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By Jason Stipp and Jeremy Glaser | 01-10-2013 04:00 PM

Old and New

Headlines this week revealed a new nomination but an old hat at the Treasury, a new direction for an old-line grocer, and same-old, same-old at the ECB--for now, anyway.

Jason Stipp: I'm Jason Stipp for Morningstar, and welcome to The Friday Five. There was some old, some new, and a mix of both in the headlines this week.

Here to offer the details is Morningstar markets editor Jeremy Glaser.

Jeremy, thanks for joining me.

Jeremy Glaser: Jason, it never gets old being here.

Stipp: So, what you have for The Friday Five this week?

Glaser: We are going to look at the new Treasury secretary, at Supervalu, at Herbalife, at DISH and Clearwire, and finally the European Central Bank.

Stipp: Obama did nominate a new Treasury Secretary. It's a new position, a new appointment for this nominee, but somewhat old hat.

Glaser: I think so. Jacob Lew has been nominated to be the Treasury Secretary, as was expected, and he'll likely sail through Senate confirmation and will take over relatively soon as Tim Geithner, who's been wanting to step down for a while, finally has a chance to rest from the heat of the financial crisis.

But Jacob Lew doesn't really represent a lot of necessarily new ideas or new direction for the Treasury. He's currently Obama's chief of staff. He has spent his entire career really being a party loyalist, kind of towing the line, and being seen as a competent person, but not someone who is necessarily a big visionary. I think that is the kind of person that Obama obviously wanted to lead the department as it goes through a lot of challenging times ahead.

Immediately, the debt ceiling debate is going to be right there; you are going to have to work on the cash management and figure out how you continue these extraordinary measures until the debt ceiling is resolved. And then after that, we are going to be talking about the long-term fiscal issues. It's something that Jack Lew for a while has talked about--the importance of having new revenues along with spending cuts to bridge that fiscal gap over the long term, so that's nothing that's different from what the president has said.

So, I don't think we are going to see a lot of changes coming out of Treasury because of this announcement, but it's certainly good to have someone in place there. We don't have to worry about what could potentially happen, and it will be interesting to see if there are any surprises there, or if he does pull any surprises out of his hat.

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