Obama names Geithner to Treasury

US President-elect Barack Obama named his economic team Monday, tapping New York Federal Reserve President Tim Geithner as treasury secretary to deal "an economic crisis of historic proportions. At a news conference 57 days before his inauguration, Obama also said Lawrence Summers would be director of his National Economic Council. Summers was treasury secretary under former President Bill Clinton and a former president of Harvard University. Obama said that recent news "has made it even more clear that we are facing an economic crisis of historic proportions." Offering a grim prediction, he added, "Most experts now believe that we could lose millions of jobs next year." He said his newly named economic team offered "sound judgment and fresh thinking" at a time of economic peril.