The transformation of President Bush's cabinet continued yesterday as Henry M. Paulson, Goldman Sachs Chairman and Chief Executive Officer, was nominated to replace outgoing Treasury Secretary John Snow. News of his announcement was greeted with cheers and compliments from both sides of the political spectrum, a stark contrast to many of the President's other selections to high profile Cabinet positions.
"His experience, intelligence, and deep understanding of national and global economic issues make him the best pick America could have hoped for to deal with the difficult economic problems the country faces," Senator Charles Schumer said. Can you imagine him saying that about Justice Alito? Me neither.
One also wonders why it took Bush almost 6 years to arrive at a consensus candidate for a Cabinet secretary. It is days like today when we are reminded that uniting, not dividing is more of a campaign applause line than a governance style for the President.
Paulson will attempt to duplicate the success one of his Goldman predecessors (Robert Rubin) had in the position. Interestingly enough, it is quite difficult to find more opposing economic viewpoints than those of the Clinton and current administrations.
While we are normally disturbed by top government positions repeatedly being filled by multi-millionaires, an exception should be made for Treasury Secretary. It is essential that the nominee have a comprehensive understanding of the way the global markets work and where the United States economy falls within that framework. Paulson has demonstrated time and time again that he fulfills all of these prerequisites and should accordingly sail through the Senate after the hearings.