I do not underestimate the enormity of the task that lies ahead

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In his first public remarks since he delivered his victory speech Tuesday night, President-elect Barack Obama vowed Friday that restoring the nation’s economic equilibrium will be a major priority of his administration.

“I do not underestimate the enormity of the task that lies ahead,” he told reporters at the Hilton Hotel. “We have taken some major action to date and we will take further action.”

Obama said that, if the lame-duck Congress fails to pass a stimulus package before he takes office January 20, passing such a package will be his first move.

Obama pointed to Friday’s release of unemployment figures and bad news from auto industry as the reason that his administration will have to move quickly on the economic crisis.

“We are facing the greatest economic challenge of our lifetime and we are going to have to act swiftly to solve it,” Obama said.

Obama said the country is facing several immediate challenges, including a rescue plan for the middle class. Obama said a fiscal stimulus plan to jump start economic growth is “long overdue.”

Obama stressed the need to focus on the spreading impact of the crisis globally, as well as on small businesses facing payroll issues.

Read more at cnn.com

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19 thoughts on “I do not underestimate the enormity of the task that lies ahead

  1. The Do-Nothing Congress is still doing nothing — and among the worst offenders has been Barack Obama, who never show up for their day jobs as senators . . . except to pick up their $165,000 paycheck!
    From Dick Morris

  2. It’s now time for every republican in office to step back and let the democrats vote on all of these bail out plans themselves. Not one single republican should vote with the democrats. Let them screw up this country, put our great grandchildren in debt, screw up our health care system, bankrupt the coal industry, and make this country the biggest welfare state ever seen. Let them raise everyones taxes. Forget this “bipartisan crap”, we all know exactly how bipartisan Pelosi and Reid really are. If the democrats do all this then we will see how the people feel about them in 2010.

  3. To glwo, the dems couldn’t screw up the country any more than it already is; it is at rock bottom now and there is nowhere to go but up. And upwards we will go. When all of the money is at the top, where bush puts it, it does not get into the system as we have seen. But put money on the pockets of the middle class and we will see prosperity for all in America. This country is number 4 in the world in disparity between the rich and the lower classes, behind Mexico and Turkey.That was where bush and co put us. We now have to change that and Obama will do it, I am confidant. No more republicans ever again. They are poison for America.

  4. I think that he will have to institute a mini-reform similar to FDR to help us from going into a deep recession. I would consider the following actions:

    1) The bailout did not seem to work as the banks are just holding onto the money and the goal is to get credit flowing again. So I would sanction opening up a bank owned by the Federal reserve that has a charter to operate for only 2 years whose goal is to convert ARM mortgages to reasonable Fixed rates (say 6%)for primary residence holders across america. Anyone could qualify if they have income and extend the terms to 45 years so they can keep their houses as some monthly mortgages may be too large if the terms are kept to 30 years. This keeps Joe Public housed and paying his Mortgage. I would also extend simple fixed credit to Businesses so that they can keep payroll and operating expenses afloat while consumers ramp back up on spending. This takes care of the busness and the homeowners.

    2) I would appoint the FEDBANK to purchase and pay a “fair market value” for those financial instruments/funds where the sub-prime mortgages exist to get them off the market and convert them into a guaranteed bond fund and issue government bonds on these guaranteeing their value. This takes care of the sub-prime mess.

    3) For the millions of workers who cannot find work after this I would institute an FDR-like government works program that would spend money on roads and bridges and energy programs such as wind/solar/nuclear/fuel cell in cooperartion with America’s Auto, Computer, and Oil Industry to seek more sources of domestic oil and energy alternatives. These governement projects would be akin to the Manhattan Project back in the 40s and would give millions of people work for a while.

    4) Alas all of this would cause our Federal Government to grow quite large and money would have to be collected to pay for this thru import taxes and levies on goods from other countries, issuing of bonds as well as as increased taxes on all. Everyone will have to tighten their belt for a while including overpaid CEOs, greedy insurance companies, and useless Pork projects in government.

    I know this seems a bit like socialism but that is what was needed in FDRs day and that is probably what is needed now. The economy runs in cycles Boom and bust. We are in a bust. Once we get thru this the boom will be back. I think that the Energy Project will be cause of the next boom.

  5. Hi, I’m from Quebec, Canada. I watched the presidential elections this week even though the result of the american elections do not have a direct implication in my life. I find very thrilling the fact that the american people elected a black man as president. I think that Obama will be a great president. He is youg, energetic and he seems ready to face the big challenges. I think that the american people have made a good move by electing Obama and I wish him the best of luck.

  6. I for one don’t think there will be any reaching across the aisle with this new administration. Experience shows that Mr Obama is just about as partisan a politician as you could get with his voting record (or lack of)showing complete disdain for cooperation. I remember the first presidential debate when the comment came up about him voting against anything George Bush put forward and his comment was, “somebody had to”. Look who is Obama’s chief of staff, a partisan attack dog who is known for being arrogant, pushy and profane. That is not the way to set the tone for a new administration. Look what is happening to Joe Lieberman, he is being called before Harry Reid to discuss the taking away of Joe’s chairmanship job because Joe supported McCain. That is partisan politics at its worse. Look at Rahm Emanuel’s involvement on the board of Freddie Mac when the books were being cooked and distorted to reap big salaries for the Democrats while taking that instution down into the gutter. Obama received big campaign monies from those corrupt instituions. I think the Republicans in the house and senate should make Obama’s presidency as miserable as they can so Mr Obama can reap the same partisan problems that he and the other Democrats forced on Mr Bush. Obama and the Democrats will rule with an iron thumb and squash any debate or difference of opinion while they are in the power position. If you don’t agree with them there will be political hell to pay. This notion of reaching across the aisle will in effect come but it will be in the form of the Democrats slapping the hands of any Republicans that dare to differ from their socialistic dogma. An Obama-Pelosi-Reid trifecta will take America in a dangerous direction and look for Obama trying to use that “change” word and do damage to our constitution. We have been warned!

  7. Economic Stimulus for America’s Homeowners:
    All existing home loans will AUTOMATICALLY revert to 1 ½ – 2 percent (One and a half to two percent) with NO additional fees. Any person or persons, who can financially qualify for a new home purchases will also, receive the same 1½ – 2% rate with minimal closing costs. Closing costs should not exceed $2,500, including title Co. fees. Any homeowner currently facing a foreclosure or in a foreclosure situation that has a steady source of income, even if it is unemployment, will also qualify for the same refinance rate of 1½ to 2%. Any back payments due on their mortgage will be put on the back end of the mortgage thus allowing the homeowner to keep their home and start fresh from day one of their refinance. This refinance/purchase rate will last for a period of not more then 5-7 years. Once the time period has expired, there will no longer be any Adjustable Rate Mortgages and any and all new mortgages will have a cap of 6% (six percent). In addition, upon the termination of the five to seven year time frame for the 1½ – 2% rate, rates will be adjusted to no more then three percent (3%). This three percent rate will not last more then three years. When this three year time frame expires, interest rates will be assessed according to ones credit and a maximum rate not to exceed six percent (6%) will be implemented. This time frame will give homeowners ample time to get back on their feet.
    In 2007 there were 405,000 foreclosures, 405,000 families who lost their homes. This is a number that should not be repeated in any way, ever again!
    Here is an example of the potential savings and the positive economic impact this change would bring to our homeowners and our nation: An avg. mortgage of $150,000.00 with a rate of 6% has a P&I payment of $899. The new rate of 1.5% will have a P&I payment of $519, saving the homeowner $370.00 a month. Multiply that $370.00 monthly savings by 126 Million homeowners and you now potentially have $46.6 Billion dollars per month, $559.2 Billion dollars per year to go back into our economy. And again, this will all be accomplished without costing the Government a dime. Jusat a few clicks of the mouse (to put it smply) and Americas homeowners now have a new opportunity to grow, prosper save and acheive their financial and persoanl goals.

  8. Stimulus to Ease Americas Credit and END High Interest Rates:
    All credit, furniture, dept store, gas card rates and lines of credit will be automatically lowered to a rate between (four to eight percent) 4-8% maximum. The first three years all rates will be capped at four percent (4%). After this time frame expires, rates will be raised to a rate not to exceed (eight percent) 8% nor will this rate ever go beyond eight percent at any time for any reason. Anyone with a lower rate will of course automatically keep it. There is absolutely NO reason for people to be paying 15, 20-30% on their credit cards, especially with the economic times we are facing right now.
    In regards to late charges and over limit fees. Any and all late fees are not to exceed a one-time maximum charge of $10 per billing cycle instead of the allowable $25 – $35 currently charged now. Along with that, immediately outlaw any over limit fees credit and or credit card companies charge for allowing people to go over their card limit. Any credit card that has reached its limit should automatically be unable to be used until the balance is back below the specified credit limit. With lower rates, credit card users will have an easier time paying down their purchases, continue using the card more frequently and all will be accomplished without getting caught in a “high interest rate death spiral”.

  9. He is not the President and his press conference is only an indication that he understands the severity of what is being left from the Bush Administration and continues to hurt the economy by that administration. It is not his responsibility to add more then that.

    He also did not say that he would not put in place his ideas of taxing those over $250k. He will do what he says when he is sworn in on 20 Jan 09.

  10. What will Barack do with the Credit Default Swaps? I can see no way out of our economic mess, unless we declare these null and void. As far as I can tell, they were never written on an insurable risk. Unless we deal with these toxic instruments, and soon, no amount of ‘bailout’ money is going to save us.

  11. I can’t believe how naive people are. This guy has never been vetted. He was a manufactured candidate who won with money. In his first public press conference, he was 20 minutes late, insulted a former first lady, and had the audacity to have a sign with “The Office of the President Elect” . There is no such thing! He is an arrogant elitist.

  12. As far as the seance remark goes…
    people are simply going to have to lighten up a bit.

    People need to get laid more often, and that isn’t happening under the Bush administration. Clinton years – yes, everyone was getting laid. You bet there are going to be some pretty good years with Barack. His offhand remark will quickly be forgotten..
    just lighten up a bit. Get laid.

  13. Well get this from the IRS data of 2006.

    3% of 140 Million tax payers make more than $200,000. These 3% make 30% of 8 Trillion Dollars income of all tax payers. BUT – after all tax credits these 3% pay over 50% of all taxes the Gov gets and that is more than half of the 1 Trillion Dollars taxes we all pay more or less!!! So who is actually paying this country? That means 50% of the country’s tax money is paid by only 3% of all that pay taxes. So who gets all the credits already? I guess after all it’s still not enough!!

    Does anyone really think that governments can create new jobs?

  14. Is there anyone that can help me get my Economic Stimulus idea(s) (written above) to the right people in Gov’t and the media so we can get people talking this. It is a solution that will help everyone and will not cost the Gov’t a dime. If you can and would like to help, please email me at richard12167@yahoo.com

  15. Zemen Befekadu
    I think Americans Voted for a Black man born from an African father, because he is one of the most acknowledged Orators of his generation. I am not an American and English is not my native Language. In fact I can barely communicate with people having English as their first language, without being corrected every now and then, but I don’t think that I would mistakenly use the word “Enormity” to explain the Enormousness of a task. If you believe me on that, then Imagine a person having the language skills that President Obama has, and misuse a powerful word as “Enormity” in a sentence, that wouldn’t make sense. Unless of course, that person doesn’t know the formal meaning of the word. I’ve observed President Obama using some words which may be considered as Slang, but none of those words he used have powerful meanings in their formal manner. Unlike some of the Informal words he used, the word Enormity expresses an extremely wicked deed in its formal meaning and Vastness in its Informal meaning. And If President Obama was a person who confuses the formal meaning of a word with the informal, He wouldn’t have been assigned to the position he is assigned right now.
    Hoping that I can trust you with the following statement, some reliable sources told me that the President was trying to address the crowd, that he was inherited some `ENORMITY CLASSIFIED’ tasks from the so called “FORMER PRESIDENT”, or maybe he just wanted to give Job to the Jobless people. (RUMOUR HAS IT THAT DUTY OF THE JOB IS; CONSULTING AND LECTURING THE PRESIDENT ON HOW TO USE SOME MISCHIEVOUS WORDS IN SENTENCES).Since I am one of the jobless people enact, it is my duty to rephrase the President’s speech as;
    1)” I do not underestimate the Enormity of the task that I was inherited from Mr. Bush and his Stupid counterparts“.
    2) “You can put Lipstick on Bush and he is still a bush”.
    Caution: – Never underestimate the Enormity of my statements.

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  18. The scramble to Africa
    The USA had made it clear that it will increase its military presense in Africa. It seems that Africans are the only ones who had not been well informed about Africom (U.S Africa Command). But what surprised me the most is that, the U.S gave a very peculiar pretext for the Incursion ( ” There is to much presense of Outsiders in Africa” ). Say, what does that make America? An Insider?
    Somebody please tell me.is this about Oil again? It is, isn’t it. ma man!!
    I’m inviting you all to listen to Ray Charles’ “Here we go again” Song. Poor Genius Ray.

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