economic policy, just when new initiatives are needed to stop the world sliding into a deep recession.
The Dow Jones index jumped 6.5 per cent on the news that Mr Obama was ready to announce his economic team next week. New Mexico’s Governor, Bill Richardson, is to be named Commerce Secretary. Mr Obama passed over Larry Summers, a former Treasury secretary under Bill Clinton, whose subsequent tenure as president of Harvard University ended in controversy over remarks about women’s aptitude for the sciences. However, Mr Summers will be an economic adviser to the White House and was tipped last night as a future chairman of the Federal Reserve, the US central bank.
Expectations are already building that a combination of Mrs Clinton’s experience and the force of her personality could achieve what her husband failed to do and lay the foundations for a Middle East peace settlement. She has shown herself to be extremely hawkish on the subject of Iran’s nuclear ambitions, and on the campaign trail for the presidency once threatened the regime with nuclear annihilation".
"Hillary Clinton has finally agreed to become President-elect Barack Obama’s Secretary of State and spearhead efforts to restore America’s credibility in the world.
Once confirmed, Mrs Clinton will be the highest-ranking cabinet official in the next administration and she is expected to become a powerful diplomatic force, dealing with some of the international community’s most intractable problems, including terrorism and climate change.
News of her readiness to accept the job came as the Obama transition team said that the new Treasury Secretary will be Timothy Geithner, a decision that sent stocks soaring. He is highly respected and will replace Hank Paulson. This transition is the most sensitive because of the magnitude of the credit crisis, and markets have become increasingly concerned that there is a power vacuum at the heart of economic policy, just when new initiatives are needed to stop the world sliding into a deep recession.
The Dow Jones index jumped 6.5 per cent on the news that Mr Obama was ready to announce his economic team next week. New Mexico’s Governor, Bill Richardson, is to be named Commerce Secretary. Mr Obama passed over Larry Summers, a former Treasury secretary under Bill Clinton, whose subsequent tenure as president of Harvard University ended in controversy over remarks about women’s aptitude for the sciences. However, Mr Summers will be an economic adviser to the White House and was tipped last night as a future chairman of the Federal Reserve, the US central bank.
Expectations are already building that a combination of Mrs Clinton’s experience and the force of her personality could achieve what her husband failed to do and lay the foundations for a Middle East peace settlement. She has shown herself to be extremely hawkish on the subject of Iran’s nuclear ambitions, and on the campaign trail for the presidency once threatened the regime with nuclear annihilation".
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