Barack Obama had an extremely busy week this week. He started off Monday by naming Timothy Geithner, Lawrence Summers, Melody Barnes, and Christina D. Romer to his cabinet. He went on to say that the country is likely to lose at least a million jobs this year, and “the economy is likely to get worse before it gets better.” After this Carter-esc sentiment, he did go on to say that he has a plan to gain 2.5 million jobs back by 2010. It is speculated that this plan is to be supported by Obama’s plan to increase the taxes paid by those who make over $250,000 a year.
Tuesday, it was announced that the current Secretary of Defense, Robert Gates, will remain Secretary of Defense for Obama, for at least one year. On Wednesday the 26, Obama not only went to a Food bank in Chicago, but he announced the Creation of his (the president’s) “Economic Recovery Advisory Board,” modeled after President Eisenhower’s Foreign Intelligence Advisory Board. The ERAB will help advise the President through the current economic crisis of “historic proportions.”
On Thanksgiving, the President Elect gave out his weekly update, before Showing up on a Barbara Walters special on ABC. He spoke mostly of how bad the stock market and the economy were doing, but that we, as strong Americans, will push though the crisis. His thoughts were answered perhaps later that day, when the Stock Market closed with the DOW up over 1,000 points over the last four days, the largest increase in that time period since the great depression. Friday closed up 123 points.
http://stjoenews.net/news/2008/nov/27/dow-4th-straight-session/?business
http://www.wspa.com/spa/news/local/article/live_streaming_obama_to_announce_cabinet_posts/11533/
http://news.yahoo.com/s/ap/20081125/ap_on_go_pr_wh/obama_gates;_ylt=AopVO9dzWbqtSUfgNTMi5vms0NUE
http://change.gov/newsroom/entry/president_elect_barack_obama_establishes_presidents_economic_recovery_advis/
http://www.nbcchicago.com/news/business/NATL-O-Conomic-Team-Takes-Shape-.html
http://thisweekwithbarackobama.blogspot.com/
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6 comments:
I think its a smart move on Obama's part to create a committee to help him through the economic crisis. This crisis is indeed of historic proportions and in order to succeed in overcoming it Obama will definitely need to rely on some people with more experience than himself.
Obama may be bringing a more "socialism" to America, but he is also bringing action with him. It's good to see him getting to work so soon. I feel like no matter which direction he ends up heading, Obama will get a lot done.
Solid econ picks. Geithner was Summers' and Rubin's protoge when those folks were the Sec.of.Tres.
Summers, a walking brain. The guy went to MIT when he was 16. Yes, he is a bit controversial with his words, but everyone is flawed.
I hope that these folks pay attention to Sheila Bair's homeowner plan at the FDIC. Early signs point towards it being succesful, and George Soros has been advocating something similar. If its ok with George, its gotta be good. (bad joke) Seriously...it addresses the second fundamental problem w/ the economy...home foreclosures.
Gates-- good pick. If someone's doing a good job...keep him. I'm happy that he is cleaning up the Air Force...it seems to have become a bit weed-infested.
Also, why is Richardson commerce? I don't see how foreign policy experience translates to economic experience...Could someone please help me on this one?
Keeping Gates as Secretary of Defense is a good move because his experience and firm reputation will help to reassure Republicans worried by Obama's inexperience and lack of military clout. This is just one of Obama's many actions to preserve some sense of continuity throughout the transition. And while many have objected that this contradicts his message of change, it is in fact essential to creating a strong coalition that wil be able to facilitate change through legislation in addition to executive decisions.
I'm with you, Samir. I can understand Napolitano leaving AZ since she's term limited there anyway. Even Hillary leaving NY makes sense. But Richardson? Is this guy just dying to get away from NM? I've always enjoyed my visits to Santa Fe. So this puts Richardson among the few who have served in more than one cabinet position. The record? Four different cabinet positions by one man. The irony? His name was also Richardson!
The thing I like most about Obama's economic picks, and the thing I like about Obama in general, is that he surrounds himself with good people who know what they're doing. Summers, Geithner and his entire team has the background and knowledge to understand and, hopefully, propose well thought-out solutions to the economic crisis.
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