This is a rush transcript from "The Journal Editorial Report," November 29, 2008. This copy may not be in its final form and may be updated.
PAUL GIGOT, FOX HOST: Coming up next on "The Journal Editorial Report, Obama's A-team. We'll look at the player he's putting in charge of economic policy and their plans to turn things around.
Plus, Citigroup's taxpayer parachute. You may be on the hook for more than $300 billion in bad investments. So is anyone going to hold Robert Rubin and the rest of Citi's directors responsible?
And the Obamas' school choice. They've opted out of D.C.'s troubled public schools for their children. Why can't other families?
"The Journal Editorial Report" begins right now.
Welcome to "The Journal Editorial Report." I'm Paul Gigot.
President-elect Barack Obama officially unveiled his economic team this week saying that he has chosen the best minds in America to lead the country through the economic crisis.
Here with a look at who these men and women are and what they tell us about the policy direction of the new administration, "Wall Street Journal" columnist and deputy editor Dan Henninger; columnist Mary Anastasia O'Grady; editorial board member Jason Riley, and assistant editorial page editor James Freeman.
OK, Dan, the big choice is Timothy Geithner, New York Federal Reserve president, as treasury secretary, and Larry Summers, a Harvard economist, former treasury secretary, to run the National Economic Council in the White House. There are others. Taken as a whole, who are these people and what do they believe?
DAN HENNINGER, COLUMINST & DEPUTY EDITOR: Well, Paul, I'm going to give the group one thumbs up.
GIGOT: Just one?
HENNINGER: Just one. Yes, just chair. I'll get the others get to the down thumb. But I think the good news is that the Obama administration is not going to destroy the real economy. Now that sounds like an overstatement, but, compared to the House Democratic caucus, which I think is more or less oblivious to the real economy, these people understand that there is an economy out there.
And you know what was interesting? After Obama was elected, the one thing we kept talking about is, you know what, we are not — the Dow is not at 11,000 anymore, it is down around 8,000. We are heading into a recession. The last think you want to do is raise taxes in a recession.
And as soon as he appointed the team, we — they started to leak that those tax increases are probably off the table. So I think you are getting a degree of confidence out of this deal.
GIGOT: In order to redistribute income, in other words, you have to make some. And I think at least, you know, Summers and these people understand that that the economy has to grow.
JASON RILEY, EDITORIAL BOARD MEMBER: I am also somewhat optimistic about the team. And including the incoming head of the Council of Economic Advisors, Christina Romer.
GIGOT: Berkeley economist.
RILEY: Berkeley economist. She's also an economic historian. She's also written that tax increases contract economies. Geithner and Summers...
GIGOT: You are kidding! A Democrat saying that?