Special Report: Global Financial Crisis

U.S. President-elect Barack Obama is flanked by Council of Economic Advisors Director-designate Christina Romer(L), National Economic Council Director-designate Lawrence Summers (R) as he announces the members of his economic policy team during a news conference in Chicago, November 24, 2008.(Xinhua/Reuters Photo) Photo Gallery>>>

    WASHINGTON, Nov. 24 (Xinhua) -- With the economy in crisis, U.S. President-elect Barack Obama Monday unveiled his economic team pick to shore up financial markets and tackle the worst financial crisis since the Great Depression in 1930s.

    NOMINATIONS OF ECONOMIC VETERANS

    Timothy Geithner, the head of the Federal Reserve Bank of New York will become secretary of the treasury, and former Treasury Secretary Lawrence Summers will be head of the National Economic Council.

Former Harvard University President Lawrence H. Summers gestures as he attends a session at the World Economic Forum (WEF) in Davos Jan. 26, 2008. (Xinhua/Reuters, File Photo) Photo Gallery>>>

    Meanwhile, Obama also named University of California at Berkeley economist Christina Romer as the head of the White House Council of Economic Advisers.

    At a news conference in Chicago, Obama said his newly minted economic aides offered "sound judgment and fresh thinking" at a time of economic crisis.

    "Vice President-elect (Joseph) Biden and I have assembled an economic team with the vision and expertise to stabilize our economy, create jobs, and get America back on track," Obama said.

    "Even as we face great economic challenges, we know that great opportunity is at hand -- if we act swiftly and boldly. That's the mission our economic team will take on," he added.

    Geithner, 47, is the current president of the New York Federal Reserve. He was born in New York. He attended Dartmouth College and Johns Hopkins University's School of Advanced International Studies.

New York Federal Reserve President Timothy Geithner testifies at the U.S. House Financial Services Committee in this July 24, 2008 file photo. (Xinhua/Reuters, File Photo) Photo Gallery>>>

    Geithner has studied Japanese and Chinese and has lived in Zimbabwe, India, Thailand, Japan and China.

    "With stellar performances and outstanding results at every stage of his career, Tim (Geithner) has earned the confidence and respect of business, financial and community leaders, members of Congress, and political leaders around the world," said Obama, who will take the oath of office on Jan. 20 as the 44th president of the United States.

    "And I know he will do so once again as America's next treasury secretary, the chief economic spokesman for my administration," he added.

    Obama also praised Summer's thinking, writing and speaking have set the terms of the debate, "with respect to both our current financial crisis and other pressing economic issues of our time."

    "I'm glad he will be by my side, playing the critical role of coordinating my administration's economic policy in the White House, and I will rely heavily on his advice as we navigate the uncharted waters of this economic crisis," said the president-elect.

    Media and politicians are hailing Obama's top economic appointments. Senator Richard Shelby, a Republican from Alabama, told ABC that Geithner's expected nomination is "overall a good appointment."

    "I've worked with Tim Geithner. He's young. He's innovative. I believe he will be up to the challenge. He knows a lot about the economy and he knows a lot about problems," Shelby said. "He has been involved in the bailout. ... He is a breath of fresh air, so to speak. I think he will do well."

    The Wall Street Journal editorial page called Geithner "probably the best choice," as "he guarantees the smoothest transition from the current Treasury team."

    "This continuity is especially important given that the credit markets have taken a major step backward since Obama's election."

    The Politico said Obama's economic team is getting "rave reviews on Wall Street and will likely get an easy ride through the Senate."

　　FAR MORE AGGRESSIVE STIMULUS PLAN

    With the financial crisis looming as a top priority of his term, Obama vowed the new administration "cannot hesitate and cannot delay" to stem the turmoil and save the economy.

    "Right now, our economy is trapped in a vicious cycle: the turmoil on Wall Street means a new round of belt-tightening for families and businesses on Main Street, and as folks produce less and consume less, that just deepens the problems in our financial markets," he said.

    The president-elect said these extraordinary stresses on the U.S. financial system require extraordinary policy responses.

    "And my administration will honor the public commitments made by the current administration to address this crisis," he noted.

    Obama pledged he will propose a recovery plan for both Wall Street and Main Street, a plan "that stabilizes our financial system and gets credit flowing again," while creating and saving 2.5 million jobs.

    Obama's team is putting together a new economic stimulus plan containing more than 500 billion U.S. dollars in federal spending and tax cuts over the next two years, Obama aides and advisers were quoted as saying.

    That package would be far more aggressive than anything envisioned during the campaign, according to a report by The Wall Street Journal.

    Moreover, some economists speculated that the price tag could reach 700 billion dollars.

    Obama declined to say how large the stimulus plan will be, but he said the plan will be "significant enough that it really gives a jolt to the economy."

    "I want to see it enacted right away. It is going to be of a size and scope that is necessary to get this economy back on track," he added.

    The president-elected also warned that full recovery will not happen immediately. "I want to repeat: This will not be easy. There are no shortcuts or quick fixes to this crisis, which has been many years in the making, and the economy is likely to get worse before it gets better," he stressed.

    "And to make the investments we need, we'll have to scour our federal budget, line by line, and make meaningful cuts and sacrifices," he noted.

    But in an effort to bring confidence into the financial markets, Obama stated he was hopeful about the future.

    "I have full confidence in the wisdom and ingenuity of my economic team and in the hard work, courage, and sacrifice of the American people," he said, adding he knew the United States will work out the crisis "because we've done it before."

Obama puts Romer, Barnes to senior White House posts

    CHICAGO, Nov. 24 (Xinhua) -- U.S. President-elect Barack Obama on Monday put University of California professor Christina Romer and his campaign aide Melody Barnes on senior White House posts.

    Romer was named Director of the Council of Economic Advisors by Obama at a press conference in Chicago. Full story

Profile: Ex-treasury chief to be Obama's top economic advisor

    CHICAGO, Nov. 24 (Xinhua) -- Lawrence H. Summers, a former Secretary of Treasury, was named Director of the National Economic Council by president Barack Obama on Monday.

    Summers, 53, currently a professor at Harvard University, will be Obama's top economic advisor at the White House.  Full story

New York Fed head named as candidate for Obama's treasury secretary

    WASHINGTON, Nov. 21 (Xinhua) -- Timothy Geithner, the current New York Federal Reserve head, was named as the top candidate for U.S. President-elect Barack Obama's treasury secretary, said a TV report on Friday.

    According to NBC, the 47-year-old president of the Federal Reserve Bank of New York was considered as one of the two most potential for the key cabinet post, along with Lawrence Summers, the former Treasury chief in the Clinton's administration. Full story

Clinton accepts offer to be next U.S. state secretary

    WASHINGTON, Nov. 21 (Xinhua) -- New York Senator Hillary Rodham Clinton has accepted offer to be the next U.S. state secretary, joining her former presidential rival Barack Obama's cabinet, according to a news report released on Friday.

    Citing two of Clinton's associates, the New York Times said in an online report that she made up her mind after additional discussions with Obama about the nature of her role as the top U.S. diplomat and his foreign policy plans.

Report: Obama to select New Mexico governor as commerce secretary

    WASHINGTON, Nov. 21 (Xinhua) -- U.S. New Mexico governor Bill Richardson, who has turned from a rival to supporter for President-elect Barack Obama, appeared as the most potential candidate for the next commerce secretary, said a TV report on Friday.

    According to NBC, Obama has nodded the appointment of Richardson to the post but the official announcement would not be made before the Thanksgiving holiday. Full story

Obama announces more White House staff

    WASHINGTON, Nov. 19 (Xinhua) -- U.S. President-elect Barack Obama announced more White House staff on Wednesday, including his long-time friends.

    Those who were announced the White House staff after Obama takes office on Jan. 20 included David Axelrod as senior advisor to the president, Lisa Brown as Staff Secretary, Greg Craig as White House Counsel, and Christ Lu as Cabinet Secretary. Full story

Former Senate majority leader named as U.S. next health secretary

    WASHINGTON, Nov. 19 (Xinhua) -- Tom Daschle, former Senate majority (Democratic) leader during the Clinton's administration, was chosen by U.S. President-elect Barack Obama as the next secretary of health and human services, said a TV report on Wednesday.

    Citing three sources, a CNN report said that Daschle has personally showed interest to the job and proposed to report directly to the incoming president after he takes office as the White House health "czar." Full story

Ex deputy attorney general named as Obama's attorney general

    WASHINGTON, Nov. 18 (Xinhua) -- An ex deputy attorney general was eyed by U.S. president-elect Barack Obama to be the next attorney general, said a report released on Tuesday.

    According to the News Week, Eric Holder, who served as deputy attorney general under President Bill Clinton, was expected to be the country's first African American attorney general. Full story

Obama's economic team picks get positive response

    CHICAGO, the United States, Nov. 24 (Xinhua) -- Media and politicians are hailing President-elect Barack Obama's top economic appointments, which will be officially announced later Monday.

    Obama was expected to name Timothy Geithner, president of the Federal Reserve Bank of New York, as treasury secretary, and former Treasury Secretary Lawrence Summers as head of the National Economic Council at a press conference beginning at 12:00 p.m. eastern time (1600 GMT).  Full story