"The first glimpse of Obamanomics"

An extract from an article by Stephen Foley, The Independent, UK, 25 Nov 2008

"Obamanomics will be forged, not in the first crisis-busting phase of the new president's administration, but later. And even then, a glance at the people with whom Mr Obama is surrounding himself, and a listen to the chatter of the economists he favours, suggests that his economic philosophy is one of pragmatism rather than ideology".

Read the article in full here.

Obama seeks to create 2.5m jobs

Extract from BBC News, UK, 23 Nov 2008

"US President-elect Barack Obama says he wants his economic team to find ways to generate 2.5 million new jobs during his first two years in office.
In a weekly address on the internet, Mr Obama said he wanted to sign the plan soon after taking office on 20 January. The message came as unemployment claims rose by 540,000 in the US, taking the total to 1.2 million jobs lost in 2008.

Mr Obama, said to have chosen Timothy Geithner as treasury secretary, is due to name his economic team on Monday. Mr Geithner, currently chairman of the Federal Reserve Bank of New York, has been deeply involved in the efforts to cope with the current financial crisis.
He previously worked in the Bill Clinton White House, where he worked through the fallout of the Asian financial crisis of the 1990s.

US shares rose sharply on Friday as word spread of Mr Obama's reported choice, calming investor fears.

Building jobs

Talking about his desire to put job-creation at the heart of the economic policy of the incoming administration, Mr Obama said new unemployment figures reinforced the impression of an economic crisis of "historic proportions".
He hailed congressional approval of a boost in unemployment benefits, adding that the latest gloomy figures had only reinforced his determination to revitalise the economy.
"We must do more to put people back to work, and get our economy moving again," the president-elect said.

He said his economic priority would be a two-year, nationwide effort to "jumpstart job-creation in America and lay the foundation for a strong and growing economy".
Ageing public infrastructure would be rebuilt, Mr Obama said, adding that his administration would look quickly at developing and building sources of renewable energy, such as wind farms, designed to "free" the US from its "dependency" foreign oil.

He suggested he would need cross-party support to get his plan through, despite his Democratic party holding a majority in both houses of Congress.
"Right now there are millions of mothers and fathers who are lying awake at night wondering if next week's pay check will cover next month's bills.
"There are Americans showing up to work in the morning only to have cleared out their desks by the afternoon. These Americans need help and they need it now," Mr Obama said".

How should we read Obama's Cabinet choices?

Extract from politicalbetting.com, 22 Nov 2008

"The most intriguing choice for me is to see Arizona Governor Janet Napolitano recommended for Secretary of Homeland Security. Whilst she is eminently qualified, and as a border-state Governor will bring expertise to the role, some Democrats have noted that she was the only candidate who could beat John McCain in the Senate race of 2010 that this week he announced he would compete. This appointment hands him re-election on a plate".

Clinton signs for Obama's dream team

From The Independent, UK, 22 Nov 2008

"Hillary Clinton has finally agreed to become President-elect Barack Obama’s Secretary of State and spearhead efforts to restore America’s credibility in the world.
Once confirmed, Mrs Clinton will be the highest-ranking cabinet official in the next administration and she is expected to become a powerful diplomatic force, dealing with some of the international community’s most intractable problems, including terrorism and climate change.

News of her readiness to accept the job came as the Obama transition team said that the new Treasury Secretary will be Timothy Geithner, a decision that sent stocks soaring. He is highly respected and will replace Hank Paulson. This transition is the most sensitive because of the magnitude of the credit crisis, and markets have become increasingly concerned that there is a power vacuum at the heart of economic policy, just when new initiatives are needed to stop the world sliding into a deep recession.

The Dow Jones index jumped 6.5 per cent on the news that Mr Obama was ready to announce his economic team next week. New Mexico’s Governor, Bill Richardson, is to be named Commerce Secretary. Mr Obama passed over Larry Summers, a former Treasury secretary under Bill Clinton, whose subsequent tenure as president of Harvard University ended in controversy over remarks about women’s aptitude for the sciences. However, Mr Summers will be an economic adviser to the White House and was tipped last night as a future chairman of the Federal Reserve, the US central bank.

Expectations are already building that a combination of Mrs Clinton’s experience and the force of her personality could achieve what her husband failed to do and lay the foundations for a Middle East peace settlement. She has shown herself to be extremely hawkish on the subject of Iran’s nuclear ambitions, and on the campaign trail for the presidency once threatened the regime with nuclear annihilation".

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U.S. Muslim leaders denounce al Qaeda's slur toward Obama

Extract from CNN News, 21 November 2008

"Spiritual leaders of New York's African-American Muslim communities lashed out Friday at a purported al Qaeda message attacking President-elect Barack Obama and, using racist language, comparing him unfavorably to the late Malcolm X.

The imams called the recorded comments from al Qaeda second-in-command Ayman al-Zawahiri "an insult" from people who have "historically been disconnected from the African-American community generally and Muslim African-Americans in particular."

"We find it insulting when anyone speaks for our community instead of giving us the dignity and the honor of speaking for ourselves," they said in a statement read during a news conference at the Malcolm X and Dr. Betty Shabazz Memorial, Educational and Cultural Center".

Obama 'plans Daschle health post'

From BBC News, 19 November 2008

"US President-elect Barack Obama will appoint senior Democrat Tom Daschle as Health and Human Services Secretary, according to US media reports.

Mr Daschle was the Democrats' Senate Majority Leader from 2001 until 2003.
As head of the health and human services department, Mr Daschle will oversee Mr Obama's proposed reforms to the US healthcare system.
Mr Obama's transition team has confirmed a number of other key advisers and top administration posts.

Senate heavyweight

The BBC's Adam Brookes, in Washington, says the decision to appoint Mr Daschle shows that Mr Obama feels he needs a Senate heavyweight to help him persuade Congress to back major reforms.

During the election campaign, Mr Obama pledged to offer a new state-administered health insurance plan to people who are currently uninsured, while assuring people who were satisfied with their existing employer-provided coverage that they would not be forced to give it up.
The details of his reform package could change, however, as Mr Obama attempts to push legislation through Congress.

The news of Mr Daschle's probable appointment follows reports that Mr Obama has decided to appoint Eric Holder as his attorney-general, and may ask former rival for the Democratic presidential nomination Hillary Clinton to serve as secretary of state".

Barack Obama picks Eric Holder as first black attorney general

From the Telegraph, UK, 19 November 2008

"Mr Obama's transition team did not officially comment on the reports, which broke earlier than it wanted. "Obama offered Holder the job and he accepted," Newsweek magazine said on its website, adding that "the announcement is not likely until after Obama announces his choices to lead the Treasury and State departments".

Mr Holder, 57, whose appointment is subject to confirmation by the Senate, was deputy attorney general for four years under former president Bill Clinton and was co-chairman along with Caroline Kennedy of Mr Obama's vice-presidential selection process.
He is respected in Washington by both Republicans and Democrats, although his record is marred by agreeing to pardon the fugitive Marc Rich at the end of the Clinton administration.
At the time Mr Holder said he was "neutral, leaning towards favourable" on the subject. Mr Clinton later cited that as among the factors that persuaded him to issue the pardon.

Mr Holder has publicly apologised for what he said was a snap decision to which he should have paid more attention. Had he taken more time to review the case, he would have advised against a pardon, he said.

Members of Mr Obama's vetting team have asked Senate Republicans in the past week whether they would support Mr Holder at his confirmation hearings and have been assured that, although questions will be asked, the Rich controversy would not derail his appointment.
Mr Holder is the most prominent African American among the appointments made so far by Mr Obama. Born and raised in the Bronx, New York, by immigrants from Barbados, he has spent most of his career in the Justice Department.

Always among the favourites for the post, he has a strong personal rapport with Mr Obama – the two men, both graduates of Columbia University in New York, spoke almost every day during the presidential campaign".