Barack Obama is set to give his first presser since winning the election, and we expect the economy to be high on the list of subjects. The ailing auto industry looks to be his first big test on the domestic front. We suggest he let the companies die gracefully, but he campaigned (to some extent) on saving them, so we’re not terribly optimistic. We’ll be updating live as he talks, or at least highlighting what he has to say relevant to us. We’re watching a live stream on MSBNC.com.
3:09: Higher taxes for upper income Americans? Question dodged: My tax plan is a net tax cut and 95% of working Americans will see a cut. Priority is to grow jobs. So yeah, doesn’t sound like there are any changes to stick to the rich.
3:07: “I’ve spoken to all former Presidents that are living.”
3:05: When we have an announcement about cabinet appointments, we will know them. So nothing yet.
3:02: Not economics, but interesting… Obama asked about letter of congratulation letter from Iranian President. Wasn’t expecting this question. Obama will be cautious.
3:01: “I want to see a stimulus package get done sooner rather than later… if it does not get done during the lame duck session, it would be a top priority.”
3:00: First question: “what can a President do”. Obama: Restore confidence, pass a fiscal stimulus. “I’m confident that a new President can have a major impact, that’s why I ran.”
2:58: ‘Can’t underestimate the enormity of the task’ (he used the word right, unlike during his acceptance speech. That’s ok, he had a long campaign)
2:57: Important that financial bailout addresses the foreclosure crisis. No new details.
2:56: Looking into what new laws might be required to help auto industry (no!), but no new details.
2:55: Rescue plan for the middle class. Urgent: Further extension of unemployment insurance benefits. A fiscal stimulus plan is long overdue. Have to address spreading affects of the financial crisis. “We must also remember that the financial crisis is increasingly global.”
2:54: “Immediately after I become President, I will confront this crisis head on” (Hey Bush: Sorry, but you’re still on the clock)
2:52: This morning we woke up to “more sobering news about the state of our economy”. Cites job numbers. “Greatest economic challenge of our lifetime”.
2:52: Obama enters!
2:50 About 20 minutes after it was supposed to start, the presser is set to begin.
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