Not even a week after being elected as president-elect and Barack Obama is already meeting with a newly established Transition Economic Advisory Board, TEAB. His meeting with said board is to prepare his term with the knowledge and plans for handling the greatest US’s worst economic crisis since the 1930’s. with the IMF, a separate organization, slashing its forecast for the 2009 world economy last night, “Obama and the 17 members of the TEAB are under pressure to deal with the crisis, even though his term doesn’t even start for more than two months.
The membership of the TEAB shows that Obama will seek advice from across the political and economic spectrum. It includes; former Treasury secretary Lawrence Summers, former federal reserve chairman Paul Volcker , and chief executives of Google and Xerox and billionaire investor Warren Buffett.
The American economy is expected to shrink throughout the whole of Obama’s first year in the White House, but the recession is also effecting other advanced economies. US economy is forecasted to decline by .7% while the UK economy is supposed to see an over all 1.3% contraction. Overall the world’s advanced economies will shrink by 0.25% during 2009.
The IMF offered some optimism, saying that “Further coordinated action by world leaders to support financial markets and businesses could limit the decline in world growth.” Such measure will be discussed at a meeting of 20 industrialized nations and biggest emerging economies in washington on November 15.
Hooray that Obama is already showing some involvement in the shitty economy even though his term hasn’t even started!
M.A.Torres
http://www.guardian.co.uk/business/2008/nov/07/useconomy-globalrecession
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