The Building Urgency of the Economic Crisis
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This weekend the Bush Administration announced a dramatic rescue for the banking giant Citigroup. It's a time of almost unprecedented political circumstances surrounding government responses to the crisis, as one president prepares to leave office, and another gets ready to take over. Guest host Sara Terry explores what's at stake during this transition, and what lessons can be learned from history? Also, Jimmy Carter and Kofi Annan were turned away when they tried to enter Zimbabwe. Why a group known as the elders were denied entry to the southern Africa country, and why they say the crisis there is deepening.
Banner image: US President-elect Barack Obama announces New York Federal Reserve Bank president Timothy Geithner (L) as his choice for treasury secretary, Christina Romer (2nd L) as Council of Economic Advisers Chair, and Lawrence Summers (R) as director of the National Economic Council (NEC), during a press conference in Chicago. Photo: Saul Loeb/AFP/Getty Images
The Building Urgency of the Economic Crisis ()
Just a few weeks ago, President-elect Barack Obama reminded the media, "There is only one president at a time." But with the building urgency of the economic issues facing the country, America's president-in-waiting is taking a more active role. Over the weekend he called for a stimulus plan to create two and a half million jobs. This morning, President Bush held one news conference on the economy, to defend the government's weekend decision to bail out Citigroup; two hours later, Obama held another to formally announce his administration's economic team. While the two have pledged close co-operation, how difficult is it to address a crisis with one president leaving office and another one in the wings?
- Barry Ritholtz: CEO, Fusion IQ, @ritholtz
- Peter Cohan: President, Peter S. Cohan and Associates
- Peter Wallsten: White House Correspondent, Los Angeles Times, @peterwallsten
- Paul Light: Professor of Public Service, New York University
- William Leuchtenburg: Professor Emeritus of History, University of North Carolina at Chapel Hill
Geithner, Summers to Lead Obama's Economic Team ()
At a press conference in Chicago today, President-elect Barack Obama spoke about his economic stimulus package, which will create two and a half million jobs, and announced the appointment of four top economic advisors: Lawrence Sommers, Director of the National Economic Council; Tim Geithner, Secretary of the Treasury; Christina Romer, Chair of the Council of Economic Advisors and Melody Barnes, Director of the Domestic Policy Council. Jonathan Weisman is political reporter for the Wall Street Journal.
Zimbabwe Faces Growing Political, Humanitarian Crises ()
Jimmy Carter, Kofi Annan and Nelson Mandela's wife, Graca Machel, were among those refused entry visas for Zimbabwe on Saturday. The group known as The Elders wanted to visit the troubled country to assess the humanitarian situation, which is rapidly approaching a crisis. Meanwhile, President Robert Mugabe continues to cling to 28 years in power and to evade a power-sharing agreement with the opposition, which has been advocated by African leaders. Celia Dugger is South Africa Co-bureau Chief for the New York Times.
- Celia Dugger: South African Co-Bureau Chief, New York Times
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