Obama Huddles on Economy, Will Meet Press Today

Team of economic advisers already mapping out plan
Posted Nov 7, 2008 4:30 AM CST
Obama Huddles on Economy, Will Meet Press Today
A specialist works at his post on the floor of the New York Stock Exchange Thursday, Nov. 6, 2008. Wall Street plunged for a second day yesteray amid broad fears about the economy.   (AP Photo/Richard Drew)

Barack Obama isn't wasting any time in tackling the financial crisis, Reuters reports. The president-elect is meeting today with his new 17-strong team of economic advisers—and will hold his first press conference since his election victory at 2:30 EST. Wall Street has plummeted 10% in the last two days and markets are expected to react swiftly to Obama's announcements.

Obama has already spoken by phone with world leaders from Europe, Japan, Australia and South Korea to discuss the crisis, reports Agence France Presse. "We expect President-elect Obama to move decisively to address economic stress," said a Goldman Sachs economist. "We suspect he will support even more fiscal stimulus than the $200 billion we have penciled into our forecast. Congress could move on this even before the change-over" to a new administration.
(More financial crisis stories.)

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