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Obama to meet economic advisers Obama to meet economic advisers
(about 2 hours later)
US President-elect Barack Obama is set to meet his economic advisory board to begin developing a strategy to tackle the country's economic crisis.US President-elect Barack Obama is set to meet his economic advisory board to begin developing a strategy to tackle the country's economic crisis.
Analysts say Wall Street is looking for reassurance. Share prices have tumbled for the past two days, wiping nearly 10% off the value of US companies.Analysts say Wall Street is looking for reassurance. Share prices have tumbled for the past two days, wiping nearly 10% off the value of US companies.
Later, Mr Obama will hold his first news conference since the election.Later, Mr Obama will hold his first news conference since the election.
He has already made the first appointment of his administration, naming Rahm Emanuel as chief-of-staff.He has already made the first appointment of his administration, naming Rahm Emanuel as chief-of-staff.
You don't ever want a crisis to go to waste; it's an opportunity to do important things that you would otherwise avoid Rahm EmanuelBarack Obama's chief-of-staffYou don't ever want a crisis to go to waste; it's an opportunity to do important things that you would otherwise avoid Rahm EmanuelBarack Obama's chief-of-staff
The Illinois congressman, who was once an adviser to President Bill Clinton, is known for a tough, aggressive style.The Illinois congressman, who was once an adviser to President Bill Clinton, is known for a tough, aggressive style.
Obama campaign strategist David Axelrod is expected to take on the role of senior White House adviser - a post previously held by Karl Rove and Dan Bartlett under President George W Bush. Another aide, Robert Gibbs, is expected to become White House press secretary.Obama campaign strategist David Axelrod is expected to take on the role of senior White House adviser - a post previously held by Karl Rove and Dan Bartlett under President George W Bush. Another aide, Robert Gibbs, is expected to become White House press secretary.
'Opportunity''Opportunity'
The first item on the agenda on Friday for Mr Obama and his running-mate, Joseph Biden, is a meeting with their team of economic advisers including the Clinton-era Treasury Secretary, Larry Summers, and his predecessor, Robert Rubin.The first item on the agenda on Friday for Mr Obama and his running-mate, Joseph Biden, is a meeting with their team of economic advisers including the Clinton-era Treasury Secretary, Larry Summers, and his predecessor, Robert Rubin.
WHAT HAPPENS NEXT 9 Dec: Deadline for states to resolve issues such as recounts or challenges15 Dec: Electoral college electors meet in each state to formally cast their votes6 Jan: Joint session of Congress to count electoral college votesBefore 20 Jan: Barack Obama and Joe Biden must resign from the Senate20 Jan: Inauguration day Transition timetableProfile: Rahm EmanuelObama's top economic contendersObama shapes teamWHAT HAPPENS NEXT 9 Dec: Deadline for states to resolve issues such as recounts or challenges15 Dec: Electoral college electors meet in each state to formally cast their votes6 Jan: Joint session of Congress to count electoral college votesBefore 20 Jan: Barack Obama and Joe Biden must resign from the Senate20 Jan: Inauguration day Transition timetableProfile: Rahm EmanuelObama's top economic contendersObama shapes team
Paul Volcker, chairman of the Federal Reserve under Presidents Jimmy Carter and Ronald Regan, and Google chief executive Eric Schmidt will also attend. Paul Volcker, chairman of the Federal Reserve under Presidents Jimmy Carter and Ronald Reagan, and Google chief executive Eric Schmidt will also attend.
The billionaire investor, Warren Buffet, will join the meeting on the phone.The billionaire investor, Warren Buffet, will join the meeting on the phone.
Mr Obama is also working with Democratic leaders in Congress on plans for two economic stimulus packages, which reportedly will include tax cuts for low- and middle-income workers, and plans to finance public infrastructure projects, to extend unemployment and food-stamp benefits, and to provide aid to badly affected states and cities.Mr Obama is also working with Democratic leaders in Congress on plans for two economic stimulus packages, which reportedly will include tax cuts for low- and middle-income workers, and plans to finance public infrastructure projects, to extend unemployment and food-stamp benefits, and to provide aid to badly affected states and cities.
"You don't ever want a crisis to go to waste; it's an opportunity to do important things that you would otherwise avoid," said Mr Emanuel. "In 1974 and 1978 we never dealt with it, and our dependence on foreign oil never changed.""You don't ever want a crisis to go to waste; it's an opportunity to do important things that you would otherwise avoid," said Mr Emanuel. "In 1974 and 1978 we never dealt with it, and our dependence on foreign oil never changed."
On Thursday, there were steep drops on the world's financial markets, with the Dow Jones industrial average falling 443 points, or 4.9%, compounding a similar loss the day before.On Thursday, there were steep drops on the world's financial markets, with the Dow Jones industrial average falling 443 points, or 4.9%, compounding a similar loss the day before.
Analysts say Wall Street is looking for re-assurance from Mr ObamaAnalysts say Wall Street is looking for re-assurance from Mr Obama
Mr Obama will discuss the economy with President Bush at the White House on Monday. He will not, however, attend the G20 economic summit to be held in Washington next weekend, senior officials have said.Mr Obama will discuss the economy with President Bush at the White House on Monday. He will not, however, attend the G20 economic summit to be held in Washington next weekend, senior officials have said.
BBC North America editor Justin Webb says Mr Obama is also under pressure to name a treasury secretary soon in order to improve confidence in the markets, but a lesson of his rise to power has been that he picks his own pace.BBC North America editor Justin Webb says Mr Obama is also under pressure to name a treasury secretary soon in order to improve confidence in the markets, but a lesson of his rise to power has been that he picks his own pace.
He is said to be considering Mr Summers, Mr Volcker, and Timothy Geithner, president of the New York Federal Reserve Bank.He is said to be considering Mr Summers, Mr Volcker, and Timothy Geithner, president of the New York Federal Reserve Bank.
Treasury appointmentTreasury appointment
Later on Friday, Mr Obama will face the media for the first time since the election at a news conference in Chicago.Later on Friday, Mr Obama will face the media for the first time since the election at a news conference in Chicago.
President Bush said he wanted Mr Obama to "hit the ground running"President Bush said he wanted Mr Obama to "hit the ground running"
On Thursday, the president-elect was taken to the FBI's regional headquarters in the city to receive his first President's Daily Brief (PDB) from Mike McConnell, the Director of National Intelligence, and Michael Morell, head of the CIA's intelligence directorate.On Thursday, the president-elect was taken to the FBI's regional headquarters in the city to receive his first President's Daily Brief (PDB) from Mike McConnell, the Director of National Intelligence, and Michael Morell, head of the CIA's intelligence directorate.
He also spoke on the telephone to nine world leaders, including UK Prime Minister Gordon Brown, French President Nicolas Sarkozy, Israeli Prime Minister Ehud Olmert and Chancellor Angela Merkel of Germany.He also spoke on the telephone to nine world leaders, including UK Prime Minister Gordon Brown, French President Nicolas Sarkozy, Israeli Prime Minister Ehud Olmert and Chancellor Angela Merkel of Germany.
President Bush meanwhile pledged that his administration would do everything it could to ensure a peaceful transfer of power in advance of Mr Obama's inauguration, so he could "hit the ground running".President Bush meanwhile pledged that his administration would do everything it could to ensure a peaceful transfer of power in advance of Mr Obama's inauguration, so he could "hit the ground running".
Mr Obama said he looked forward to meeting Mr Bush on Monday and thanked him for "reaching out in the spirit of bipartisanship that will be required to meet the many challenges we face as a nation".Mr Obama said he looked forward to meeting Mr Bush on Monday and thanked him for "reaching out in the spirit of bipartisanship that will be required to meet the many challenges we face as a nation".