Barack Obama officially announced some of the most important members of his economic team on Monday, clearing up a lot of the uncertainty that’s been keeping this market down.
Wall Street cheered about the appointment of Tim Geithner as secretary of the Treasury, something that Cramer did not champion because he was the regulator of Wall Street and had a hand in much of what went on there since he was in charge of the New York Fed. But Cramer is thrilled about Larry Summers (future Director of the National Ecomomic Council), who he loves for being consistently right about this crisis.
Cramer spoke with Eric Schmidt, the CEO of Google who is part of Obama’s transition economic advisory board about this new team and what they’ll do. Schmidt has advised the President-Elect about what to do to solve the current economic crisis, worked with Cramer fave Larry Summers, and probably had a say in picking Obama's team.