Congratulations to Bob Gates and to President-elect Obama for making an excellent decision, even if I did recommend it in my latest post. Congratulations are also due on the appointment of my former Fed colleague Tim Geithner as Treasury Secretary and Larry Summers for the White House economic post. I've only met Larry a couple of times, but I've heard him at several conferences and found him most impressive. Both are excellent appointments. I don't know the other members of the economic team, but they have good reputations. It looks like we're off to a promising start.