Obama adds econ advisers, says 'help on the way'
'CHANGE COMES FROM ME' | Obama names Volcker, Goolsbee to head economic advisory board, vows to be ready on Day 1
President-elect Barack Obama says in the coming days he will lead by example and shop for Christmas presents for his daughters.
(Jean Lachat/Sun-Times)
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Obama's economic team
"We are going to do some Christmas shopping," Obama said. "Malia and Sasha have already put their lists together. It's mostly for Santa. They send their letter every year. But we may do some extra shopping as well."
Obama fielded the question about his Christmas shopping at a news conference announcing his appointment of Paul Volcker and Austan Goolsbee to head up the newly formed "President's Economic Recovery Advisory Board" at the Chicago Hilton and Towers.
It was the third day in a row he held a news conference to announce more people who would work in his administration to spark an economic recovery. And for the fourth day in a row the markets responded positively.
Obama pledged to have an economic plan ready for action to deal with the nation's financial crisis on his first day in office.
"People should understand that help is on the way," he declared.
Obama also pushed back against criticism that he was recycling former Clinton administration officials as he builds his new economic team. He said his Cabinet would "combine experience with fresh thinking."
Yes, there will be plenty of people who worked in the Clinton administration because that is the only Democratic administration in the last 28 years, he said.
''The American people would be troubled if I selected a Treasury secretary or a chairman of the National Economic Council at one of the most critical economic times in our history who had no experience in government whatsoever,'' Obama said.
''What we are going to do is combine experience with fresh thinking,'' he said. ''But understand where the vision for change comes from. First and foremost, it comes from me. That's my job, is to provide a vision in terms of where we are going and to make sure then that my team is implementing.''
Volcker is a legendary central banker who raised interest rates and restricted the money supply to tame raging inflation in the 1980s. It was a painful prescription that helped send the economy into one of the nation's worst recessions.
''He pulls no punches,'' Obama said of Volcker. ''He seems to be fairly opinionated.''