Obama adds econ advisers, says 'help on the way'
By ConnPolitics.tv Staff on Nov 26, 2008 | In News, President Barack Obama | 8 feedbacks »
Chicago (AP) – President-elect Barack Obama pledged on Wednesday to have an economic plan ready for action to deal with the nation’s financial crisis on his first day in office. “Help is on the way,” he declared.
He also pushed back against criticism that he was recycling former Clinton administration officials as he builds his new economic team. He said his Cabinet would “combine experience with fresh thinking.”
In his third news conference on the economy in as many days, Obama announced he had chosen former Federal Reserve Chairman Paul Volcker to head a new White House panel to help create jobs and bring stability to the ailing financial system.
Volcker, 81, will head the President’s Economic Recovery Advisory Board. The board’s top staff official will be Austan Goolsbee, a University of Chicago economist.
Volcker is a legendary central banker who raised interest rates and restricted the money supply to tame raging inflation in the 1980s. It was a painful prescription that helped send the economy into one of the nation’s worst recessions.
“He pulls no punches,” Obama said of Volcker. “He seems to be fairly opinionated.”
Fifty-five days before his inauguration, Obama defended his selection of former Clinton officials to help run his administration.
“The American people would be troubled if I selected a treasury secretary or a chairman of the National Economic Council at one of the most critical economic times in our history who had no experience in government whatsoever,” Obama said.
“What we are going to do is combine experience with fresh thinking,” he said. “But understand where the vision for change comes from. First and foremost, it comes from me. That’s my job, is to provide a vision in terms of where we are going and to make sure then that my team is implementing.”
8 comments
Is he kidding?????
Hey BARRY, that didnt seem to bother the dolts who swallowed your line of crap hook line and sinker.
Besides they are too busy waiting for you to buy their gas and pay their mortgage
I wonder how he will react when we get hit again--- as Biden had warned us. Will he then give some concern that the terrorist are still a BIG threat.
Economics and terrorism go hand in hand and we must be strong on all fronts.
A leading Russian political analyst has said the economic turmoil in the United States has confirmed his long-held view that the country is heading for collapse, and will divide into separate parts.
Professor Igor Panarin said in an interview with the respected daily IZVESTIA published on Monday: "The dollar is not secured by anything. The country's foreign debt has grown like an avalanche, even though in the early 1980s there was no debt. By 1998, when I first made my prediction, it had exceeded $2 trillion. Now it is more than 11 trillion. This is a pyramid that can only collapse."
The paper said Panarin's dire predictions for the U.S. economy, initially made at an international conference in Australia 10 years ago at a time when the economy appeared strong, have been given more credence by this year's events.
When asked when the U.S. economy would collapse, Panarin said: "It is already collapsing. Due to the financial crisis, three of the largest and oldest five banks on Wall Street have already ceased to exist, and two are barely surviving. Their losses are the biggest in history. Now what we will see is a change in the regulatory system on a global financial scale: America will no longer be the world's financial regulator."
You guys still don't get it. BUSH got us in this mess, BUSH and all of his boys will leave the white house with more money than they came with, laughing all the way to the bank. In the mean time you sit here on this blog trying to convince everyone that this situation that the country is in has nothing to do with Bush, the republicans, Poulsen, wall street greed, CEO greed or anyone else that is in office today, be it corporate or government, and all fault belongs to the democrats. The funny thing is, only 43% of Americans bought that, but you guys still do not give up.
I would rather hear from someone in office that can complete a sentence, than to hear from someone who thought Joe the plumber was a true American. True Americans pay their taxes, true Americans do not have to lie about their status in life on national television.
Don't get me wrong John McCain was a true American, but just like Bush he was out of touch with the everyday American. Palin was just plain out of touch with everyday everything.
There is no doubt in my mind that had McCain been elected we would be faced with the same people who got us in this mess in his cabinet. Only a fool would surround himself with unexperience and that would mean, the same republicans running things had McCain won, because lets be real, the man was old.
Many Americans were tired of being BUSHWACKED. Whatever "Barry" (as you like to call him) does could not be any worse than what Bush has already done and continues to do, with his now total lack of concern for the working American (the real Joe the plumber). After all if your a major bank in trouble you get a bailout under Bush/Poulson, but if you are a small bank or a everyday person behind in your mortgage you get nothing under Bush/Poulson.
Terrorist drove two planes into the World Trade Center in 2001 and brought them down killing many Americans. Yet under Bush we still have not found the man responsible. We have cameras on the road on I-95 in Connecticut that can focus in and the people controling them can read the menu inside the McDonalds, but Bush with all the resources available to him, cannot still find the person responsible for 911. COME ON! However do not be surprised, if we find him just before Bush goes out of office, because that perhaps would be the only thing that would keep him from being noted as the worst President in modern times.
IO, wherever we are BUSH put us there. If your argument is he did not put us there, then I would say he did nothing to stop where we were going.
The bottom line is, like it or not Barack Obama is the President Elect. While I never liked the fact that GW was elected, at least I gave him a chance to get in office to prove me wrong. However in true George Bush fashion he never did prove me wrong though.
Now we have stock market that has lost trillians and a bond market that is relatively stable for now. Obama Adminstraton will accomplish a gain in the stock market until his promise of increasing capital gains. By April of 2009, the ballooning deficit, the deepening recession, and investors' desire to cash out of stocks and family-owned businesses at the 15% capital gains rate on a stock market high — rather than waiting for Obama's 20% or 25% rate and lower prices — will trigger anoother stock reversal.
Fact major banks are being bailed out while smaller banks have been allowed to fail. Fact regular people in trouble with their mortgage have to be 3 months in the rear in order to try to get help, which is not guarenteed. Fact everyone loved the sub-prime housing boom while it lasted, including those who now have over financed houses because of it.
While everyone was caught up with sub prime, fact was, there was also no one watching wall street as it turned itself into Vegas East. The fact remains that until someone regulates both Banking and Wall Street this mess will continue no matter who is President.
Again, IO, If your argument is he (Bush)did not put us there, then I would say he did nothing to stop where we were going.
As IO has asked, what specifically did President Bush do to cause this economic meltdown. I can name some things he did not do, but what did he do? Or are you like many others that like to bash people without substance.
OK...NAME THEM THEN....and then I'll proceed to give you the 99 others you missed...
What did he do??? It's the fact that he did NOTHING in almost every respect...and that's far more than enough of what "he did", to cover it.....
"This should sober up some of the blue state voters that vote in the big spenders."
Another winning comment from the "alcoholic observer"....maybe when YOU sober up, you'll figure out that Bush was BY FAR, the biggest deficit spender of all time.....oh yeah, and by the way, McCain's projected contribution to the Natl hole, was bigger than Obama's....glad to see you're still so "independent"....
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