November 7th, 2008
03:09 PM ET
10 years ago

Obama: Economy to be top priority

President-elect Obama met with his economic advisors Friday before holding his first press conference since the general election.

President-elect Obama met with his economic advisors Friday before holding his first press conference since the general election.

CHICAGO, Illinois (CNN) - In his first public remarks since he delivered his victory speech Tuesday night, President-elect Barack Obama vowed Friday that restoring the nation's economic equilibrium will be a major priority of his administration.

"I do not underestimate the enormity of the task that lies ahead," he told reporters at the Hilton Hotel. "We have taken some major action to date and we will take further action."

Obama said that, if the lame-duck Congress fails to reach an agreement on a stimulus package before he takes office January 20, passing such a package will be his first move.

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soundoff (165 Responses)



    November 7, 2008 04:33 pm at 4:33 pm |
  2. Dawn

    I heard the whole press conference, I heard the exact same thing when he was campaigning. if he can get this going after the 20th of January and the ones who have been complaining you recieve a check and to Michigan the home of the auto industry and if they get a jumpstart to get green cars out on the roads and cheaper.

    President Bush done nothing for this country, accept getting us into two wars. President Clinton left his Presidency with a surplus, President elect Obama has a deficit. I guess you still believe that terrorist, socialist crap that was done during the campaigning..

    Every state in this Union is hurting, now you McCain/Palin fans, see what happens in the first 100 days

    Bless this country

    November 7, 2008 04:37 pm at 4:37 pm |
  3. axt113

    Stimulus is intended to fuel demand, recessions are primarily the result of a decline in aggregate demand. Raising taxes on the rich is not a detriment because the rich tend to defer consumption for the future while the middle and the poor tend to consume immediately the ides of Obama and Keynesian theory in general is to use the government to fuel demand, by getting money into the hands of those who will consume and to have the government promote programs like work projects and investment in large scale like the national infrastructure. As a result the rise in Demand and consumption means companies will produce more, and hire and invest in more production in ordder to keep pace with demand. As a result you spend your way out of the recession.

    November 7, 2008 04:40 pm at 4:40 pm |
  4. Farrell, Houston, Tx


    November 7, 2008 04:44 pm at 4:44 pm |
  5. Linda K.

    Can we ease up on the hatred here? The election is over and we're all Americans.

    November 7, 2008 04:45 pm at 4:45 pm |
  6. Jeff from Atlanta

    I just wish people would get this straight, CLINTON CAUSED THE BANKING FIASCO. It was a result of his administration forcing loans to those who could not otherwise qualify.

    Read about it in the NY Times, you know that democratic newspaper.
    Google this : stephen homes ny times sept 1999

    And I did not vote for Obama, but I am willing to sit back and see what he does and hopefully he succeeds. I would gladly admit I was wrong about him.

    But after watching his press conference, he looked like a deer in headlights and has ever since last Tuesday night. I don't think he really understood what he just took on. I wish him luck.

    November 7, 2008 04:46 pm at 4:46 pm |
  7. Rob

    To everyone who's telling us to give the man a break – Wait a minute! Hold on! We were all led to believe that the second The Annointed One was elected that all of America's problems would cease. War would end, the economy would turn around, the angels would sing. As I watched his "Sermon in the Park" and saw all the people crying, saw Oprah looking dreamy-eyed, saw Jesse bawling (maybe because he was upset that it wasn't him up there), I just wanted to wish I was there with my bible so I could go up to people and ask, "I'm sorry, it's tough to follow along. What chapter of Revelations are we on?"

    The truth is the yutz hasn't even taken the oath and he's shown that his version of changes involves his Chicago 'pallies', paying back favors, and making sure him and his posse are taken care of before he sees if he can get around to helping all you fools who voted for him.

    November 7, 2008 04:48 pm at 4:48 pm |
  8. Betty

    Why doesn't he take the money that he has left from his campaign and help the economy. Another stimulus package, come on!

    November 7, 2008 04:48 pm at 4:48 pm |
  9. Billy J , TX-

    INFRASTRUCTURE rebuilt in all of AMERICA. Problem solved. Work for everyone. If we had some really big infrastructure projects the work it creates directly, and indirectly will certainly help a big chunk of the economy get back on track!!!

    Let's git er' done!!!

    November 7, 2008 04:48 pm at 4:48 pm |
  10. Spencer/Virginia

    For you Obama Haters:

    He hasn't been inaugarated. Take a chill pill. He's just informing the people of what the #1 issue is. God forbid if McCain would have one. The man openly admitted he doesn't know much about the economy. How are you going to fix something if you don't know how it works in the first place.

    November 7, 2008 04:49 pm at 4:49 pm |
  11. arc, Lugano CH

    ricky November 7th, 2008 4:20 pm ET
    Whatever BARRY! Go back to the slums of Chicago where you did so much to help the community ( yeah right ). I hope your gone and outta my sight in 4 years you worthless CON MAN!!
    Go back to your red state one-horse crap town where your brand of Poor White Trash intelligence is recognized as something of value.

    And to think some poor woman went through labor to bless this world with 'ricky'.

    November 7, 2008 04:49 pm at 4:49 pm |
  12. Billy J , TX-

    Ricky is icky

    November 7, 2008 04:52 pm at 4:52 pm |
  13. Jimmy

    Let's see the depression lasted from 1929 until 1941.
    It took twelve years and WWII to get us out of the depression not FDR.
    Great job FDR!

    So far I see the same old faces being picked for Government positions under Obama. So much CHANGE.
    Let's bring back Robert Reich, great pick if you're a socialist.

    November 7, 2008 04:57 pm at 4:57 pm |
  14. Dixie AZ

    I have trust in this mutt who inherited the best of both worlds. The world seems like a great place since the election. Decent.

    November 7, 2008 04:57 pm at 4:57 pm |
  15. EqualBranchesofGovernment

    First economic move.........Remove all holdings of NewsCorp (NWS) and ClearChannel Communications (CCU)....From the Federal Employees Retirement Fund!!

    November 7, 2008 05:02 pm at 5:02 pm |
  16. jim

    Senator Obama did not create this mess and I would not want to be in his shoes right now. I believe America picked the right man for the job.

    US is now in a deeper hole than before because of the loan predators Wall Street and just plain greed.. CEOs in these big corporations should be able to take a cut in salary when asking for taxpayer money and not just the employees alone.

    What are they going to do for the taxpayers?

    They have got to cut somewhere but why is it always the little guy. One CEO salary in a big corporation will most likely cover 20 jobs. But they rather keep the guy with the piece of paper than to keep employees working. They seem to forget that the employees are the ones that go out and buy homes, cars and other things to keep America rolling.

    Lee Iacocoa had a pretty good idea when he cut his check down to a dollar salary. Corporations have to prove the cuts they have done in order to get taxpayer money.
    Dont know if Lee have any ideas to bring the crisis around but he surely made some deep cuts and went lean before he ask for a handout for Chrysler.


    November 7, 2008 05:03 pm at 5:03 pm |
  17. Jessie Jay

    Presidential, presidential, presidential! Just watching and listening to him brings hope to your heart. We will overcome, despite the mad rantings of the hatefilled Rush Limbaugh and his ilk.

    November 7, 2008 05:09 pm at 5:09 pm |
  18. Tim

    I just wish people would get this straight, CLINTON CAUSED THE BANKING FIASCO. It was a result of his administration forcing loans to those who could not otherwise qualify.
    Gosh, that's interesting because, you know, the Republicans continued that policy well into the Bush years. If it was so bad, they could have reversed or otherwise changed it when they had control.

    November 7, 2008 05:10 pm at 5:10 pm |
  19. Gene

    RJ is a mathematician...

    Lets see... $50K a year to every working american.. about 200 million working Americans...

    That's 10 Trillion dollars.. about 14 times what we set aside for the bailout....

    But if you did want to give an equal amount to every working American instead of bailing out the institutions and getting the economy moving again.. each person would receive approximately $3500.00.

    If you'd rather have $3500 than an economy with some backing... it's all you. Try not to spend it all in one place.

    November 7, 2008 05:10 pm at 5:10 pm |
  20. Jack

    It's time that citizens pay their fair share after all I pay a greater percentage of my livable wage in taxes than any rich person in this country.

    If I have to pay 30% of my wage with nothing left over after my mortgage, food and basic transportation, then why shouldn't Cindy McCain pay 30% of everything over her mortgage, food and transportation (on one house and car).

    November 7, 2008 05:10 pm at 5:10 pm |
  21. abc

    Paul Krugman is a great choice!
    both Clinton & Greenspan have planted an optimitic ideology that Wall St. won't be greedy which contributed to the current economic problem but it was President BUSH who did NOTHING in... about... 8 years. eight long years, absolutely nothing until September 2008 when the Tsunami hit.

    November 7, 2008 05:14 pm at 5:14 pm |
  22. Sherry

    The same people who started attacking George Bush the minute he was elected the first time and made his job impossible for 8 long years are mad because we're calling Hiimself on his errors. Well, the worm will turn!
    The market went up a little today, but don't worry, it'll go down again Monday. As long as people know he's going to make them pay twice as much for selling stocks when he's in office, they'll continue to sell off, and the general trend will continue downward. But first he needs to learn the difference between corporate and capital gains taxes – he doesn't seem to know the difference.
    And remember, retirement accounts are invested in stocks, so BO's tax policies are likely to lessen your retirement money.
    Bo and his sheeple want us to unite now that he's in office.
    Domestic Unity My Butt – DUMB!

    November 7, 2008 05:15 pm at 5:15 pm |
  23. Reality

    Boot Penny Pritzker from the economic advisors team.

    November 7, 2008 05:16 pm at 5:16 pm |
  24. Helen, NY

    Obama has no experience whatsoever and it is showing now. He is bringing tons of advisers and he does not know what to do. White house will become a training ground for him. What a joke.

    November 7, 2008 05:17 pm at 5:17 pm |
  25. Aaron

    Well Ricky..BARRY just so happens to be your get use to it and show some respect

    November 7, 2008 05:19 pm at 5:19 pm |
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