The city’s economic stability is heavily dependent on the success of the financial-services industry — something a native New Yorker like Lew should know.
Indeed, Wall Street can’t be pleased with his appointment. A treasury secretary most definitely requires some expertise, and credibility, in these matters; it’s not enough to “defer to others,” as Lew promised he’d do as budget director.
AP
President Obama and Jack Lew
Then again, his selection to replace Tim Geithner, a Wall Street veteran, suggests an agenda for the second Obama administration that puts economic growth far down the priority list.
Lew, after all, is a Beltway veteran and a decidedly political animal — indeed, the furthest thing from a serious economic theorist, despite two terms at OMB.
He’s the guy who’s been strong-arming Congress as the president’s chief of staff — to the point where Republicans simply don’t want to deal with him.
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