Evening Buzz: Obama names economic team and urges action
Cate Vojdik
AC360° Writer
Timing can send a powerful message. Today President-elect Obama tapped Timothy Geithner to serve as his Treasury Secretary. It’s the first Cabinet selection he’s announced, another signal that the economy is the No. 1 issue on his agenda. Obama also named several other top economic officials, including former Harvard President Larry Summers, who’ll head up the National Economic Council. Tomorrow, Obama is expected to tap Peter Orszag as his budget director.
Today’s appointments were expected – the rumors drove a Wall Street rally on Friday. What really caught everyone’s attention was this: Obama said plain and clear that he expects Congress to begin working on a massive job-creating stimulus bill even before he takes office. (The new Congress comes into session on Jan. 6, two weeks before Obama will be sworn in.) It’s rare—if not unprecedented for a president-elect to make such strong calls to action.
Obama’s news conference came just hours after President Bush announced the government will spend billions more to bail out Citigroup, which has already received $25 billion in rescue funds. The incoming and outgoing presidents also talked on the phone, their first disclosed conversation since a visit at the White House more than a week ago.
Tonight we’ll have full coverage of all of this – from Obama’s high-powered economic team and what it’s up against to the new life-line for Citigroup and possibly other companies to what that major stimulus bill will actually cost – and where the money could go.
What questions do you have about all of this? Let us know.
We’re also going to look at the possible imprint that Michelle Obama will make as First Lady. Will she change the way we think of the role?
See you at 10 p.m. eastern…
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Filed under: Barack Obama • Cate Vojdik • Raw Politics |
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I have been watching the news about this 8 year old child that is being held in police care for shooting his father. I have watched that confession and that was unbelievable. how can anyone believe that confession. That might as well be entrapment for that 8 year old child. I can not imagine what his mom is feeling right now. WE HAVE TO STOP THIS.. WHAT CAN I DO TO HELP. THIS POOR CHILD NEEDS HIS MOM RIGHT NOW MORE THAN EVER. please help me help them.. Not enough is being done. Thank God he is aloud to come home for Thanksgiving but what about the daily love and nurturing that he needs from his mother.
Anderson,
If President-elect Obama is able to sign a bill for an economic stimulus that involved rebuilding our infrastructure, I would hope that it would be spent (with no disrespect at all) without hiring all Latino, Mexican, or otherwise Spanish-leaning/speaking workers. We (the taxpayers) would like to see...deserve to see... a true mixture of American workers being put to work with this stimulus.
Matt
So what exactly will the 2.5 million jobs be; telemarketers? What salaries will the jobs pay?
The top 2% TRUE Rich have so much discretionary income they will not be bothered by a tax increase! They put their money off-shore and into paintings and parties!
So Taxing the top 2% will have near zero negative impact on the REAL Economy!
Consider a minimum income tax on Gross Income, close the loopholes on the new "TOOLS" thay have devised over the last 8 Years, and Hedge Fund Managers making $500,000,000 should be taxed at the earned income rate.
SAVE OUR COMPANIES AND OUR FINANCIAL SYSTEM
Regulations governing short selling were implemented in the United States in 1929 and in 1940 and we need to do it again! We can not afford having our companies driven into CRISIS be Greedy Traders and Others in a single week as Citibank was!
We can not Bailout company after company! Who will be the NEXT Bank or Company attacked by the Leveraged Shorts? Also we need the Uptick Rule restored!
We need to slow this whole process down before our Economy and Government is severely damaged beyond repair! We need to prevent SHORTING for the next year while markets are stabilized. These Short Traders serve themselves at the expense of us ALL!