Federal Reserve's Volcker bolsters Obama's economic team
Updated
US President-elect Barack Obama is bolstering his economic team with the addition of the widely respected former Federal Reserve Chairman Paul Volcker. Mr Volcker will head a new White House panel that will advise the president on ways of reviving the economy. The announcement came amid further reminders of just how serious an economic crisis the US is facing.
Presenter: Washington correspondent Michael Rowland
Speakers: US President-elect Barack Obama; US Federal Reserve chairman Paul Volcker; US President George Bush
- Listen:
- Windows Media
MICHAEL ROWLAND: He is not yet in the White House, but Barack Obama is getting more media attention and headlines than the current occupant. He has held his third nationally televised media conference in as many days, and, again, it focused exclusively on the economy. Mr Barack Obama was flanked by former Federal Reserve chairman Paul Volker, who will head the newly created Economic Recovery Advisory Board.
BARACK OBAMA: Paul has been by my side throughout this campaign, providing a deep understanding of the financial markets, extensive experience managing economic crises, and keen insight into the global nature this have particular crisis. Paul has served under both Republicans and Democrats, and is held in the highest esteem for a his sound and independent judgement.
MICHAEL ROWLAND: The depth of America's economic problems has been underscored by a slew of new figures. New home sales fell by 5% last month to their lowest level in nearly 18 years. Claims for unemployment assistance fell slightly, but remain at recessionary levels. Orders for big-ticket goods, like cars and fridges, have fallen by their largest amount in two years. And overall consumer spending has gone through the floor, recording its steepest fall last month since the aftermath of the 2001 terrorist attacks.
BARACK OBAMA: People should understand that help is on the way. And, as they think about this Thanksgiving shopping weekend and as they think about - the Christmas season is coming up. I hope that everybody understands that we are gonna be able to get through these difficult times, but we're just gonna have to make some good choices.
MICHAEL ROWLAND: Meanwhile, at the White House, President Bush had his own pressing business to attend to.
GEORGE W. BUSH: Welcome to the Rose Garden for the pardoning of the national Thanksgiving turkey.
MICHAEL ROWLAND: The lame duck came face to face with the liberated turkeys: two lucky birds who won't be ending up as a Thanksgiving dinner.
GEORGE W. BUSH: In recent weeks I've talk a lot about sprinting to the finish, yet I've assured these turkeys they will not be trotting to their finish.
MICHAEL ROWLAND: Mr Bush isn't getting off so lucky. His final weeks in the Oval Office are being marked by reviews like the one just penned by 'Time' magazine columnist Joe Klein. In a blistering piece, he's described the Bush presidency of one of overweening arrogance, paralytic incompetence and stupefying ineptitude.
