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Obama to Announce Economic Panel; Turkey to Wait

By Michael D. Shear
For the third day in a row, President-elect Barack Obama will take to the stage for a news conference today, continuing his effort to demonstrate complete engagement in efforts to fix the ailing economy.

Obama is expected to announce that former Federal Reserve chairman Paul Volcker will head an emergency economic advisory board to guide the new president's response to the crisis.

That announcement is scheduled for 10:45 Eastern time. (In another indication that the balance of power has shifted sharply to the future administration, President Bush was originally scheduled to pardon a turkey at that time. But the fowl act has been moved to 11:15 to accommodate Obama.)

Obama is likely to be asked about his national security team, which is coming into clearer view today with the apparent decision by Defense Secretary Robert M. Gates to stay at the Pentagon for at least a year.

That means Gates could theoretically be working with Hillary Rodham Clinton, who is reportedly Obama's choice for secretary of state, and retired Gen. James Jones, who is slated to become Obama's national security adviser.

Meanwhile, at 10 p.m. tonight ABC will air an interview with Obama and his wife, Michelle, by Barbara Walters.

In excerpts released by the network, Obama calls auto industry executives who flew to Washington in their corporate jets "a little tone deaf" and said that executives of large companies should forgo their Christmas bonuses this year.

"I think they should," he told Walters. "That's an example of taking responsibility. I think that if you are already worth tens of millions of dollars, and you are having to lay off workers, the least you can do is say, "I'm willing to make some sacrifice as well, because I recognize that there are people who are a lot less well off, who are going through some pretty tough times."

By Washington Post Editor  |  November 26, 2008; 8:45 AM ET
Categories:  The Daybook  
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Next: Obama Names Volcker to Head New Economic Advisory Board


Kudos, Barack. Your Economic Recovery Advisory Board, to be chaired by former Federal Reserve Chairman Paul Volcker in order to provide outside advice from heavyweight thinkers, promises to add further wisdom and possibly new ideas.

But for some the prospect of needed change will become more palpable yet if this board embraces diverse views and welcomes fresh views. Inclusion of such economists as Joseph Stiglitz, Paul Krugman, Robert Reich, and Galbraith the younger would further inspire confidence.

Posted by: FirstMouse1 | November 26, 2008 10:55 AM | Report abuse

We are observing the paradox of true Leadership - the humble man who leads with the power of his modesty. The man who leads by listening before acting. ...................

Posted by: glclark4750 | November 26, 2008 9:56 AM | Report abuse

The executives of the "Big 3" showed their arrogance last week when they appeared before Congress and expected our lawmakers to bow down to them and hand them a sock full of money.

They were joined in their arrogance by the leader of the UAW who apparently thought that by his presence the lawmakers would bail out a failed industry.

No company should receive one penny until both the "Big 3" and the UAW make concessions to ensure that the industry can be viable and the taxpayers repayed.

Posted by: mwhoke | November 26, 2008 9:54 AM | Report abuse

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