Obama Introduces Economic Team

Calls For Stimulus Package "Right Away" As Tim Geithner Is Announced As His Treasury Secretary Pick

(CBS/AP)  President-elect Barack Obama tapped New York Federal Reserve President Tim Geithner as his treasury secretary on Monday, turning to a veteran of financial crises at home and overseas to lead the rescue of the nation's swooning economy.

At a news conference 57 days before his inauguration, Mr. Obama also chose Lawrence Summers as director of his National Economic Council. Summers was treasury secretary under former President Bill Clinton.

Geithner, 47, is a veteran of financial crises at home and overseas and has worked closely with the Bush administration in recent months.

Mr. Obama also announced two other members of his economic team in the making. He named Christina Romer as chair of his Council of Economic Advisers, and Melody Barnes as director of his White House Domestic Policy Council.

With the economy in crisis, Mr. Obama pledged Monday to honor the commitments the outgoing Bush administration has made to rescue financial markets and urged the new, incoming Congress to pass a major stimulus package "right away" to restore growth and create jobs.

Mr. Obama said that recent news "has made it even more clear that we are facing an economic crisis of historic proportions." Offering a grim prediction, he added, "Most experts now believe that we could lose millions of jobs next year."

"The economy is likely to get worse before it gets better," he said in a downbeat forecast, delivered as Americans head into the year-end holiday season.

He declined to say how big a spending package he wants to revive the economy, but he said, "It's going to be costly." Some Democratic lawmakers are speculating about a two-year measure as large as $700 billion.

Mr. Obama said his newly minted economic team offered "sound judgment and fresh thinking" at a time of economic peril.

Obama's principal theme was urgency.

"We do not have a minute to waste," he said, citing the turmoil in the financial markets as well as the deterioration of the broader economy.

At the same time, he expressed confidence the nation would weather the crisis "because we've done it before."

The president-elect was mildly critical of the Big Three automakers, saying he was surprised they did not have a better-thought-out plan for their future before asking Congress to approve $25 billion in emergency loans.

He said once he sees a plan, he expects "we're going to be able to shape a rescue."

Mr. Obama stepped to the microphones one day after his aides urged the incoming Democratic-controlled Congress to work with unusual speed in passing an economic stimulus package. Some lawmakers have said a measure in the range of $700 billion over two years may be passed, in hopes of achieving the president-elect's goal of securing 2.5 million jobs.

The plan is likely to far exceed the $175 billion Mr. Obama proposed during the campaign. It would include an infusion of money for infrastructure projects, new environmental technologies and tax cuts for low- and middle-income taxpayers.

The Republican National Committee criticized Mr. Obama over the plan.

“In his first major economic announcement since the election, President-elect Obama proposed billions of dollars in new government spending that will come at a burdensome cost to American families and small businesses," RNC Spokeswoman Amber Wilkerson said in a statement Monday afternoon. "The ‘cuts and sacrifices’ that President-elect Obama advocates will not be made by his friends in Washington, but rather by job creators facing devastating tax increases across America.”

Mr. Obama aides on Sunday called on the new Congress to pass by the Jan. 20 inauguration legislation that meets Mr. Obama's two-year goal of saving or creating 2.5 million jobs. Democratic congressional leaders said they would get to work when Congress convenes Jan. 6 with bigger Democratic majorities in the House and Senate.

With the wounded economy worsening, the Obama team's new assertiveness was a recognition he needed to soothe financial markets with signs of leadership. It also foreshadowed a more hands-on role by Mr. Obama to influence congressional action during the final weeks of the transition.

"This is as big of an economic crisis as we've faced in 75 years," Obama economic adviser Austan Goolsbee said Sunday on Face The Nation.

"We don't have time to waste here," Obama senior adviser David Axelrod said. "We want to hit the ground running on January 20."

Echoing that, the second-ranking House Democrat, Rep. Steny Hoyer of Maryland, said, "We expect to have during the first couple of weeks of January a package for the president's consideration when he takes office."

While Mr. Obama and his team are focused on the work of the new Congress, they also weighed in work pending before the current one.

Axelrod warned automakers seeking billions in government help to stave off collapse to devise a plan to retool and restructure that they can present to Congress next month. Otherwise, he said, "there is very little taxpayers can do to help them."

Adding to the government's bailout measures was a $20 billion rescue package announced Sunday to keep Citigroup afloat. Citi was another company that made, in retrospect, awful mortgage related investments, reports CBS News correspondent Jeff Glor.

"Citigroup is too large to fail," Mark Zandi of Moody's Economy.com told CBS News. "It's a large, global financial institution. If it were to fail, it would take the rest of the financial system, what's left of it, with it."

President Bush said on Monday that he consulted with Mr. Obama on the Citigroup rescue. Mr. Bush said there is "close cooperation" between his administration and the Obama camp.

Mr. Bush said earlier in the day that the government's dramatic rescue of Citigroup was necessary to "safeguard the financial system" and help the economy recover, and he said there could be more such moves if other institutions need help.

"We have made these kind of decisions in the past. We made one last night. And if need be we will make these kind of decisions to safeguard our financial system in the future," Bush said.

The emphasis on the economy began Saturday when Mr. Obama outlined the framework to save or create 2.5 million jobs by the end of 2010. The scope of the recovery package is far more ambitious than Obama had spelled out during his presidential campaign, when he proposed $175 billion of spending and tax-cutting stimulus.

The plan will include public works projects similar to the New Deal of Franklin Delano Roosevelt - bridge and road building and school repair, reports CBS News correspondent Dean Reynolds. And a significant element will be creating new jobs in environmentally friendly technologies - the "green economy." It also would include his proposals for tax relief for middle- and lower-income workers.

But there were no plans to balance the tax cuts with an immediate tax increase on the wealthy. During the campaign, Mr. Obama said he would pay for increased tax relief by raising taxes on people making more than $250,000.

"There won't be any tax increases in the January package," said one Obama aide, who spoke on condition of anonymity because the details of the Obama package have not been fleshed out.

Mr. Obama could delay any tax increase to 2011, when current Bush administration tax cuts expire.

House Republican leader John Boehner of Ohio urged Mr. Obama to make that explicit. "Why wouldn't we have the president-elect say, `I am not going to raise taxes on any American in my first two years in office?"'

Some economists have endorsed spending up to $600 billion to revive the economy. Sen. Charles Schumer, D-N.Y., and former labor Secretary Robert Reich, a member of Mr. Obama's economic advisory board, both suggested $500 billion to $700 billion.

"I don't know what the number is going to be, but it's going to be a big number," Goolsbee said. "It has to be. The point is to, kind of, get people back on track and startle the thing into submission."

[irmcvet97]

This is exactly what the Country needs now. We most certainly do NOT need someone trying to put band aids on a failed economic policy hoping it will at last work.

[lady_organs]

Obamas course fo action will certianly lead America to ruin and make us yearn for the good economic times we have under republicans today.

[irmcvet97]

Obamas course fo action will certianly lead America to ruin and make us yearn for the good economic times we have under republicans today.

Posted by Lady_Organs at 08:36 AM : Nov 24, 2008

BAAAAAAAAAAAAAAHAHAHA Now THAT''s Funny! ROFLMAO

[citizenusa-2009]

FINALLY, This big ship called America has a COMPETENT Captain and Crew that can guide us into safe waters. With Bush & Company at the helm, we were CLEARLY destined to become the TITANIC!

To the deluded "passengers" who were clueless enough to vote "Republican" this election...you will nonetheless be invited to sail and enjoy the economic progress that will be a hallmark of Obama''s Administration. As a result, the next time around, you will not be stupid enough to vote for the CROOKS that we''ve had to put up with for the past 8 years!

Watch and Learn folks!

[lady_organs]

What hole did you just drag yourself out of. Where are the good economic times at.
Oh I see sorry...Go take your meds now and the delusions you suffer from will be all gone soon.


--------------------------------------------------------------------------------

Posted by demswin08
========================
Well God apparantly doesnt like you for he sends you economic pestillence. We good people who go to church are doing very well now because God smiles on our attendance.

[ethiopia93]

Isn''t it just business as usual from the soon-to-be newly occupied White House. Make a list (like you see in the new book Outliers)of the major players in designing and establishing economic policy in the US for the past 20 years (actually you can go back much further). Next,make a list of the primary management of our banks and brokerage houses in the US. Now, please look for the common thread...yes, it''s where everyone got their education or where they teach/taught...Harvard, Uni of Chicago, Yale, Princeton, Wharton,MIT, Berkeley. Okay, if I got bad meat from three butchers more than once, I''d look for different butchers. Why are we still going to these institutions to create the brain trust that runs this country? Good Lord, even Dr. Phil has figured out the definition of insanity is to keep doing the same thing expecting a different result. Sad day when a TV pop-psychologist is smarter than our President-Elect. Oops, that''s right, our Pres-Elect went to Harvard. Guess it''s us Americans who should be declared mentally infirmed and not fit to run our own affairs.

[citizenusa-2009]

Lady_Organs - If the Republican''s had won this election, you would have to sell your organs to survive.

By the way, judging from your comments, the "organ" that needs replacing is clearly your BRAIN.

[perceptions5]

Talk about running up the debt.

This is outrageous.

We just did a $700 billion bail out package how could we pay for another $700 billion?

What happened to "pay as you go rules"?

This isn''t a stimulus package this is an olde socialist "public works" bill.

We need to balance the budget.

Americans are already beginning a $400 billion dollar stimulus from oil dropping from $147 barrel to $49 barrel.

We don''t need this $700 billion of additional debt.

The GOP needs to block this bill coming out of the Senate along with some "blue dog" Democrats.

[mytoosense]

There is talk of pushing the inaugural date forward based on concerns that the economy can%u2019t wait till January 20th.

Never in the History of the United States has the departure of a retiring President been so anxiously awaited.

We can%u2019t wait for the current Captain to go down with his ship; We are on his ship, we need the new Captain, Now.

[lady_organs]

Lady_Organs - If the Republican''''s had won this election, you would have to sell your organs to survive.

By the way, judging from your comments, the "organ" that needs replacing is clearly your BRAIN.


--------------------------------------------------------------------------------

Posted by CitizenUSA
========================
I am rich and my family owns a business and its doing well since we offshored the manufacturing to China.

[mytoosense]

gop_will_win, did you change your name to Lady_Organs?

[citizenusa-2009]

I agree. Obama should be sworn in as soon as possible. Bush''s doctor''s can then get him admitted into the mental hospital that has been awaiting his return and the Federal Prosecutors can start proceedings against Cheney! What a wonderful dream!

[lady_organs]

gop_will_win, did you change your name to Lady_Organs?


--------------------------------------------------------------------------------

Posted by mytoosense
=======================
Yes, Friday.

[mytoosense]

You are certifiably crazzy. Bet you though that Palin with her community college degree could run the U,S.

And Dr. Phil did not make that statement it was Albert Einstein.

Your last statement was true however but only applies to you.
---------------
Posted by demswin08 at 08:47 AM : Nov 24, 2008

If Einstein said it, he was quoting George Bernard Shaw.

[lady_organs]

You will be a very disappointed person putting all your faith into an invisble being. If you think your being well off is a gift from God you are really delusional. God does not place favor for those because of what they have.
Remember you were born Naked and broke.


--------------------------------------------------------------------------------

Posted by demswin08
==========================
I was not born naked and broke. I was born into a very rich family and was properly dressed. This naked stuff is for liberals.

[citizenusa-2009]

Lady_Organs: If you are "rich" (which I highly doubt), your family must have WON the money in a lottery because surely someone that has MADE enough money to offshore to China, should have SOME type of intelligence....sadly, you have none....sorry.

Like I said, you are lucky. You get to keep your organs for the next for years. Congrats! (You can thank us later).

[mytoosense]

Yes
, Friday.
-----------
Posted by Lady_Organs

I like it,
happy hunting.

To quote Ted Kennedy, we have a Leader that only comes around "Once in a Generation". His meteoric rise was no fluke.

[lady_organs]

Oh yeah !!! we forgot God only loves republicans right. The ones who have broken all but a couple of the commandments and the jury is still out on the couple thats left. Ol'''' Cheny may be humpin laura in the Lincoln bedroom.


--------------------------------------------------------------------------------

Posted by demswin08
========================
God is on our side. He hates you baby killing liberals.

[lady_organs]

On Lou Dobbs "Moneyline", "outsourcing was proven to be a bad economic policy, and was described as "mortgaging the future for current day profits". So, in other words, becasue of your greed---and that of others just like you---our country is in a financial mess. But, you don''''t care; you''''re allegedly rich. Spoken like a true airheaded, un-American, hypocritical, conservative moron.




--------------------------------------------------------------------------------

Posted by tj217
======================
Lou Dobbs is a socialist.

[lady_organs]

Lady_Organs: If you are "rich" (which I highly doubt), your family must have WON the money in a lottery because surely someone that has MADE enough money to offshore to China, should have SOME type of intelligence....sadly, you have none....sorry.

Like I said, you are lucky. You get to keep your organs for the next for years. Congrats! (You can thank us later).


--------------------------------------------------------------------------------

Posted by CitizenUSA
===========================
I have lots of intelligence. Thats why I am a republican.

[citizenusa-2009]

Excuse, Lady_Organs can keep her Organs for the next FOUR years and BEYOND.

Funny note: I just spoke with a Republican friend of mine and he was "sobbing" because, as he put: it "The PARTY is over". I said, "Do you mean the Republican party?" He hung up.

[lady_organs]

Rich and Insane. God doesn''''t love you your Pastor and the church loves your money. Get the spoon out of you nose and face reality.


--------------------------------------------------------------------------------

Posted by demswin08
=======================
God does so love me! What an awful thing to say. He does hate you liberals though.

[lady_organs]

You better check Gods score card. Bush has killed more children in one year than any doctor in the U.S.


--------------------------------------------------------------------------------

Posted by demswin08
=========================
I talked to God last night on the phone.

[citizenusa-2009]

Lady_Organs: D.I.C.K. Cheney and the Shrub would like to offer you an invitation to be a guest speaker with them when they tour the country!

Since you are "rich", money won''t be a problem as their paying crowd won''t be large enough to cover you expenses..unless breakfast, lunch and dinner is donated by Burger King!

[bozworth4]

was not born naked and broke. I was born into a very rich family and was properly dressed. This naked stuff is for liberals.


----------------------------------
----------------------------------------
------

Posted by Lady_Organs

How did you get dressed in the womb?????

[lady_organs]

Do your nurses know you are on the computer?


--------------------------------------------------------------------------------

Posted by demswin08
=========================
Nurses?

[lady_organs]

How did you get dressed in the womb?????


--------------------------------------------------------------------------------

Posted by bozworth4
==========================
The hospital staff put me in clothes right away so I was decent.

[lady_organs]

You see this is where you are missing the mark.

I DON''''T CARE IF GOD HATES US LIBERALS. THE REASON BEING I CANNOT BE MAD ABOUT INVISIBLE BEINGS HATING ME,IT''''S IRRATIONAL THOUGHT.

Besides lady I am Lucifer(aka Michael) and I know where you live.
How do you feel about possession,it''''s one of my favorite past times.


--------------------------------------------------------------------------------

Posted by demswin08
========================
Lucifer? No wonder you are celebrating dems winning.

[mytoosense]

Lou Dobbs is a socialist.
Posted by Lady_Organs

I''d say Lou is more of a Projectionist/Isolationist.

Thanks to the Robber-Baron Bush years, he''s got quite a following.
He might be right a lot of the time, but I%u2019m getting tired of his tirades.

[bozworth4]

The hospital staff put me in clothes right away so I was decent.


----------------------------------
----------------------------------------
------

Posted by Lady_Organs


SOOOOOOOOOOOOOOOOO! Clothes is what make a person decent? Can''t just be wrapped in any swaddling old rag to be decent. I seeeeeeeeeee!

[lady_organs]

I just ran around the room shaking my wickerbill at the nurses


--------------------------------------------------------------------------------

Posted by demswin08
======================
How awful.

[mytoosense]

I''''d say Lou is more of a Projectionist/Isolationist

Spell check change Protectionist to Projectionist.
That''s funny, he''s both.

[lady_organs]

I''''d say Lou is more of a Projectionist/Isolationist.

Thanks to the Robber-Baron Bush years, he''''s got quite a following.
He might be right a lot of the time, but I%u2019m getting tired of his tirades.




--------------------------------------------------------------------------------

Posted by mytoosense
========================
A following of America hating socialists, nothing I would be proud of.

[lady_organs]

Is that all you idiot Republicans can do? When all else fails, resort to argumant ad hominem? That is so pathetic. Dobbs has some political beleifs that I find disturbing, true enough, but he is also a JOURNALIST. His story was backed up by some of the leading economic minds in this country. His political beliefs have nothing to do with the accuracy and reliability of his information. As it is, you are part of the problem this country now faces.


--------------------------------------------------------------------------------

Posted by tj217
=================
His is a socialist and everyone who backs up his arguements is a socialist too.

[lady_organs]

Guess that GOP_Will_Win thing didn''''t work out so well. LOL!


--------------------------------------------------------------------------------

Posted by ghostfighter
=========================
No it worked out real well.

[lady_organs]

So they reached into your mother''''s womb and dressed you before you came into the worls? Or, did they wait for parts of you to come out and dress you as you got here? Then too, how do you know what they did when you were born? Did you ask them questions?


--------------------------------------------------------------------------------

Posted by tj217
=====================
My parents filmed it on Super-8.

[mytoosense]

Guess that GOP_Will_Win thing didn''''t work out so well. LOL!
---------------------------
Posted by ghostfighter

Are you kidding?
She caught enough fish to fill an Altoona Boat!

Congratulations on being one of the first to flop in the holds of her new trawler.

[lady_organs]

SOOOOOOOOOOOOOOOOO! Clothes is what make a person decent? Can''''t just be wrapped in any swaddling old rag to be decent. I seeeeeeeeeee!


--------------------------------------------------------------------------------

Posted by bozworth4
==========================
Yes so always make sure you are dressed appropriately. Jesus does not like slobs.

[lady_organs]

Right after they wrapped the porn film.


--------------------------------------------------------------------------------

Posted by ghostfighter
========================
My father and mother were church going christians!

[lady_organs]

Yes, he told me to tell you to do something about your breath.


--------------------------------------------------------------------------------

Posted by ghostfighter
=============================
What? He doesnt like peppermint? Oh I''ll call him later and ask him.

[lady_organs]

That makes it even kinkier. Sickos!


--------------------------------------------------------------------------------

Posted by ghostfighter
========================
You have a dirty filthy mind.

[mytoosense]

Congratulations on being one of the first to flop in the holds of her new trawler.

Posted by mytoosense

????????
--------------
Posted by ghostfighter


Lady_Organs, Happy Holidays, this ???????? is for you.

[lady_organs]

Don''''t bother. He''''s got you on call blocker. And the restraining order is coming soon.


--------------------------------------------------------------------------------

Posted by ghostfighter
=============================
Ya right.

[lady_organs]

Lady_Organs, Happy Holidays, this ???????? is for you.


--------------------------------------------------------------------------------

Posted by mytoosense
=========================
It has been a banner day today. :)

[bozworth4]

Yes so always make sure you are dressed appropriately. Jesus does not like slobs.


--------------------------------------------------------------------------------

Posted by Lady_Organs

Pretty well sums up what most christians believe. This jesus dude, the one in the book, sure wasn''t dress good at birth. some say he was a pretty decent person. Been fun,point made. See ya!!!

[mytoosense]

Yeah, what''''s the banner say? "Please talk to me, I''''m a loser who weighs 300 pounds?"
--------------------
Posted by ghostfighter

Altoona, they say: if you catch a fish that smells, throw it back.

[lady_organs]

So, they gave birht to you at a Super 8 motel? Hardly a great place to have a child. Why not take you to a hospital?


--------------------------------------------------------------------------------

Posted by tj217
====================
Super 8 was a type of movie film. Regular people had regular 8mm film but rich people like my family could afford the advancements of Super 8mm film.

[windmaster12]

It amazes me how many dumba$$ RepubliCon drones
Are still whining and spewing misinformation
Too much Fox News
They Propagandize -- you Get Dumber!!!!

Obama Is Not, Nor ever was a Socialist
That was BS Propogated by Mccain and Palin!!!

Just look who he''s putting in charge
Outright Bonafide Capitalist''s

Stop drinking the Red Kool Aid
Your Current President
Conservative RpugnantCon GWB
Has done more Socialization than any President in History--
Took over Aig Fannie Freddie and soon will own a major stake
In Citicorp etc.

You Retugs were dumb enough to put Dumbya -
That draft dodging, silver spoon fed disaster
in for two terms----

The Country Collapsed on his watch--

So shut up and give the incoming President
And his group of Highly skilled
Capitalist economics team a chance
To undue the GOP mess!!

[lady_organs]

"Rich people" like your family had nice eight year rum
Posted by tj217
====================================
My family did not drink alcoholic beverages. We are good church going christians.