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Obama to meet economic advisers Obama and Biden to meet the media
(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 hold his first news conference since his election victory.
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. The sagging US economy is expected to take centre stage as Mr Obama and his Vice President-elect Joe Biden meet members of the media.
Later, Mr Obama will hold his first news conference since the election. Before the conference in Chicago, the pair will hold talks with a 17-member council of economic advisers.
He has already made the first appointment of his administration, naming Rahm Emanuel as chief-of-staff. The president-elect's transition team said no further personnel announcements were expected to be made on Friday.
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-staff Mr Obama has already appointed as his chief-of-staff Illinois congressman Rahm Emanuel, who was once an adviser to President Bill Clinton.
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' Jobs warning
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. Analysts say Wall Street wants reassurance after the US labour department said on Friday the economy had shed 240,000 jobs in October, bringing job losses so far this year to 1.2 million.
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 Reagan, and Google chief executive Eric Schmidt will also attend. Mr Obama and Mr Biden will go into the news conference after meeting their team of economic advisers, who include the Clinton-era Treasury Secretary, Larry Summers, and his predecessor, Robert Rubin.
The billionaire investor, Warren Buffet, will join the meeting on the phone. Paul Volcker, chairman of the Federal Reserve under Presidents Jimmy Carter and Ronald Reagan, and Google chief executive Eric Schmidt are also attending.
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. The billionaire investor, Warren Buffet, is joining the meeting by phone.
"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.
Analysts 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.
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 appointment 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.
Later on Friday, Mr Obama will face the media for the first time since the election at a news conference in Chicago. Mr Obama is due to 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.
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.
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".
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".