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Editorial.(A)
We have to admit we had some misgivings about President Bush's pick of former Alcoa CEO Paul O'Neill to head the Treasury. But, if recent comments are any indication, the former aluminum executive might be right for the job.
Why were we worried? We thought the one-time corporate chief - who in the past has supported, among other things, higher energy taxes - might not really understand the broader picture of the economy.
But in recent comments
made to the press, O'Neill has shown he gets it - unlike some past treasury secretaries of both parties.
For instance, the treasury secretary's biggest job is to protect the dollar's value. If he fails at that, he'll be forced to learn a bitter lesson of history: No nation has ever devalued its way to prosperity.
That in part explains why President Reagan's treasury secretary, James Baker, and former President Bush's treasury chief, Nicholas Brady - both weak-dollar advocates - ran into trouble. And why Robert Rubin and Lawrence Summers, both Democrats, did so much better.
Whenever asked about the dollar, Rubin and Summers repeated a boiler-plate phrase: "A strong dollar is in the interests of the United States."
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