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Paulson's Strengths Lie in Markets, Finance

The choice of Henry Paulson, a 30-year veteran of Wall Street, to be President Bush's new Treasury secretary is a move to breathe new life into the White House's economic policies. Paulson, the chairman of the investment bank Goldman Sachs, is replacing John Snow, who had formerly been a railroad executive.

Paulson is one of the most respected figures on Wall Street. He has worked at Goldman Sachs since 1974 and has run the investment bank since 1999. Paulson, who has a master's degree in business administration from Harvard, worked in the Nixon White House before moving on to Wall Street. The Republican has been seen as something of a progressive on some issues.

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Adam Davidson is a contributor to Planet Money, a co-production of NPR and This American Life. He also writes the weekly "It's the Economy" column for the New York Times Magazine.