Still, some economists said that, given those picks, Americans should not expect significant change. Summers served as treasury secretary under President Clinton. Geithner is head of the New York Federal Reserve and a close ally of Wall Street.
"They kind of have their hands in the middle of this," Baker said. "This group of people does bear some responsibility for the mess we're in."
"We certainly need an administration that has the independence from Wall Street to really rein them in," he added.
Morici, too, was skeptical of those selections.
"There's really going to be no changes at Treasury," Morici said.
"With Geithner and Summers, he's going to get thinking that's truly inside the box."
William Kristol, founder and editor of The Weekly Standard, wrote in Monday's New York Times that Obama's picks are "sober and competent people who know we face a real crisis — and who, importantly, may be more willing than many of their colleagues to adjust their thinking early and often.
"I hope the best and the brightest who will be joining the new president will at least entertain the possibility that a lot of what they think they know is wrong," Kristol added.
On Monday, outgoing Treasury Secretary Paulson praised Obama's pick for his replacement.
"I have the highest regard for Tim -- his judgment and creativity have been critical to designing and implementing the necessary actions we've taken to protect and strengthen our financial system," Paulson said in a statement.
According to a new ABC News poll, 67 percent approve of Obama's work on the transition, but a smaller 44 percent think Obama will be able to improve the economy significantly.
When the new team does take office, ABC News' George Stephanopoulos reported Monday that the president-elect's advisors are hashing out a package in the neighborhood of $500 to $700 billion. Stephanopoulos also reported that Obama will likely allow the Bush tax cuts to sunset in 2010 instead of taking aggressive action towards repealing them.
Obama said Monday that he wants the new Congress to dive into an "aggressive economic recovery plan" so his administration can "hit the ground running" after his Jan. 20 inauguration.