Obama Names More Economic Advisers

The Washington Post reports:

President Obama yesterday unveiled a new team of economic advisers, a group drawn from corporate, labor and academic circles and tasked with providing the administration counsel from beyond his inner circle of aides.

In announcing the White House Economic Recovery Advisory Board, Obama said he was seeking "to ensure that no stone is unturned as we work to put people back to work and to get our economy moving." The group is particularly heavy on executives of companies known for innovation and success in the international marketplace.

The board will be chaired by former Federal Reserve chairman Paul A. Volcker. Its members include Jeffrey R. Immelt, chief executive of General Electric, and James Owens, chief executive of Caterpillar. Both companies have strong sales around the world, though both are encountering hard times amid the slowing global economy; Caterpillar said last month it would cut 20,000 jobs.

The board also includes representatives of labor organizations: Anna Burger, who chairs the labor group Change to Win, and Richard L. Trumka, secretary-treasurer of the AFL-CIO. There are also two prominent conservatives: William H. Donaldson, who served as chairman of the Securities and Exchange Commission during the Bush administration, and Reagan administration economic adviser Martin Feldstein, who has supported the idea of a massive economic stimulus package but was sharply critical of the legislation passed by the House of Representatives.

We hope Jeffrey Immelt of General Electric doesn't give Obama too much advice considering his poor performance at GE: which has lead to a bailout of $139 Billion from the FDIC.