OBAMA ANNOUNCED NEW IDEAS TO HELP AUTOMAKERS

Updated: 11/25/2008 11:39
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Associated press reports positive reaction of the market to President elect Barack Obamas choice of treasury secretary. The market showed

Associated press reports positive reaction of the market to President-elect Barack Obama's choice of treasury secretary. The market showed 5000 points increase on Friday when Obama announced Timothy Geithner as a leader in the new economic team. According to Obama?s senior adviser David Axelrod 47-year-old Geithner, the current president of the New York Federal Reserve, is the right person to help deal with the severe economic crisis.

Obama?s plan to aid the economy is said to be significantly larger than the $175 billion proposal Obama had discussed during his presidential campaign. The President-elect plans to save or create 2.5 million jobs by investing billions of dollars to rebuild roads and bridges, modernize schools and develop alternative energy sources and efficient cars. He is hopeful to pass his brilliant plan right through Congress, with help from both parties, after he takes office.

Yet, the news of Obama's probable treasury secretary didn?t turn out to prevent Dow Jones to lose 873 points which is over 10% of its value while the broader Standard & Poor's 500 index had sunk to its lowest level since 1997. Bad news continue coming from the markets in the form of weak earning reports and looming bankruptcies for major companies such as automakers. Last week Congress refused appeals for help from executives from GM, Chrysler and Ford. The leaders were urged by the Government to develop a specific reorganization plan that spelled out how much money they need and how they intended to remain financially viable.

One more aide was announced to be appointed to the administration of Obama. Larry Summers will likely occupy the seat of head of the National Economic Council. Summers, 53, treasury secretary under President Bill Clinton and one-time president of Harvard University, will advise Obama from the White House. Summers would help coordinate federal response, including the jobs plan.


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