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Today's visit by the Obamas to the Bush White House is a symbolic moment.  Much hard work is yet to be done, and early appointments already are controversial. We talk with a man who's been involved in every presidential transition since Eisenhower to Kennedy, and hear about the first order of business, the economy. Also, China's massive economic stimulus package, and $700 billion was just the beginning.  Two trillion more are being used for emergency loans. Why won't the Treasury and the Federal Reserve reveal who's getting the money?

White House photo by Eric Draper

What Do We Do Now?

Stephen Hess

Katie Cooper
Karen Radziner
Christian Bordal

Making News China Authorizes 'Massive' Stimulus Package, AIG Gets Revised Bailout 5 MIN, 54 SEC

No country's being left out of the global financial crisis. Now China has announced an economic stimulus plan of its own.  Krishna Guha is US economic editor for the Financial Times.

Krishna Guha, US Economic Editor, Financial Times

Main Topic The Bush-Obama Transition Begins 34 MIN

As the Obamas make their ritual visit to the Bush White House, disagreement over an economic stimulus package could ruffle an otherwise smooth transition. The President-elect says, "It is not going to be quick and it is not going to be easy for us to dig ourselves out of the hole that we are in." He'll need a plan, an experienced and prestigious team to carry it out and a cooperative majority in Congress. Meantime, some Obama supporters are questioning the choice of Clinton-administration veterans for key jobs. They know how to get things done, but can they help Obama "change the culture of Washington," especially if they're tied to Wall Street financial interests? We hear about mounting pressures on Obama, as he promises to move with "deliberate haste."

Stephen Hess, Brookings Institution
David Corn, Mother Jones magazine (@DavidCornDC)
Jonathan Weisman, New York Times (@jonathanweisman)
Peter Cohan, President, Peter S. Cohan and Associates

Reporter's Notebook Where's All the Bailout Money Going? 8 MIN, 27 SEC

When Congress approved the $700 billion bank bailout, it demanded transparency. Now the Federal Reserve is lending $2 trillion more. Who's getting the money? "Americans have no idea where their money is going or what securities the banks are pledging in return." That's according to the Bloomberg News Service, where Matt Winkler is editor in chief.

Matt Winkler, Editor in Chief, Bloomberg News Service


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