With the recent S&P downgrade of the U.S. credit rating from AAA to AA+ and investors selling like crazy, most people are wondering just who exactly is in charge. Stock markets are bleeding dry, and somebody has to step in and perform triage before the global economy enters another depression.

President of the United States

Barack Obama certainly impacts global markets. He’s the United States’ chief ambassador to the world, and both domestic and international markets react to his every word. The President generally listens to the advice of the treasury secretary.

Treasury Secretary

Timothy Geithner is Treasury Secretary of the United States, but he essentially advises Congress, the administration, and other entities on what sorts of revenue, spending, deficit, and other policies the country ought to follow. His actual power is fairly limited, but he is the most influential economist in the country.

Who’s More Important?

Both the President and the Treasury Secretary attempt to sway Congress to enact legislation to encourage growth while protecting the interests of both businesses and individuals. Unfortunately, neither is doing a very good job right now.
The political gridlock seizing Washington means that Obama’s and Geithner’s proposals are often met with outright hostility. However, the public generally listens more closely to what the Treasury Secretary has to say about the state of the economy. Whatever President Obama says is instantly criticized by the Republican base, but Timothy Geithner enjoys a wider appeal because of his fiscal expertise. Even those who disagree with his policies consider him knowledgeable concerning economic matters.