Oh dear. As reader Marshall said, "Well, it's not Summers...it's even worse."

I had really hoped for Volcker. That would have been 1000 points on the Dow, and more important, he is the only one I can think of who has the stature to negotiate with our friendly foreign funding sources about the future of the dollar. I have it from someone supposedly very well plugged in that he was offered the job and the Obama crowd was trying to persuade him to take it for a year.

From MarketWatch:

Sen. Hillary Clinton, New York Federal Reserve President Tim Geithner and former Energy Secretary Bill Richardson have all accepted posts in President-elect Barack Obama's cabinet, according to media reports. Clinton accepted the position of secretary of state, the New York Times reported. Richardson is in line to become Commerce secretary and Geithner was picked to be Treasury secretary, NBC News reported

The markets, …