At 3.37pm, this headline appears:
US Stocks Rally on Report Geithner to Be Treasury Secretary
By Eric Martin Nov. 21 (Bloomberg) -- US stocks rose and the Standard & Poor’s 500 Index rebounded from an 11-year low as NBC News reported President-elect Barack Obama will nominate New York Federal Reserve Bank chief Timothy Geithner to head the Treasury.
Over at the NY Times, this headline appears:
Clinton Decides to Accept Post at State Dept., Confidants Say
Why did she accept? Mrs. Clinton came to her decision after additional discussion with President-elect Barack Obama about the nature of her role and his plans for foreign policy, said one of the confidants, who insisted on anonymity to discuss the situation.
After what is described as a general first meeting, a second meeting had more substance, and she felt good about it, said one of two Clinton confidants.
A second Clinton associate confirmed that her camp believes they have a done deal. Senior Obama advisers said Friday morning that the offer had not been formally accepted and no announcement would be made until after Thanksgiving. But they said they were convinced that the nascent alliance was ready to be sealed.
As secretary of state, Mrs. Clinton will have had a powerful platform to travel the world and help repair relations with other countries strained after eight years of President Bush’s policies. But at the same time, she will now have to subordinate her own agenda and ambitions to Mr. Obama’s and sacrifice the independence that comes with a Senate seat and the 18 million votes she collected during their arduous primary battle.
There are those 18 million votes again; conventional wisdom. Obama got more, and he got elected President.
As for Geithner:
“This news could really give the stock market a badly needed shot in the arm,” Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, wrote in an e-mail to clients. Geithner is a “fantastic choice to help lead the financial markets out of the wilderness.”
Not too bad.