Tuesday, May 30, 2006

Snow Out. Paulson In.

Snow's successes never proved enough
By Greg Robb, MarketWatch
Last Update: 9:51 AM ET May 30, 2006

WASHINGTON (MarketWatch) -- Ending one of the capital's longest death watches ever, Treasury Secretary John Snow has finally resigned his post.

President Bush nominated Goldman Sachs CEO Henry Paulson as Treasury secretary on Tuesday, allowing Snow to tender his resignation. See full story.

The announcement came after weeks of speculation that Snow would be removed in a spring cleaning engineered by Josh Bolton, the new White House chief of staff.

By many metrics, Snow's three-year term at Treasury should be rated a success.
Since he joined Treasury in February 2003, the economy has been on steady footing, averaging about a 3.7% growth rate in gross domestic product over that time.
Steady for who I'd like to know. Record trade deficits, The worst budget deficits in history, and stagnant/ declining wages for the majority of Americans. Lest we forget the travails of the dollar against the Euro, oil price leading to the recent rise in the CPI.

Dammit though that 3.7% growth is GNP just pisses all over that right WaPo?

Let's be honest, the worst kept secret in Washington is that Snow wanted out prior to the '04 election, but stayed on because ShrubCo. could not find anyone who wanted the job.

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