Obama Adviser: Geithner Right Person To Handle Economy

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WASHINGTON – A top adviser to President-elect Barack Obama says it was gratifying to see the stock market's positive reaction to Obama's choice of treasury secretary.

The market soared almost 500 points on Friday with word Obama had settled on Timothy Geithner (pronounced GITE-ner) as a leader in the new economic team. Geithner is the president of the New York Federal Reserve.

Obama adviser David Axelrod says the 47-year-old Geithner is the right person to help deal with the severe economic crisis. Axelrod also says it was welcome news to see how well the market reacted on Friday to word of Geithner's appointment.

Obama plans to announce his economic team on Monday.

Axelrod was making the rounds of the talk shows Sunday.