Obama Seeks To Fill Leadership Vacuum On Economic Crisis

New York Times:

CHICAGO - President-elect Barack Obama sought to seize the reins of the economic crisis Monday as he and his new economic team worked closely with President Bush to inject confidence into the trembling financial markets, which rallied and erased most of last week's losses.

The coordination between Mr. Obama and Mr. Bush was taking place among aides, as well as in direct talks about the rescue plan for Citigroup and unresolved details of the overall Treasury bailout plan. The president said his successor would be informed of every "big decision" that was made, adding, "It's important for the American people to know that there is close cooperation."

Read the whole story: New York Times

Comments

[Angelic11]

01:19 PM on 11/25/2008

The bright side:

It will be eons before this nation will trust another Republican.

[Angelic11]

01:17 PM on 11/25/2008

Bush had said he'd leave half of the $7 for the Obama Administration; but has actually upped it by a billion...

They're just stuffing their pockets; Democratic Congress has been had! The people have been
had-i-er (I know there is no such word)...

Obama sees what going on but is too polite to say anything. Peloski and Reed are quiet as church mice!

Makes you want to holler and throw up both your hands.

We'll bounce back.

[argent1]

10:02 AM on 11/25/2008

How pathetic the current administration and its true believers are to abandon this country - like they have done since DAY 1. It is not only abandonment that I feel, but the sheer despotism of neglect. The economy and the fear-mongering that goes with it has a profound effect on my work and home life to the point I have no hopes. Eight years of this crap, thousands dead, killed, drowned, gone into poverty and we still have to wait for some constitutional protocal to get anything straight. Criminal neglect.

[Sarahjan]

09:44 AM on 11/25/2008

Are you sure that is what President elect is doing?


http://therealnews.com/t/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=2852

[JoJoKewl]

09:42 AM on 11/25/2008

The Alaska Chainsaw Turkey Massacre - starring Klondike Barbie the Iditarod Ditz! We all need a good laugh and S. P. never fails to un-intentionally provide one.

[breakingnews]

09:37 AM on 11/25/2008

New main

http://www.huffingtonpost.com/2008/11/25/obama-to-give-more-detail_n_146250.html?show_comment_id=18290452#comment_18290452

[JoJoKewl]

09:36 AM on 11/25/2008

It's still Dubyas job, but he can't/won't do it. Obama has no choice. I don't believe in prayer, but if I did I'd be praying for Barack.

[gladys46]

09:39 AM on 11/25/2008

Thereby praying for ourselves & the nation !

[Beachchick]

09:28 AM on 11/25/2008

President-elect Obama should distance himself from the titans of greed and destruction. Now he is being associated with Citi's bailout. This entire Wall Street bailout reeks of corruption. Obama shouldn't lend his name to any of it until he has full authority. His first instinct was right. The markets can wait or not. Frankly, I am tired of being controlled by the market.

I would rather see someone stand up to Wall Street and put an end to this insanity. The market won't like it...too bad, too sad. Confidence in our Capital markets is ruined because everyone knows there is no oversight, no rules, and not a shred of ethics or honesty. Who wants to invest in a market known for cooked books, payed off accounting firms, a dishonest ratings system, and an equally corrupt government enabling the system.

The financial system is insolvent -- The government needs to seize control of the banks and restructure the entire financial system.

[SubfuscOriflamme]

09:33 AM on 11/25/2008

MEDIC!!!!

[IntelligentDesign]

09:22 AM on 11/25/2008

I think that those who mocking refer to Barack Obama as the Messiah should sit down and shut up.

[SubfuscOriflamme]

09:28 AM on 11/25/2008

Forms of the verb "to be" for 1000 Alex.......

[MIMom]

09:34 AM on 11/25/2008

Morning, Vogie.

[MIMom]

09:31 AM on 11/25/2008

I second that.

[MNmommy]

09:22 AM on 11/25/2008

So, just as predicted. After ChuckieT insisted for days in a row that Obama would *own* the economy after 12 noon yesterday - now he's condemning him for stepping up to the plate with the press conferences.

MessNBC is so predictable. Set 'em up to knock them down.

::eyeroll::

[k6007]

09:24 AM on 11/25/2008

Poor chuck, without poll numbers, and maps he is lost.

[breakingnews]

09:27 AM on 11/25/2008

Amazing isn't it? They called him out for not stepping up and then slam him when he does.

[rollingdivision]

09:21 AM on 11/25/2008

There seems to be a high level of cooperation between the Bush administration and the incoming Obama staff. Though I do agree with Megan McArdle when she says Bush should "work more closely with Obama's transitional economics team than an outgoing president usually does.

Everything I've seen about Bush and the transition indicates that he has been entirely classy. But right now, classy is not enough. The more publicly he is seen to coordinate with the Obama team, the more reassuring it will be to markets. And it's up to the Bush administration to push this--the Obama team can't do so without looking panicky, and spreading that panic to others."

[MIMom]

09:42 AM on 11/25/2008

Sorry - "Bush" and "class" don't belong in the same sentence.

He is doing this because there isn't an alternative with making HIM look worse than he already does. Cowboy-style politics do not work anymore, and if he cannot bully his way through situations, he is at a loss.

I appreciate your points, though - just do not agree with them.

[rollingdivision]

09:45 AM on 11/25/2008

Bush hatred is blinding.

[hortonhearsawho]

09:11 AM on 11/25/2008

That is not the sound of a vacuum...it is the sound of a toilet flushing dubya.

[CostaDelBarto]

09:15 AM on 11/25/2008

If there's any poetic justice in this universe, he will end up being processed here...

http://www.nytimes.com/2008/06/25/washington/25rename.html

[JMBrodie]

02:27 PM on 11/25/2008

How did the vote turn out?

[IntelligentDesign]

09:19 AM on 11/25/2008

or of a black hole pulling

[SubfuscOriflamme]

09:29 AM on 11/25/2008

Do black holes really "pull"???

[Samirah1368]

09:03 AM on 11/25/2008

I love how some people (the trolls) decired anti patriosm and un american because the other half (us) questioned Bush and his ANTI -AMERICAN tactics...instead of giving this American president attack they make small petty cheap shots (which is hilarious because they have no solid ground to stand on against intelligence...where is we all could write books about Bush's lack of integrity and intelligence)

so keep whining and watch the new presdent and hopefully your dumb asses will learn something...like I'm hoping to learn NOT to call you dumbasses and be gracious like our new president.

[bonofide]

09:09 AM on 11/25/2008

I`m in the same boat when in come the right wingnuts. (whoops-not gracious there). But
there`s just something about them that brings out the worst in a person if you get my drift.
Perhaps as the Obama presidency progresses we will emulate his example and hopefully
become better people in the end. LOL

[hortonhearsawho]

09:12 AM on 11/25/2008

Why rush though....

[gladys46]

09:19 AM on 11/25/2008

I am grateful for P.E.Obama ... but ya know, I wasn't elected president .. so, I'm gonna call them as dumb as I find them ... 'cause I'm not a diplomat !

[IntelligentDesign]

09:01 AM on 11/25/2008

So here's the plan from our best and brightest: Fiscally dead in the water US government is to acquire unsecured loans that it cannot afford from foreign countries to bailout downward spiraling US institutions with unsecured loans that they cannot afford, with nary a business plan in sight.

I don't have an MBA, but I'm pretty sure that this is what they call throwing good money after bad.

[Midnightrain]

08:39 AM on 11/25/2008

Sounds like a PR stunt.

[gladys46]

08:54 AM on 11/25/2008

PR stunt ... really !? What has GW to do :

http://www.youtube.com/watch?v=WDcPDIkRr2k

[ThunderclapNewman]

09:06 AM on 11/25/2008

Is he practicing for Paraguay?

[BlueStateMan]

09:13 AM on 11/25/2008

How so?