John Heilemann has a fascinating look at the White House economic team, well worth a read but probably outstripped a little by yesterday's events -- it was a very good day for the Treasury secretary, a lot of policy criticism notwithstanding, simply because he offered a concrete plan that played well in the public and, yes, because the markets rallied. But Heilemann's sketches of the relevant personalities is certainly of interest, especially Paul Volcker's desire to get in on the action. It also has some delightfully catty blind quotes, including this observation: "“All I can tell you is that Larry [Summers] seems quite happy with [the banking proposal] being known as the Geithner Plan.” No doubt, but from here on out I'll try to avoid that term just to make sure credit goes where credit is due -- this plan has the stamp of the whole administration, however politically convenient it may be to have the Treasury secretary own it.
-- Tim Fernholz
