A year ago, the expectation was that President-elect Barack Obama's economic team would be a smooth- functioning machine, and the outlook was for turbulence in the national-security arena.
Timothy Geithner, the Treasury-secretary designate, and Lawrence Summers, chosen to head the White House National Economic Council, were unusually able veterans of Washington and financial crises. They were joined by a star-studded cast of economic advisers starting with former Federal Reserve Chairman Paul Volcker, perhaps the most respected financial figure in the world, and prominent academic economists.
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