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Big Economic Questions and Small Donors

By John Amick
At a news conference yesterday, President-elect Barack Obama introduced his core group of economic advisers to the country, if not the world. Now questions turn to the judgment of these officials, and precisely how they plan to halt what some see as "American declinism"? Some are unsure these mostly Clinton-era thinkers, like future Treasury Sec. Timothy Geithner, will transform the country's economic slide. Others are avowed pessimists, but still see chance for hope in the new team. Obama reiterated his plan for a new stimlus package, though it is unlikely to gain traction while President Bush is in office, further advancing the nation's favorite game of "Who's the President Anyway?"

Obama and Bush are simpatico on the rescue of Citigroup though the strategy is a bit uncertain at this point. Complicating matters: A massive bailout of Citigroup could make things worse. Nevertheless, the news caused the Dow Jones to jump nearly 400 points. So what can we expect today? Current Treasury Sec. Henry Paulson and Fed Chairman Ben Bernanke will unveil a plan to use part of the $700 billion TARP (Troubled Asset Relief Program) funds to help "fund new loans packaged into securities for sale to investors."

Also today, Obama will add another name to the economic brain trust: Peter Orszag will be named Obama's budget director. Orszag is currently the director of the Congressional Budget Office.

But what about Congress's role in abating the current financial crisis? Is there a new New Deal in the works among Democratic ranks? We've already seen the Obama-FDR comparisons done to excess. The Democrats may have their hands full just dealing with one another, much less the economy.

And finally, in tying up loose ends left from the election, a report from the Campaign Finance Institute says claims that Obama radically altered election-year small-donor fundraising are a misnomer. Though Obama attracted many new electoral participants, the report shows that President Bush received a similar percentage of contributions from small-dollar donors in 2004. And in naming longtime Joe Biden-aide Ted Kaufman as the replacement for Biden in the U.S. Senate, Delaware Gov. Ruth Ann Minner certainly disturbed many local pols.

By Web Politics Editor  |  November 25, 2008; 8:56 AM ET
Categories:  The Rundown  
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Next: Obama Announces OMB Chiefs

Comments

so you're going to bury the truth about obama campaign contributions at the bottom of an article?

since you touted that lie so often , it should get it's own headline .

please off you knee for obama

Posted by: newagent99 | November 25, 2008 11:18 AM | Report abuse

The crises are shifting so fast and Paulson is so out of control that Obama and his team may be forced to essentially make policy before he is even officially in office. I'd be shocked if actual proposals weren't firmly delivered before Christmas.

http://www.political-buzz.com/

Posted by: parkerfl1 | November 25, 2008 9:16 AM | Report abuse

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