Obama vows to tackle economic crisis head-on

[pkpatriotic]

Obama vows to tackle economic crisis head-on
Saturday, November 08, 2008
Says Iran must not seek nukes

CHICAGO: President-elect Barack Obama said on Friday that the country is facing the greatest economic challenge of our lifetime and “we’re going to have to act swiftly to resolve it.”

He promised substantial tax relief to the middle class, saying 95 per cent of the American population would benefit from it, according to CNN. In his first news conference since winning the presidency on Tuesday, Obama deferred to President George W. Bush and his economic team, noting that the country has only one government and one president at a time.

But, he said, “immediately after I become president I will confront this economic crisis head-on by taking all necessary steps to ease the credit crisis, help hardworking families, and restore growth and prosperity.”

“I’m confident a new president can have an enormous impact,” he added. The president-elect spoke after he and Vice President-elect Joe Biden met privately with economic experts to discuss ways to stabilize the troubled economy.

He said a new emergency economic stimulus package for the troubled US economy was a top priority for his incoming administration.“One thing I can say with certainty is that we’re going to need to see a stimulus package passed before or after inauguration,” Obama said.

Asked in a press conference what he would do if the current Congress does not pass a stimulus before his inauguration on January 20, Obama said: “I want to see a stimulus package sooner rather than later. If it does not get done in a lame-duck session (of Congress), it will be the first thing I get done as president of the United States.”

Obama said he would not be rushed into naming his White House team saying he wanted to move with “deliberate haste” to make sure he made the right choices. Obama said that Iran’s pursuit of nuclear weapons was “unacceptable” and the Islamic Republic must stop supporting “terrorist organizations.”

Obama also confirmed he had been sent a letter from Iranian President Mahmoud Ahmadinejad following his victory.“I am aware that the letter was sent,” he said. “I will be reviewing the letter from President Ahmadinejad and we will respond appropriately.”

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. Despite dour third-quarter reports from Ford and General Motors, stocks rose some after two days of heavy losses.

Obama’s transition to power and early days in office, if not the entire first year of his presidency, almost certainly will be devoted to finding ways to remedy dismal economic conditions. The economy was the top concern of voters demanding a new direction as they ushered into office the Democrat who promised change after eight years of Bush’s policies.

 

[pkpatriotic]

Obama discusses financial crisis with world leaders
Saturday, November 08, 2008

CHICAGO: US President-elect Barack Obama discussed the financial crisis and other problems with top world leaders ahead of his first public comments on Friday since his election triumph.

After making the first key appointment to his administration, Obama spoke by telephone with the leaders of Australia, Britain, Canada, France, Germany, Israel, Japan, Mexico and South Korea, hastening the shift in political gravity away from President George W Bush.

The financial crisis, the Afghanistan war, climate change and the North Korean and Iranian nuclear crises dominated the talks, according to accounts from the various capitals. Obama and South Korean President Lee Myung-Bak agreed to work together to tackle North Korea’s nuclear disarmament and the financial turmoil, said Lee’s spokesman in Seoul.

Australian Prime Minister Kevin Rudd said that he and Obama discussed “our resolve to act together on dealing on the global financial crisis and also working closely together on the great challenge of climate change.”

Obama and German Chancellor Angela Merkel agreed to work “closely” on Iran’s disputed nuclear programme, Afghanistan, climate change and the financial crisis, her government said. Reforming the financial system also featured strongly in Obama’s talks with President Nicolas Sarkozy of France, Prime Minister Gordon Brown of Britain and a 10-minute telephone conversation with Japanese Prime Minister Taro Aso, their spokesmen said.

Aso also raised Afghanistan, climate change and North Korea, the Japanese foreign ministry said. Mexican President Felipe Calderon and the US president-elect discussed immigration and drug smuggling on the restive southern border, said the Mexican foreign ministry.

Most of the world leaders will attend the emergency summit on the economic crisis in Washington on November 15, but Obama has not yet announced whether he will take a role in the event.

Even some of the US’s traditional arch foes have welcomed Obama’s election such as Iranian President Mahmoud Ahmadinejad, who issued a message of congratulation on Thursday.

Zimbabwean President Robert Mugabe, branded a dictator by Bush after staging a one-man election in June, also extended an olive branch to Obama on Friday by saying he “cherish(ed) the hope of working with your administration”.

Obama was to convene his economic advisers on Friday before his first press conference (at 1930 GMT) since his triumph in Tuesday’s election against Republican John McCain.

Several names mentioned as potential Treasury overseers to command a 700-billion-dollar bank bailout were to attend the meeting, including former treasury secretary Larry Summers, ex-Federal Reserve chief Paul Volcker and Laura Tyson, chairwoman of the National Economic Council under President Bill Clinton. Ahead of a White House meeting with Bush on Monday, Obama appointed Illinois congressman Rahm Emanuel as his chief of staff, the first senior official to join the next administration.

“In the coming weeks, we will ask administration officials to brief the Obama team on ongoing policy issues ranging from the financial markets to the war in Iraq,” Bush said at the White House.

Obama said in a statement that he looked forward to meeting Bush, whom he lambasted on an almost hourly basis on the campaign trail. “I thank him for reaching out in the spirit of bipartisanship that will be required to meet the many challenges we face as a nation,” he said.