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Obama calling on economic experts for their advice

Posted November 7, 2008

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— President-elect Obama is calling on economic experts to discuss the first steps toward healing a damaged economy as he forms a new administration in the face of a worsening crisis.

"We're not starting from nowhere," said Lawrence Summers, a Treasury secretary under President Clinton and one of the 17 members of Obama's transition economic advisory board who were to meet Friday with Obama.

"Throughout his campaign the president-elect has been talking about what we need to do. We need to put the middle class at the center of the policy approach in a way that it hasn't been these last years," Summers told NBC's "Today."

Leaders of business, government and academia to meet with Obama and Vice President-elect Joe Biden include executives from Xerox Corp., Time Warner Inc., Google Inc. and the Hyatt hotel company. Investor Warren Buffett was participating by telephone.

Obama also was holding his first news conference as president-elect after the meeting.

It was to be Obama's first public appearance since Tuesday's election, where exit polls showed that the economy was far and away the top issue for voters. More evidence of a recession came Friday when the government reported that the unemployment rate had jumped from 6.1 percent in September to 6.5 percent in October.

Obama has been meeting privately with his transition team, receiving congratulatory phone calls from U.S. allies and intelligence briefings, and making decisions about who will help run his government.

His first choice, for White House chief of staff, was Rahm Emanuel, a fiery partisan unafraid of breaking glass and hurting feelings. The choice of Emanuel is a significant departure from the soft-spoken, low-key aides that "No-Drama Obama" surrounded himself with during the campaign. And transition chief John Podesta, like Emanuel, is a former top aide to President Clinton and a tough partisan infighter, though less bombastic than the new chief of staff.

The selections are telling for Obama, who campaigned as a nontraditional, almost "post-partisan" newcomer. People close to him say the selections show he is aware of his strengths and weaknesses, and knows what he needs to be successful as he shifts from campaigning to governing.

Transition spokeswoman Stephanie Cutter said Obama would not announce any personnel appointments Friday.

Friday morning, Obama and his wife, Michelle, attended a parent-teacher conference at the University of Chicago Lab School where their daughters, Malia and Sasha, are students. The couple planned to visit the White House on Monday at President Bush's invitation.

Obama planned to stay home through the weekend, with a blackout on news announcements so he and his staff can rest after the grueling campaign and the rush of Tuesday night's victory. He is planning a family getaway to Hawaii in December before they move to the White House, and to honor his grandmother, Madelyn Dunham, who died Sunday at her home there.

Obama, who bested Sen. Hillary Rodham Clinton for the Democratic presidential nomination, has made it clear he will rely heavily on veterans of her husband's eight-year administration, the only Democratic presidency in the past 28 years.

Podesta was President Clinton's chief of staff, and several other former Clinton aides are on Obama's short lists for key jobs, Democratic officials say. Some helped write a large briefing book on how to govern, assembled under Podesta's supervision.

Obama also is certain to bring to the White House a cadre of longtime aides like senior adviser David Axelrod and press secretary Robert Gibbs. Both have worked closely with Obama since he ran for the Senate in 2004.


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  • RevD Nov 7, 2008

    You're welcome Agentm!

  • agentm Nov 7, 2008

    thank you revd

  • RevD Nov 7, 2008

    Two wrongs don't make a right, and the wise man discerns that. Don't make the same mistakes that others make just to get them back. Leave the vengeance to God.

  • RevD Nov 7, 2008

    I don't condone anyone tearing anyone done Democrat or Republican. The only thing I require is that a man stand up to his responsibilites and if he did something right or wrong, MAN UP and be held accountable for it. Good, bad or ugly. George Bush, like any of us, did all three during his term in office. Good, he stood there as the leader in the darkest hours we knew lately and assured us as a nation everything was gonna be alright. Bad, he fell for/believed/or at worse bought into the lie of mass destruction. We went to war based on a lie. Ugly, he was the sitting president during years of deregulation which in part got us into this economic mess we are in now. Truman got it right: The buck stops here. Right at the feet of the leader. Own up to the good bad and the ugly. One thing I can say without wincing, I prayed for George Bush because he is a man just like me. I prayed that he was protected, and that he would rule with wisdom. God to me to do that and I did. Pray for Obama.

  • DontLikeTheSocialistObama Nov 7, 2008

    "TarheelsDontLikeEdwards Matthew 7: 1."Do not judge, or you too will be judged. 2. For in the same way you judge others, you will be judged, and with the measure you use, it will be measured to you.

    Is that what you are signing up for? Why can't you wish the man the best and hope that he does what's best for all of us? Pick him apart? Is that the Christian thing to do?"

    RevD, go ask your Democrat friends this question after they tore Bush apart for 8 years.

    The bible also said an eye for an eye.

    Looks like the Democrats are going to get what they deserve for attacking Bush for 8 years when the Republicans quickly show that Emperor Obama has no clothes.

    It's going to be fun watching Obama go down after watching what the Democrats did to Bush for 8 years.

    Obama will be a victim of Karma for how the Democrats treated Bush for 8 years.

  • ifcdirector Nov 7, 2008

    Here is a plan. Abolish all income taxes. Cut the federal government back to levels set by the Constitution. Make your money on import duties and tarriffs only. The amount of industry, prosperity, and economic power invoked would be mind blowing but...........nah..........why do that when you can coalesce power over people by robbing their earnings, creating balkanization, and stifling all but the biggest businesses which you rob from the lowliest to give to the richest under this whole corrupt criminal scheme? Good luck giving this man any advice. His agenda is set and will soon be in play. Enjoy comrades.

  • RevD Nov 7, 2008

    TarheelsDontLikeEdwards Matthew 7: 1."Do not judge, or you too will be judged. 2. For in the same way you judge others, you will be judged, and with the measure you use, it will be measured to you.

    Is that what you are signing up for? Why can't you wish the man the best and hope that he does what's best for all of us? Pick him apart? Is that the Christian thing to do?

    I've posted the following thought before, and if you missed it, let me say this again: Ain't no Socialist or Marxist EVER gonna take over this nation. Obama is neither. You nor anyone else can prove otherwise. 65,135,739 other American citizens, including me, don't believe that Obama is for Socialism or Marxism either. One thing is for certain. WE ARE NOT AFRAID of the big bad wolf. We as a nation have never been taken over and never will be taken over. I betcha I can count on you to stand beside me and fight with arms and if necessary die to make sure that it won't happen. Can I?

  • latiseglenn Nov 7, 2008

    "Obama is the man. I'll be ready when he calls upon us for public service. This is a great day to be an American!"

    In the 30s, Germany had similiar programs. One was called the Hitler Youth. The other was called the SS-TarheelsDontLikeEdwards

    Oh. Is that what you think about volunteerism? That is what I was referring to. You're attitude is exactly what's wrong with America.

  • gabby1 Nov 7, 2008


    AMEN BROTHER!!!!!!!!!!!

  • original intent Nov 7, 2008

    You guys forget that "helicopter ben bernanke" and Hanky-Panky Paulson have a bloody hand in all this financial mess!! as FED chairman and Sec of The Treasury they have done their fair share of economic damage!! mike275132-----remember what Jefferson said about Central Banks--ALL of you should read & understand this:""I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.""