"Barack Obama effectively took control of the US economy - two months before he takes office"

[Amerigo Vespucci]

From The Times
November 25, 2008
Barack Obama steps in to the power vacuum

http://business.timesonline.co.uk/tol/business/economics/article5225763.ece

Barack Obama effectively took control of the US economy - two months before he takes office - by declaring that his plan to confront the financial crisis "starts today".

As he unveiled his new economic team, Mr Obama struck a very different note from the diffident election winner of three weeks ago who stressed that America is led by only "one president at a time".

Today, he appeared fully aware that the US and global markets are looking to him, not President Bush, for solutions to the deepening crisis.

Continuing the quickest White House transition of modern times, forced upon him by the speed at which the US is plunging into recession, Mr Obama stepped aggressively into what appeared to be a growing power vacuum in Washington over the economy.

Giving the outlines of a massive stimulus package to "jolt the economy back on track", Mr Obama stressed the need to act "swiftly and boldly". He said: "That work starts today, because the truth is, we don't have a minute to waste."

At a press conference in Chicago, Mr Obama formally announced his nomination of Timothy Geithner, 47, the president of the Federal Reserve Bank of New York, as Treasury Secretary, and Larry Summers, Bill Clinton's former Treasury Secretary, as director of the National Economic Council, his chief White House financial adviser.

Mr Obama refused to specify how much his stimulus package will cost, but some leading Democrats on Capitol Hill are now calling for a huge injection of cash of up to $700 billion.

The president-elect repeatedly stressed the urgency of the situation and spoke of an economy "trapped in a vicious cycle" as he made clear his expectation that Congress will have a plan ready for him to sign into law as soon as he is inaugurated.

"We know this won't be easy and it won't happen overnight," Mr Obama warned.

"The reality is that the economic crisis we face is no longer just an American crisis, it is a global crisis - and we will need to reach out to countries around the world to craft a global response."

He added that on January 20, he wants to "hit the ground running".

[Skink]

1. Bush appeared fully drunk. 2002.

Or before.

[democracy1st]

2. great news Bush/Paulson scared the crap out of me

[firedupdem]

3. Leadership....that's what we need. We haven't had it for quite a

while now....8yrs to be exact.