The Next Treasury Secretary

Over the weekend, Barron’s  stated with some confidence that the the Secretary of the Treasury in an Obama administration would likely be Eugene Ludwig, the former Comptroller of the Currency in the Clinton administration.  Have to admit that I’d never heard of him.

Barrons’ more interesting and confident prediction is that McCain would choose Peter Wallison, a banking lawyer who taught himself economics.  I never would have heard of Wallison, either, had I not developed my mild summer obsession with the GSEs.  But as it turns out, Wallison was by far one of the earliest, most prolific, and most accurate prophets of the fate that would ultimately befall Mae and Mac.  I don’t know what kind of Secretary he would make, but he’s obviously a smart guy and a very fine writer.  I spent much of the summer in and out of his two books, Serving Two Masters and Privatizing Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.   He certainly convinced me that he knows his way around financial markets.


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