Money | 11/26/2008 11:00 am

Obama Creates New Post to Help Ease Economy

By The Staff at wowOwow.com

President-elect Barack Obama held his third economy-related press conference of the week today, and promised the nation that he will have a concrete plan in place by the time he’s sworn in next month.

Declaring that "help is on the way," Mr. Obama attempted to quell fears of a recession by promising that his team, many of whom have worked in the White House under past administrations, will "combine experience with fresh thinking." He continued, "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."

As part of his efforts to gain a tighter grip on the economy, Obama announced today the creation of a new office, President’s Economic Recovery Advisory Board, which will be headed by former Federal Reserve Chairman Paul Volcker, who served under both Jimmy Carter and Ronald Reagan. Volcker’s approach to the economic crisis of the 1980s — including raising interest rates and restricting the flow of money — has been cited as sending the United States into a terrible recession. The news comes just as the government announced unemployment claims are still at recessionary levels, the real estate market’s at an 18-year low and consumers are keeping their money to themselves.

Sure, this isn’t the best pre-Thanksgiving news, but at least Obama and his economic team are keeping their cool. Hopefully that will be enough to calm jittery Americans as they head into this holiday weekend.

33 Reader Comments (so far…) Sign In or Register to comment

While watching the Press Conference Q&A , after the announcement, my heart sank when a reporter challenged Obama on his ‘picks’ who, in the questioners’ mind, were ‘Washington Insiders’——My first gut based thought was ‘Oh gheez, the honeymoon is over’! Now I realize that many, many Americans, are fed up with all the lies we have endured these past 8 years coming out of the Bush administration—-and fed up with the shenannigans of Government in General. The economic crisis we are now saddled with, seemingly, a carefully crafted concerto, with Wall Street in control of percussion, and Washington carrying the tune….has brought us to this place in time where the resulting music is no more than fingernails on the chalkboard……and EVERYone is on the edge of their seats suffering the pain. But! That this particular reporter CHOSE to attack, and yes, I use the word attack, when run-on questions are shooting off bullets in several directions as accusations, using phrases that have become the ‘sound bites’ of the media critics, when those replace the quest for ‘an answer to a concern’. In my lifetime, I have never, ever, had the experience of watching the step by step transparency, that we are seeing with Obama’s transition to the Presidency. As angry as people are, I would think that media would get behind Obama and support the efforts he is taking to unravel this mess we are in. Yet before he has taken the oath of office, we have a reporter (and there have been others), who STILL feel it is better for America, that we focus on what is ‘wrong’ rather than what is ‘right’…..

By Patty E on 11/26/2008 12:07 pm

e-mail alert

The transparency we are getting from Obama, something he promised on the campaign trail and which he says he plans to continue, is by far the biggest change of all and it is perhaps the #1 reason for the ground swell of support which put him in the White House. It is what the people want from our government and something we have not had in years.

By DeBúrca obj on 11/27/2008 8:32 pm

e-mail alert

I heard the news conference this morning on NPR and I believe it is a good move. It seems like he wants voices on this team that are not lobbyists, which hopefully will make a difference. I was grateful when he said the team would include members from all sizes and types of businesses. As long as congress doesn’t ignore them it will be great, but if congress decides to ignore them, they will not have much effect. Congress has a will of it’s own and has more power than the president through caucuses and legislation. The framework of it sounded encouraging and the team has very experienced people heading it. Yesterday he also said that they will go over the budget line by line and eliminate excess, I think John McCain will be happy about that, that was one of his desires for the budget. Sounds like a good idea to me. Let’s see what happens.

By Frannie Em on 11/26/2008 1:09 pm

e-mail alert

I just pray that he is making the right decisions for our future…He wont be able to make everyone happy & there will always be someone complaining…We all know whats wrong so lets move on and fix it…I think that is what Obama is attempting to do and I pray that he gets the job done.

By C Hardy on 11/26/2008 12:37 pm

e-mail alert

It’s an uneviable task, but Obama seems to possess the kind of out-of-the-box thinking that this economic crisis calls out for.

By James the Game on 11/26/2008 1:35 pm

e-mail alert

When I read about what we have lost in the past 8 years, Obama is starting out with his head in the right place. And, he sure is picking out the Stars… http://www.huffingtonpost.com/john-hallmann/why-america-feels-like-it_b_… http://www.huffingtonpost.com/2008/11/26/obama-defends-cabinet-the_n_146… He is correct when he says the change comes from him. We really haven’t had a leader, in the pure sense of the word as we understand it in this country, for at least 8 years.

By Diana T on 11/26/2008 1:42 pm

e-mail alert

8 yrs? a damn sight longer than that I’d say, Di. Obama uses his brain which is something that Bush never did—the very best thing to come out of this election is the end of Rovian Bullshit! Hallelulia sisters and brothers.

By f p on 11/26/2008 2:01 pm

e-mail alert

When you trace it, you can go back to the Gingrich Contract on America back in ‘94?

By Diana T on 11/26/2008 2:16 pm

e-mail alert

I think you can go back to LBJ and Tricky Dick, Di.

By f p on 11/26/2008 2:36 pm

e-mail alert

You are probably correct, Frank. BTW, if you look at the photo introducing this section, and you know that Obama is 6’-6’2”, then how tall is Paul Volcker? Look how he towers over Obama. I have noticed that when he is sitting across the table from Charlie Rose. He must be huge!

By Diana T on 11/26/2008 9:56 pm

e-mail alert

6’ 6’? or more I’d say.

By f p on 11/27/2008 7:41 am

e-mail alert

He’s so tall! Obama is not short, but they are Mutt and Jeff when standing together. And Rahm Emmanuel is another shock. I thought he was the same size as Obama, but he is very slight, probably isn’t 5’8”. Which explains why he had a chance to be in Jeoffrey Ballet. You did know he was a very good ballet dancer, didn’t you….

By Diana T on 11/27/2008 9:24 am