Obama Meets With Economic Advisers

November 7, 2008 12:00:00 AM PST
President-elect Obama is meeting with his economic advisers. Members of his advisory board include billionaire investor Warren Buffett.It's been a brutal two days on Wall Street. Despite a newly elected president, Thursday the Dow fell nearly 450 points. It's lost more than 900 points since election day.

"There's a lot of problems for the country to get through and Obama has to hit the game-plan running right from the start," said David Henderson a trader with Raven Securities.

Trying to restore confidence in the economy, President-Elect Barack Obama is meeting with his transition economic advisory board Friday in Chicago. It's a gathering of some of the top economic minds like billionaire Warren Buffet, former Treasury Secretary Robert Rubin and former Fed Chairman Paul Volcker.

"As you look at economic issues and the like, that information is already being exchanged. So as one team leaves the other team can move in," said Janet Napolitano (D) Arizona.

The Obama team is already sifting through a series of bad financial news. On the same day struggling auto executives asked Washington for $25- billion in emergency loans, a new report on consumer spending came out. It showed retail sales had its worst October since 1969, leading to worries about the upcoming holiday shopping season.

"Consumers now are cutting back on clothes, and maybe not buying clothes at all, but what they're buying is just what they need to put on the dinner table tonight," said retail consultant Burt Flickinger.

There are also worries about unemployment. Friday the government's monthly jobs report comes out. Net losses for October are expected to total 200,000.



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