Breathe a Sigh of Relief - Geithner Choice Eases Traders Fears

There were a lot of apprehensive people just a few days ago. They didn’t know who President-Elect Barack Obama was going to name to his economic team, and that made them worry.

There had been a lot of speculation about how Obama liked to take chances, and that got people thinking that he might pick some people who were really inexperienced and who didn’t have what it would take to do the jobs that they would be nominated for. Thankfully for the traders who were getting really worried, Obama chose Tim Geithner to be his Treasury Secretary.

It wasn’t just United States traders who were worried about who he would pick, either, as markets all over the world seemed to breathe a collective sigh of relief once the choice was announced. The US market went up solidly that day, and many of the markets in other parts of the world went up, as well. That was largely because the choosing of Geithner eased fears that had been growing for some time.

There are still many people who are concerned about Obama and what he will do with the United States, but so far he seems to be showing that he’s serious about the economy and how to correct it.

There were traders all over the world who were watching to see what would happen with the economic team that the next President was putting together, and now that they’ve seen where he intends to go with his team that helps to show them that there is more to the man and his ideas than they might have thought at first. It’s good for the rest of society as well, because there are a lot of people who are losing money every day because the stock market keeps going down. If it doesn’t start getting better soon some people could lose virtually all of their money.

There are people who have lost their jobs and their homes, and people who are retired and living off of their investments are seeing those investments dwindle all the time. They are ready to see something change, and they watch for signs that the market might be recovering.

If people are getting back into the market here and in other countries that can mean that there is reason to be hopeful again. The choosing of Tim Geithner won’t complete address the economic problems that are seen in the country but it is definitely a good start in the opinions of most traders.