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Money | 11/26/2008 11:00 am

Obama Creates New Post to Help Ease Economy

By The Staff at wowOwow.com
© AP

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

Diana T
Hey, Mary Lou, are you talking about the Swift Boat stuff that was posted to me on another thread? I’d say, yes, it’s time for a Hoax section. Have a lovely day with your family and friends.
By Diana T on 11/27/2008 10:57 am
Belinda Joy
Barack is doing a wonderful job so far in regard to the manner in which he is handling the economic crisis we are going through. I’m not surprised, I’m pleased to see he is proving himself to be all that he showed himself to be during his campaign for the office. Contrary to what news reporters and commentators are saying, I believe he is on the cusp of making some sweeping moves toward pulling us out of this financial quagmire a lot faster than most believe he can.
By Belinda Joy on 11/26/2008 3:11 pm
mary lou s
as for obama, he is doing a wonderful job of reassuring us while putting in place people best positioned to help us out of the mess we’re all in. every time i use my debit card i realize it could be worse.
By mary lou s on 11/26/2008 3:12 pm
Patrice Baldwin
I think Obama is right on the top of things. Paul Volcker is a very smart guy. Obama is bringing in the best people to help America.
By Patrice Baldwin on 11/26/2008 4:59 pm
Ro H
I cannot help feel continued concern that many of us are actually setting up Obama as our new kind of HERO who is going to come in with his magic cape and rescue everyone from the plight, which has been imposed on us from the last bunches of debacles of the past 8 + years. Each time I think of this mess, I cannot help but remember one of our posters who said, “Republicans should NEVER be in power…” I think that is verbatim. I am just disgusted by the entire Republican short-sitedness. The whole premise in just a short sentence is that corporations, big business, should get all the tax breaks and financial support, so they can get richer and keep workers in their place. The concept as I understand it, if the top echelon gets to have it their way - the rest of us will get along just fine. One of the biggest problems which we are now left with is; the bailout - some of it with, (again) the upper echelon making out like bandits! How many billions of dollars total, has been given to CEO’s et al for retirement, and bonus packages. It is criminal!!! So, I am so excited! We finally have a Democratic President, and a majority of Democrats in our Legislature, who believe our country is built from the ground up, not the other way around. Their really IS a God! Whew! Deep breath, here… ahhhhhh.
By Ro H on 11/26/2008 7:25 pm
DeBúrca obj
I don’t know a single Obama supporter who is naive enough to think of him as a “HERO” or to think he can work miracles on the mess this country is in. We wanted a person who would address the needs of the country while keeping the interests of the average person and the poor in mind, as opposed to worshipping trickle down economics and only keeping the corporate interests in mind. We wanted a president who was intelligent, could communicate to us as well as foreign countries, we wanted a person who will take the job seriously enough to surround himself with the best minds and experience available, and we wanted a president committed to transparency. I think we have that with Obama. None of that makes him a “super hero”… it just makes him a leader, something we haven’t had in a long time. This myth about Obama supporters expecting miracles has been fabricated by his opponents and fanned by the media. Real people are not that naive.
By DeBúrca obj on 11/28/2008 12:51 am
DeBúrca obj
And speaking of building America from the ground up, have you heard of the book “Obamanomics: How Bottom-Up Economic Prosperity Will Replace Trickle-Down Economics (Economics in the Obama Presidency) by John R. Talbott” ? I haven’t read it yet but I’m going to get to it!
By DeBúrca obj on 11/28/2008 12:53 am
Okpulot Taha
Paul Volcker, oh boy, we are screwed, sans K-Y Jelly. Reassuring to watch Obama bring in those promised “fresh faces” and “fresh ideas” a la Jimmy Carter. Okpulot Taha Choctaw Nation
By Okpulot Taha on 11/26/2008 11:26 pm
f p
Another heard from who doesn’t have a clue re economics.
By f p on 11/27/2008 10:48 pm
Zera Lee
I have this image of someone who had an illegal bonfire in their back yard that got out of control. Now they are throwing stones at the firemen because putting the fire out would undermine “moral hazard”. Conservatives seem more concerned with their philosophical principles than the underlying realities. “Collateral Damage” and “Catastrophic Failure” have failed to sufficiently gain their attention. Those who were in positions of responsibility, and those who made the mistakes, should feel the pain of consequences, especially those who benefit from government assistance.
By Zera Lee on 11/29/2008 2:16 pm
mary lou s
from paul krugman’s blog: A thought I’ve had: there have been some complaints from movement progressives about the centrism/orthodoxy of Obama’s economics appointments. To some extent this was unavoidable, I think: someone like the Treasury secretary has to be an experienced hand who can deal with Wall Street, and I haven’t heard anyone proposing particular individuals with clearer progressive credentials to hold that position. (And for those of you wondering about yours truly — I’m temperamentally unsuited, have never had any desire for the job, and probably have more influence as an outside gadfly than I ever could in DC.) But the Obama administration’s new economics advisory board would seem like a very good place to give progressive economists a voice. There are a number of excellent people whom Obama might not want to put in line positions but would be very much worth bringing in to offer well-informed alternative views. At the risk of insulting those I forgot to mention, I would think immediately of James Galbraith, Larry Mishel, Dean Baker, Jared Bernstein.
By mary lou s on 11/27/2008 12:14 am
Okpulot Taha
Mary Lou quotes Paul Krugman, “I haven’t heard anyone proposing particular individuals with clearer progressive credentials to hold that position.” A hard working single mom holding down two jobs would be an excellent choice for an economic advisor. Her advice would be simple and of good common sense; spend less, save more. This is, of course, is precisely the opposite of what Obama intends. Strikes me all those fancy talking city slicker economists who hang lots of equally fancy paper on their office walls, strikes me those are the very people who have our country in an economic mess. Okpulot Taha Choctaw Nation
By Okpulot Taha on 11/27/2008 1:22 am
mary lou s
okpulot taha, your overworked single mom would not understand the variables and options needed to make sense of the government’s choices. it is george w bush’s choice to remain as uninformed as your hardworking mother. but well informed people are being appointed to help us survive this current economic crisis.
By mary lou s on 11/27/2008 2:06 am
Lou Hoover
I am really tired of people suggesting that all we need is some good old common sense to get us out of this mess. We need highly educated and knowledgeable economists… and lots of them. I was a hard working single mom and this is way out of my league and trust me, I’m pretty bright. I also know enough history that I am very much aware the only way out of a deep recession is to spend your way out. World War II brought us out of the depression by spending money on a huge war machine. Common sense only works on common problems. This is why I want an elitist as my president and I want everyone he appoints to be an elitist. Since when is being the smartest person in the room a bad thing. We have had a “common” president for eight years. Thank goodness we finally elected the smartest and best educated candidate!
By Lou Hoover on 11/27/2008 7:51 pm
DeBúrca obj
Agreed! We don’t need the anti-intellectualism of the “Know-nothings”! This is no time to play games.
By DeBúrca obj on 11/28/2008 12:56 am