Is there any other news story today? Here are some interesting articles talking about our new President, Barack Obama, and the current economic crisis. Happy inauguration day!
From CNNMoney:
Obama has gone out of his way to tamp down expectations. He's noted in several speeches that the economy will likely get worse before it gets better. And even his top economic advisers say that the best his proposals (most of which are included in the House Democrats' $825 billion stimulus bill) can do is to create or save between 3 million and 4 million jobs. That's enough to keep the unemployment rate from getting worse by 2010, they estimate, but not enough to actually reduce it from where it is today at 7%.
From The New York Times:Britain on Monday set the stage for a full takeover of its banking system. And now, Barack Obama is trying to figure out how to shore up this nation’s banking industry as its crisis snowballs.
Mr. Obama is going to have one heck of a first day on the job. Already, his aides have a bevy of ideas to sift through, ranging from having government buy banks’ troubled assets, to creating a “bad bank” to soak them up.
Barack Obama boasted on the campaign trail that his administration would not be beholden to special interests, because his presidential bid was funded by small donations from regular folks.
But a Politico analysis of career contributions to the inner circle of the incoming White House — President-elect Obama, Vice President-elect Joe Biden and chief of staff Rahm Emanuel — finds some big special interests that have been investing in the three Democrats for years.
Today is rightly a day for pomp, circumstance and national celebration. But it's nice to see that President-elect Barack Obama has indicated that he intends to get to work within hours of his inauguration ball on the most pressing issue facing America today: the financial crisis.
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