The First Draft: Wednesday, Nov. 26

November 26, 2008

The economic crisis clearly has some folks feeling a little Grinch-like as the holiday season approaches.
 
President-elect Barack Obama, for one.
 
He told ABC’s “Good Morning America” that bankers should forego their bonuses this year.
 
“That’s an example of taking responsibility,” he said.
 
Not only that, daughters Malia and Sasha are going to have to make their beds and do other chores when they move into the White House.
 
“They have to learn these things,” Michelle Obama said.
 
Harsh.
 
The networks also report Barbara Bush, the 83-year-old former first lady, spent the night in the hospital after suffering from stomach pains.
 
The hospital stay was precautionary, officials say. Bush, the mother of President George W. Bush, is expected to be released sometime Wednesday.
 
President Bush will pardon the National Thanksgiving Turkey at the White House before heading off to Camp David for the holiday.
 
Upstaging the president and the turkey, Obama will make an economic announcment at 10:45 a.m.
 
He will name former Federal Reserve Chairman Paul Volcker to chair a panel to advise him on measures to stabilize financial markets and maneuver the country out of a recession, aides say.
 
Obama also is reportedly close to asking Roberts Gates to stay on as defense secretary. Many of Gates’ deputies would be replaced under the deal, The Washington Post said.
 
Newspapers mainly led with the government’s plan for $800 billion in new lending programs to ease the lending crisis and make it easier for consumers to get loans for homes, cars and education.
 
Despite new moves by Washington, China and Europe to stimulate the economy, markets overseas were struggling Wednesday and U.S. stock futures pointed to a lower opening on Wall Street.
 
For more Reuters political news, click here.

Photo credit: Reuters/Jim Young (Obama and Volcker at a Florida event Oct. 21)


5 comments

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“Newspapers mainly led with the government’s plan for $800 in new lending programs to ease the lending crisis and make it easier for consumers to get loans for homes, cars and education.” I wish this was all that was required to fix the situation, but wasn’t there supposed to be a “million” added on after the number? Or was that billion?

Posted by Jordan | Report as abusive

Billion it is. Thanks to Jordan for pointing that out. I’ve fixed it.

Is no one paying attention to Mumbai? The Dow Jones is climbing and people are lamenting a holiday season with considerably less money to spend. This appears to be a well coordinated attack. There has been great, terrible loss of life reported and westerners have been targeted as well. The army had to be called in to assist the police. I fear there are ominous implications relating to this event.

Posted by Anubis | Report as abusive

Pay attention, this is what our press is doing NOW. It has been anti-BUSH constantly, now PRO-OrgansiedCrime. Left that billion off to make Chicago look like he has fixed it already.

Posted by from Texas | Report as abusive

it,s obvious that the auto companys are going to get a bail out, the delay was only a smoke screen,and there are going to be cars that will not be bought.i am waiting for the geniues in the congress to suggest that perhaps the homeless who are living in cardboard boxes would be more comfortable sleeping in the surplus cars.but that would sadly need them to pass a law to suspend parking tickets, not likely get the votes perhaps a bad idea after all.

Posted by brian lee | Report as abusive