2 hrs 19 mins ago
Obama names Treasury official to spur manufacturing - Yahoo! News
For some background on Bloom, here is a WSJ article on him from when he was named the the automotive task force: Who Is Ron Bloom? - Real Time Economics - WSJ.President Barack Obama plans to announce on Monday that he has named a top Treasury Department official, Ron Bloom, to lead an effort aimed at revitalizing America's hard-hit manufacturing industry.
The U.S. manufacturing industry has lost hundreds of thousands of jobs in recent years to overseas competition as some U.S. businesses have relocated abroad to take advantage of cheaper labor. Bringing an invigorated manufacturing base back to America was a campaign pledge of Obama last year.
Bloom will retain his role as a senior advisor to Treasury Secretary Timothy Geithner assigned to Obama's task force on the U.S. automotive industry.
I am not sure what to make of this, though for some reason I find it interesting. On the one hand, manufacturing in this country is in trouble that goes beyond the recession, but on the other, just how much can the government do?