Obama Introduces Economic Team, Warns "No Shortcuts or Quick Fixes" to Crisis

President-elect Barack Obama unveiled his economic team, saying, "I've sought leaders who could offer both sound judgment and fresh thinking, both a depth of experience and a wealth of bold new ideas — and most of all, who share my fundamental belief that we cannot have a thriving Wall Street while Main Street suffers." But he added, "the economy is likely to get worse before it gets better."

As previously reported, Federal Reserve Bank of New York president Timothy Geithner will head the Treasury while former Treasury Secretary Lawrence Summers will head the National Economic Council. Christina Romer, a professor at U.C. Berkeley, will be Director of the Council of Economic Advisors, while Melody Barnes, a former aide to Senator Ted Kennedy and senior adviser to Obama during the election campaign, will be Director of the Domestic Policy Council. The NY Times writes, "By naming a team deeply experienced in dealing with financial crises — Mr. Geithner was heavily involved over the weekend in the efforts to stabilize Citigroup — Mr. Obama underscored his determination to assure Americans and foreign investors that he would aggressively step into a leadership vacuum in Washington during the transition."

Here's video of the introduction:

And here's Obama taking questions about the stimulus package--he didn't want to give numbers now, but wants to pass it soon and pointed out that conservative and liberal economists agree a big stimulus package is needed:

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By Jen Chung in News on November 24, 2008 3:55 PM

Comments [rss]

McGG

The city that he is talking about is New Orleans, which Bush forgot about as soon as the cameras turned off.

Shinobi Shaw

Well yeah, Bush had 8 years to get it horribly wrong, Obama won't since I believe he won't win a 2nd term.

It really as nothing to do with Obama himself, but rather the way things are now and will be in the next 4 years.

"CHANGE" won't be such a nice buzzword when you're starving and homeless or standing on a breadline unemployed and hungry.

Spirit of 76

Maybe he won't, but I don't think he could possibly become as unpopular as Dubya, the man with the lowest presidential approval rating since they started tracking it.

Shinobi Shaw

Obama won't be so popular by March of next year, guaranteed!

If anybody knows what's going on in Iceland right now and what happened to Argentina in 2002....well....that's where we are headed.

blablanyc

The stock markets are in for a reality check very soon. Especially with all of the negative data pouring in everyday.

Spirit of 76

[1] Awww, is somebody still bitter about losing?

NannyState

I think Michelle Obama is in a better position to comment about her husband's "big stimmulus package".

longacre

We've already had a cowboy who got us into war and recession and almost caused this country to lose a major city.

What city did we almost lose?

Mr Mel

"In the history of the world, no one has ever washed a rented car."

Lawrence Summers said this, he's brilliant, this is the type of guy we need helping the President.

Outter Burrougher

can we at least all agree that President-Elect Obama could totally fit twice as many flags on that stage if he actually tried?

jterry121

This Economic teams job is to keep as many American as possible from being Unemployed, but judging from the intelligence level of the comments, some Americans are just hopeless lost causes....

Gothampc

Wasn't it Larry Summers that said "Chicks are too stupid for math and science"?

OTC

Is Romer a dude in a dress?

glennQNYC

I can't wait for my stimulus check! When do I get the tax cut you promised me President-Elect?

Peter

For reasons I can't quite explain, that double chin of Larry Summers is very, very annoying.

Mr Mel

What ever he does will be carefully thought out. We've already had a cowboy who got us into war and recession and almost caused this country to lose a major city. Let's give Obama the chance he deserves and save your comments for a few months.