Posted by: zanshin, 2008-11-08 02:02

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Obama vows to confront economic crisis head on
2008-11-08 (Saturday), UFP
CHICAGO - US President-elect Barack Obama has promised to act "swiftly" as soon as he takes office to confront the economic crisis head on, during his first news conference since his historic election.

"We are facing the greatest economic challenge of our lifetime. We will have to act swiftly to resolve it," a sober Obama said Friday, with members of his heavy-hitting team of economic advisors standing behind him.

"Immediately after I become president, I will confront this economic crisis head on by taking all necessary steps to ease the credit crisis, help hard-working families and restore growth and prosperity."

Obama however downplayed expectations of a swift rollout of cabinet-level officials, including secretary of the treasury and secretary of state, saying he would move with "deliberate haste" to get the decisions right.

He thanked President George W. Bush for his offer of a smooth transition of power and signalled he would not attempt to intervene in economic policy before his inauguration on January 20.

The press conference reflected a shift in tone towards Obama after the more informal intensity of the election campaign, as reporters stood when he entered the room hosting the press conference and addressed him as "Sir" or "Mr President-elect."

He said that "with certainty" he would back a stimulus package passed in the US Congress before or after his inauguration, and that he would put a high priority on initiatives to help the crippled US auto industry.

Obama also confirmed that he had been sent a letter from Iranian President Mahmoud Ahmadinejad following his victory over Republican John McCain on Tuesday.

"I am aware that the letter was sent," he said. "I will be reviewing the letter from President Ahmadinejad and we will respond appropriately."

However he said that Iran's development of nuclear weapons was "unacceptable" and the Islamic Republic must end its "support of terrorist organizations."

Obama said during his campaign that he would explore the possibility of direct talks with US foes like Iran, North Korea and Cuba as president.

Known for his gifted oratory on the campaign trail, Obama made an uncharacteristic gaffe at the press conference when asked if he had spoken with any former presidents to prepare for the job.

"In terms of speaking to former presidents, I've spoken to all of them that are living," Obama said. He then went on to name a dead president, Abraham Lincoln, as an inspiration, prefacing the remark with a reference to a former first lady's alleged occult activities.

"I didn't want to get into a Nancy Reagan thing about, you know, doing any seances. I have re-read some of Lincoln's writings, who's always an extraordinary inspiration."

Obama later called former president Ronald Reagan 87-year-old widow "to apologize for the careless and off-handed remark he made during today's press conference," Obama transition team spokeswoman Stephanie Cutter said.

The press conference, following Obama's meeting with his economic advisors, came on another brutal day for the US economy.

Official figures showed the US unemployment rate rose to its highest level since 1994 in October, 6.5 percent.

The Labor Department said 240,000 jobs had been cut in October, the 10th straight month of job losses, and new revisions meant that a whopping 651,000 workers have lost their livelihoods in the past three months alone.

But Obama's aides said there would be no further personnel announcements Friday, following the incoming president's selection Thursday of combative Illinois congressman Rahm Emanuel as his White House chief of staff.

Obama started his third day as president-elect with a parent-teacher meeting at his two daughters' school with his wife Michelle, a reminder that the next First Family will be the youngest in decades.

He held more meetings to plan his transition to the White House, and was getting his now-daily classified intelligence briefing from the CIA.

On Friday afternoon Obama called foreign heads of government from Egypt, Italy, Pakistan, Poland, Spain and Saudi Arabia, after speaking Thursday with leaders of Australia, Britain, Canada, France, Germany, Israel, Japan, Mexico and South Korea.

The global financial crisis, the Afghanistan war, climate change and the North Korean and Iranian nuclear crises dominated the conversations, according to accounts from the various capitals.

Most of the allied leaders are to attend an emergency summit of 20 nations on the economic crisis in Washington on November 15. The White House has said Obama will not be at the event.

Several people mentioned as potential Treasury secretary, including Lawrence Summers and former Federal Reserve chief Paul Volcker, were at the meeting on the economy, which also included vice president-elect Joseph Biden.

Copyright © AFP 2008

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Afghanistan,   Australia,   Biden,   Britain,   Bush,   Canada,   CIA,   Cuba,   Economy,   Egypt,   France,   Germany,   Iran,   Israel,   Italy,   Japan,   John McCain,   Lawrence Summers,   Mahmoud Ahmadinejad,   Mexico,   North Korea,   Obama,   Pakistan,   Paul Volcker,   Poland,   Rahm Emanuel,   Saudi Arabia,   Spain,   USA,  

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2006-10-02Full text of Tony Blair's speech to the TUC
2006-09-26Muslims must apologise for conquest: Aznar: Former Spanish PM defends Pope
2006-10-31''Venezuela Moves to Nationalize its Oil Industry''
2006-10-31Iraq and the Problem of Peak Oil
2006-11-19PREPARING FOR A NEW COLD WAR, Part 2 - Asymmetric challenge to the US colossus
2006-11-02World entering dangerous era of US impotence
2006-08-23The Party of Davos
2006-05-01Can Democracy Stop Terrorism?
2006-05-01Freedom and Justice in the Modern Middle East
2006-09-05Afghan Symbol for Change Becomes a Symbol of Failure
2006-09-089/11 in a Movie-Made World
2006-09-12The Bubble of American Supremacy
2006-09-09President Bush's speech to the U.N.
2008-03-04The Three Trillion Dollar War: Nobel Laureate Joseph Stiglitz and Harvard Economist Linda Bilmes on the True Cost of the US Invasion and Occupation of Iraq
2008-02-29Islamist Bubbles -- Beware the light at the end of the Islamist tunnel
2008-03-19The new liberal imperialism
2008-03-24The Collapse Of American Power
2008-04-14IMF Press Briefing on the Spring 2008 World Economic Outlook
2008-04-05The Coming of Eurabia
2008-06-24The Iran Trap
2008-05-31Israel at Sixty: Asymmetry, Vulnerability, and the Search for Security
2008-06-01German Spy Chief Warns of Al-Qaida's Growing Strength in North Africa -- 'JIHAD ON OUR DOORSTEP'
2008-06-06Stumbling toward Eurabia
2008-06-08G8, Asia urge oil production hike as prices soar
2008-06-08The Operator: The Double Life of a Military Strategist
2008-07-16Nations with vast oil wealth gaining clout
2008-06-29Indictment and Trial of Bush and Cheney
2008-07-03Kristol: Bush Might Bomb Iran If He ‘Thinks Senator Obama’s Going To Win’»
2008-07-07Bush and bin Laden
2008-07-09Shackled Warrior
2008-07-09Who's Planning Our Next War?
2008-07-30KICKING SAND IN RUSSIA’S FACE
2008-07-28"A Decent Respect to the Opinions of [Human]kind":
2008-07-28Pentagon chief: War with Iran would be 'disastrous'
2008-07-28Why the Dollar Bubble is about to Burst
2008-08-04How The United States Reversed Its Policy On Bombing Civilians
2008-08-08'Nobody is talking'