Obama Says "Help Is On The Way"

President-Elect Also Names Former Fed Chief Paul Volcker To Lead New White House Economic Panel

(CBS/AP)  President-elect Barack Obama pledged on Wednesday to have an economic plan ready for action to deal with the nation's financial crisis on his first day in office. "Help is on the way," he declared.

He also pushed back against criticism that he was recycling former Clinton administration officials as he builds his new economic team. He said his Cabinet would "combine experience with fresh thinking."

In his third news conference on the economy in as many days, Mr. Obama announced he had chosen former Federal Reserve Chairman Paul Volcker to head a new White House panel to help create jobs and bring stability to the ailing financial system.

Volcker, 81, will head the President's Economic Recovery Advisory Board. The board's top staff official will be Austan Goolsbee, a University of Chicago economist.

Volcker is no stranger to economic crises. He became Fed chairman in 1979, a time of high inflation and high unemployment. He helped tame inflation by raising interest rates, a move that helped plunge the economy into recession. He was later credited with reviving the economy by getting inflation under control. Volcker served as Fed chairman until 1987.

He returns as an adviser with the nation facing increasing unemployment, a growing federal budget deficit and a financial system in turmoil.

"He pulls no punches," Mr. Obama said of Volcker. "He seems to be fairly opinionated."

Fifty-five days before his inauguration, Mr. Obama defended his selection of former Clinton officials to help run his administration.

"The American people would be troubled if I selected a treasury secretary or a chairman of the National Economic Council at one of the most critical economic times in our history who had no experience in government whatsoever," Mr. Obama said.

"What we are going to do is combine experience with fresh thinking," he said. "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 he spoke, there was unrelenting bad news on the economy's current state.

The government reported that jobless claims remained at recessionary levels, consumers had cut back on their spending by the largest amount since the 2001 terrorist attacks, orders to U.S. factories had plunged anew and home sales had fallen to the lowest level in nearly 18 years.

"I was elected with the charge of getting this economy back in shape," Mr. Obama said Wednesday. "We are going to implement starting day one when I come into office."

Mr. Obama said he will announce the remaining members of his new economic panel in the coming weeks. He already has named Congressional Budget Office Director Peter Orszag as his candidate to run the White House Office of Management and Budget and New York Federal Reserve President Tim Geithner as his treasury secretary.

Geithner was a Treasury Department official during the Clinton administration, and Lawrence Summers, who will head Obama's National Economic Council, was Clinton's treasury secretary. Other Clinton administration names include Eric Holder, who will be Obama's attorney general, and Rahm Emanuel, the president-elect's chief of staff.

Mr. Obama said he wants the new economic panel to provide outside voices for his administration.

"The walls of the echo chamber can sometimes keep out fresh voices and new ways of thinking," Mr. Obama said. "You start engaging in group-think."

Mr. Obama said his new economic panel will include people from business, labor and academia, "who will bring to bear their wisdom and expertise on the formulation, implementation and evaluation of my administration's economic recovery plan."

"I hope that everybody understands that we are going to be able to get through these difficult times, but we're just going to have to make some good choices," Mr. Obama said. "I was elected with the charge of getting this economy back in shape but also making sure that it's working on behalf of middle-class families."

His economic team largely complete, Mr. Obama is expected to introduce national security officials next week, including Hillary Rodham Clinton as his secretary of state.

Mr. Obama also may announce soon that Defense Secretary Robert Gates will remain at the Pentagon for a year. CBS News national security correspondent David Martin reports that a decision is close to keep Gates and may not be final until Mr. Obama and Gates have a face-to-face meeting.

James Jones, a former Marine Corps commandant and NATO commander, was Mr. Obama's pick to be national security adviser, reports the Associated Press.

Meanwhile, British Prime Minister Gordon Brown on Wednesday said his country will host an April 2 meeting of the Group of 20 industrialized and emerging economies to discuss the financial crisis. Brown told lawmakers in London that Mr. Obama has said he will attend the talks.

[k40982]

http://www.youtube.com/watch?v=TOzFl-Gm_Kc

[hitoyou1]

Obama will be telling more LIES today. We are now in debt 4.3T dollars, thanks to congress. And the idiots of the U.S.A. will send all the menbers of congress back making them think they have done a good job. What a joke, they have done nothing.

[cariboubarbi]

President elect Obama has chosen a cabinet of the most competent and qualified candidates available. It''s clear from the diversity of this group that he plans to govern from the center and that ideas will trump ideology.

[clovisbuford]

"Obama will be telling more LIES today. We are now in debt 4.3T dollars, thanks to congress. And the idiots of the U.S.A. will send all the menbers of congress back making them think they have done a good job. What a joke, they have done nothing.
Posted by Hitoyou1 at 09:39 AM : Nov 26, 2008"err a few things there hit on you , did you vote? , did you hold your government accountable in 2004 when we were well into this mess? ,. If obama is at fault for this mess we are in and he hasn''t even taken office yet who is respsonsible for the last 8 yrs? did we go straight from it being clintons fault to Obamas ? bush never happened? the republican congress for 14 yrs never happened? and I thought y''all were the party of personal responsibility . when republicans took congressional control in 1994 earmarks were at 1400 , in 2006 when y''all got the boot the number was 14,000. paul volker was fed chief before greenspan and his mantra of "deregulation and the markets will take care of themselves" err in hindsight who is more qualified? Of course instead of being part of the solution you will be part of the peanut gallery , thar most distasteful thing a conservative whining about how its ssomeone elses fault. grab a holt of those boot straps big boy and start pulling yourself up .Its teh American way.

[clovisbuford]

Your pinko commie friends that put you in office can take you out, you know...

Posted by Rowdydfw at 09:30 AM : Nov 26, 2008 err you mean those 53% of your fellow americans there ms rowdy . are you stuck in in a joe Mccarthy time warp? the 50''s do you keep thinking "father knows best" Daddy bush is gonna save you . while you were snuggled down in your 4 poster bed with dreams of wally and the beave .. Bush was hanging with Eddie amnd His friend abramoff , big oil , the boys on wall street and looting the treasury with a smarmy smirk on His face . This is your reality you voted for it , when it came home to roost , you whine about it. You helped put the slow man child into office , you bear responsibility for the damage he has done to it . Instead of calling us names and saying we are unpatriotic , you ought to be on your knees every day doing pennance.

[libsh8theusa]

http://www.youtube.com/watch?v=O_TjBNjc9Bo&feature=related

[hatesthecolt]

HOW CAN ''''IDEAS TRUMP IDEAOLOGY'''' WHEN THEY ARE ONE AND THE SAME?

Posted by Doctxt

That''s because they are not the same thing unless you are an idealogue which is when other people''s ideas replace your obligation to think for yourself and this is what we have been stuck with for the last 8 years.

[clovisbuford]

THIS IS A BALANCED BUDGET-FOR THE GREEDY!
Posted by Doctxt at 10:34 AM : Nov 26, 2008 Has no one online ever told you posting in caps is not only rude its considered shouting ?Do you think with the myriad of opinions out here yours is that important? just curious you know.

[closethippy1]

Three press conferences in three days. Wow! That''s more than Jr. has done in an entire year.
Obama, in case you don''t know, sponsored 129 bills in his short stay in the senate.
This is the kind of workoholic any business would like to promote to get things done.
The US house will finally be set in order. Jr. and his supporters don''t need to despair, you''ll still keep your toys so you can play until the day you die.
Just go away and play with your toys and let the adults take care of the mess Jr. got us into. Don''t you worry any. Keep on sucking on your pacifiers and just leave everyone else alone, OK?

[whosaid1]

CaribouBarbi: Yeah, so says you, those like you and the liberal press. Anything Obama does, will be bigger, better, sooner, smarter,....the very best every done by any American President! Any he''ll do most of it before he takes office! We''ll see...after the Obama hysteria wears off.....

[whosaid1]

closethippy1: And how many were passed? Most of those he sponsored were "me too" involvement....

[frankfurt200]

Posted by libsh8theUSA at 10:39 AM

What would you neocons do without YouTube?

[frankfurt200]

closethippy1: And how many were passed? Most of those he sponsored were "me too" involvement....


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

Posted by whosaid1 at 11:28 AM

And which ones were just "me too"?

[greeneyes222]

God deliver us. I am so tired of hearing about "the last 8 years" when the problems go back farther. It''s convenient to blame Bush, but so many of the policies came from before, starting with Clinton.

I''m also tired of hearing about how everything''s Bush''s fault when we had Democrat leadership in Congress the last 2 and they didn''t help. Bush isn''t perfect by any means, but Pelosi and Reid stiffed us as badly as he did. There are three branches of government, not one. Changing Bush for Obama, we''re still left with the Pelosi/Reid/Barney Frank bunch. Ugh. Obama will still have to carry that deadweight around.

[hatesthecolt]

CaribouBarbi: Yeah, so says you, those like you and the liberal press. Anything Obama does, will be bigger, better, sooner, smarter,....the very best every done by any American President! Any he''''ll do most of it before he takes office! We''''ll see...after the Obama hysteria wears off.....

Posted by whosaid1

Unfortunately for you, there''s independent support for CaribouBarbie''s assertions. Just compare the background education and experience of the Obama appointees to the political hacks appointed by Bush... oh wait, there is no comparison. Moreover, it''s already clear that Obama himself is smarter than Bush. Will he be the best ever? That will have to be seen, but it''s certainly exciting and inspiring to those of us with an open mind to see the possibilities.

[nikosk11]

greeneyes222,

You ned to remember that GOP had controll of Congress and White House, thus, giving moron all the power he wanted to $crew our country big time. Now, changes are on the way so, get used to it.

[nikosk11]

Doctxt, what have you been smoking???

[wardoglrs]

This man is a liar

[clovisbuford]

There are three branches of government, not one. Posted by greeneyes222 at 11:38 AM : Nov 26, 2008. Actually there are 4 according to Cheney , the executive , the legislative , the Judicial , and the office of the vice president which is above all four and only the legislative and judicial do voeresight . as for the problems going back for yrs , indeed thay have,It started under Reagan and Greenspan , and democrats kept Greenspan as well as republicans.The whole myth about deregulation and government staying out of the way of "free markets" and letting them operate and everything will be fine, has just been laid to rest . We have to many shadow markets ,that are unregulated and not transparent , the CDO market , the derivatives markets , the commodities markets, its a free market in the sense they want government support but not regulation or oversight , so its like getting "free money ", ours . I am not so big on Pelosi and Reid , but Frank is competent I believe .

[hatesthecolt]

nikosk11, you have to forgive them... they are completely blinded by ideology. It constantly amazes me how they will preach "personal responsibility" but expect their elected President to take none.

[lady_organs]

Help? With what? Everything is fine here in Altoona.

[nikosk11]

hatesthecolt,

Thanks.

[clovisbuford]

How does a person stand on a stage for 18 minutes and talk and answer questions, and then once they''''ve walked away you realize they really haven''''t said anything?Posted by michaelt3032 at 11:49 AM : Nov 26, 2008 errr and your man is off wandering around in a poncho in Peru while his treasury secretary gives away the bank . what solution does your party have to this problem ,? wasn''t your party in charge of the white house the last 8 yrs? and the congress 14yrs out of the last 16? dems took over congress jan of 2007. Obama is not president till Jan.20th , perhaps you might consider calling your rep , your senator , your president and letting them know what you think.

[cpelzar--2008]

It seems likely that Mr. Gates would not have consented to continue at Defense if, as president, Obama was intent on pursuing a MoveOn.org defense policy, such as immediate withdrawal from Iraq, cancelling either the missile defense program or the deployment agreements negotiated with Poland.

Nor would Mr.Gates likely stay on to oversee drastic bone-cutting budget cuts to the military or even the repeal of %u201CDon%u2019t Ask, Don%u2019t Tell%u201D for *** in the military. After all, even a patriot of Gates%u2019 standing would likely respond that radical departures from current defense policy are best handled by somebody new and more in tune with President Obama%u2019s thinking. Which leaves one to wonder whether any of these liberal notions were ever really part of Mr. Obama%u2019s thinking.

[nikosk11]

The thing that burns my a$$ is that Repukes had all the power in government for the last 12 years and did $hit. Nothing. Now look the mess we are in and because we have elected a good man who can turn this thing around, the Repukes are against him, simply beacause he is Democrat. And it is the same caliper of people who will stand up with the flag in one hand and the bible in the other to shout how much they love America.

What a bunch of hypocrites and a$$holes!

[clovisbuford]

Obama was intent on pursuing a MoveOn.org defense policy, such as immediate withdrawal from Iraq, cancelling either the missile defense program or the deployment agreements negotiated with Poland.Posted by CPelzar at 11:56 AM : Nov 26, 2008" actually most of those positions are supported by mainstream conservatives as well. we know how we acted when Russia set up missles in a country next to ours in cuba. Its in the history books , so their response to the same tactic is to be expected . The star wars program does not work ,has never worked and is overpriced for what protection it can deliver . Dont ask don''t tell will be repealed by the chain of the command in the military who are making that decision on their own ."WASHINGTON (CNN) -- More than 100 retired U.S. military leaders -- including the former head of the Naval Academy -- have signed a statement calling for an end to the military''s "don''t ask-don''t tell" policy, according to a California-based think tank that supports the movement." Gates is staying as a transitional leader in the military and should be commended for agreeing to do so as should obama for asking him .

[irmcvet97]

We have a very good man here who is picking very good people to help him. It simply amazes me, given the times and the HORRIBLE mess we are in how SOME just continue the same tired old garbage. I''ve come to the Conclusion that some absolutely refuse to get along or help in anyway UNLESS it''s part of the "Party''s" policy. It''s sad to know there are people like that but they ARE there and already, before he''s even taken the oath of office, doing everything in their power to tear him down. It''s time to end the fascism and time to completely IGNORE those who can''t be American, even for a few minutes!!

[tejasdemo]

Mr. Obama, let me know how I can help.

You are the man. It''s about time we some leadership.

[hatesthecolt]

Mr. Obama, let me know how I can help.

You are the man. It''''s about time we some leadership.

Posted by tejasdemo

tejasdemo... wow and I was ready to write Texas off completely! Hooray for you, but how do you stand it down there?

[whosaid1]

hatesthecolt: It''s no doubt obvious that I did not vote for Obama. While I have over the 40+ years I''ve been voting, voted for members of both parties...I consider myself a conservative and have voted that way for the last few elections. Having said all that, Obama has won the election and for the good of the country...I truly hope he does well. My problem is with the "rock star like hysteria" that surrounds his every "move". Let%u2019s let him DO something before we start chipping stone on Mount Rushmore...

[centerfall94]

Poor, poor crucifix and gun clutching neocons, bitter, bitter bitter.

Looks like they''ll be whining a lot the next four to eight years. Oh well. While they''re doing that the rest of us will run the country.

It''s about *** time.

[hatesthecolt]

whosaid1, you have to forgive us if we are excited by the potential presented by the incoming administration especially as compared to the outgoing one which had become so entrenched and innured in 20th century political mindset that there was no where to go and things were going from bad to worse daily. The whole approach being shown by Obama and his team is so refreshingly thoughtful that we are a bit giddy. No one among us knows how it will play out but the possibilities are endless.

I do have to balk at the idea that only the non-conservatives are guilty of "rock star" populism in light of what the right has done to (for?) Sarah Palin.

[xlib]

Ed Henry from cnn is dead meat!! Dead meat. The minions are now looking into his files. That''s what he gets for asking the chosen one a question he doesn''t like. How dare he question the messiah''s choices of old hacks when we were promised new, change, fresh. Guess he''s paying back some "debts". Listening to this guy is really hard, he''s stumbling and bumbling all over the place.

[irmcvet97]

How does a person stand on a stage for 18 minutes and talk and answer questions, and then once they''''''''ve walked away you realize they really haven''''''''t said anything? Welcome to the world of Obama. Once again, another so-called "press conference" where the only news divulged is about his darling daughters search for a new puppy or their letters to Santa.

Posted by michaelt3032

What kind of human are you? You MOST certainly ARE NOT American, in any way. President Elect Obama has held Press Conferences because he has people and information he wants to share with WE the PEOPLE. He answers the questions posed to him and they are NOT planned and programed before. Thus IF a Reporter wants to know something about the NEW Family, he answers the questions. I know this is strange, given what we have just endured, but that is how it was ONCE done. I can''t figure out what motivates you people but one thing for certain, the success of our NEW President doesn''t appear to be something YOU care much about that''s for sure! GROW UP!!

[xlib]

Very, very croweded around the kool aid vat, very crowded. The man said absolutely nothing. NOthing.

[irmcvet97]

Paul Volcker brings a full drool-cup and fetid diaper to the vaunted, OBAMA NURSING HOME TEAM! Roll out the wheelchairs and shuffle board! We''''re saved! Change, change, change..more bailouts for the rich! Jurassic Pork is born!

Posted by DeckardBR at 12:20 PM : Nov 26, 2008

LOL So we should just give up before we even try? We should just go back to the FAILED Republican Policies and allow the ship to sink? You losers are troubling... very troubling indeed!

[whosaid1]

hatesthecolt: Of course the difference between the Obama and Palin situations is that the media "beat the hell" out of Palin and made a rock star of Obama. But yeah, Palin did get some support from "our" side....but there was no choice given the treatment she and her family were taking from the media.

[irmcvet97]

Very, very croweded around the kool aid vat, very crowded. The man said absolutely nothing. NOthing.

Posted by Xlib at 12:20 PM : Nov 26, 2008

Well when you have TWO Swastika''s, one stuffed in each ear, I guess he did say nothing. You aren''t reliant anymore, time to accept that! He answered EVERY single question asked of him. He told us who would head the department he was addressing. Now take the swastika''s out of your ears and try to be an American for a change...at least until Obama has us OUT of this crisis!!

[irmcvet97]

hatesthecolt: Of course the difference between the Obama and Palin situations is that the media "beat the hell" out of Palin and made a rock star of Obama. But yeah, Palin did get some support from "our" side....but there was no choice given the treatment she and her family were taking from the media.

Posted by whosaid1 at 12:25 PM : Nov 26, 2008

Man I watched her in the Couric interview and THAT was real.. The Woman''s an AIR HEAD, what can you do about that? I mean honestly???

[bjcone8559]

Very, very croweded around the kool aid vat, very crowded. The man said absolutely nothing. NOthing.

Posted by Xlib


You neocon trolls are funny!!

Step aside, the adults are in charge now!!

[libsh8theusa]

time will tell.. Just hope it isn''t to late..

[cpelzar--2008]

LOL So we should just give up before we even try? We should just go back to the FAILED Republican Policies and allow the ship to sink? You losers are troubling... very troubling indeed!

Posted by Irmcvet97 at 12:22 PM : Nov 26, 2008

Robert Rubin is not a Republican. Read up on him....

[whatithink10]

"hatesthecolt: Of course the difference between the Obama and Palin....

Posted by whosaid1 at 12:25 PM : Nov 26, 2008"

It''s the difference between someone who is presidential and someone who is a twit.

What is wrong with you people?

I don''t even know how you can think there is any comparison between the two of them.

If you only like Palin because you think she reminds you of you, fine. Have her over for dinner, but I don''t want you to be president and I don''t want her either.

[whatithink10]

Posted by CPelzar at 12:31 PM : Nov 26, 2008


The failed policy is the one we''ve been practicing over the last 30 years...REAGANOMICS.

In fact, Clinton kept the New Democrat policy of following REAGANOMICS.

The only think that trickles in trickle down is the ***.

[closethippy1]

I don''t understand how some American fascists can blame Clinton despite the fact he had a majority of Republicans in Congress, and refuse to blame Bush because there''s a majority of Democrats in Congress?
These fascists b.astards are used to have it both ways but no more. Their days are numbered and sooner than later they''ll shut their hypocrytical mouths for good.

[whatithink10]

Posted by CPelzar at 12:31 PM : Nov 26, 2008


The failed policy is the one we''''ve been practicing over the last 30 years...REAGANOMICS.

In fact, Clinton kept the New Democrat policy of following REAGANOMICS.

The only thing that trickles in trickle down is the sh%t.

[whosaid1]

whatithink10: It might help if you would read the whole "string"....that was in response to a statement by hatesthecolt....

[whatithink10]

closethippy1,

The never take responsibility for their actions or who they voted for. It''s always somebody else''s fault.

Always.

You can''t change if you don''t admit to your mistakes.

[whatithink10]

whosaid1,

Apologizes if it was meant for the other guy. I have no problem admitting to making a mistake, unlike our GOP friends.

I just can''t understand how anyone can take Sarah Palin seriously. After Bush, we don''t need another.

[whatithink10]

TheMasses10,

Bush and the GOP have set the train in motion that will lead to massive layoffs. People who have lost their jobs just wish they would be paying taxes. Paying taxes in the whole scheme of things is a good thing. It means you have a job. There are times to worry about paying taxes and their are times to worry about not being able to pay taxes.