Obama promises another stimulus

Nov. 24 - President-elect Barack Obama promised to jolt the faltering U.S. economy with a costly stimulus package next year.

Less than an hour after US president George W. Bush with Treasury Secretary Henry Paulson by his side, said the US economy would recover from the current financial crisis. President-elect Barack Obama presented the economic team that would help him navigate the crisis when he inherits the faltering economy in January.

Right now our economy is trapped in a vicious cycle. The turmoil on Wall Street means a new round of belt-tightening for families and businesses on Main Street, and as folks produce less and consume less, that just deepens the problems in our financial markets.

Obama announced that Lawrence Summers, a formal Treasury Secretary under President Clinton, will be director of the National Economic Council and Timothy Geithner, the president of New York's Federal Reserve Bank will become the next Treasury Secretary. The Brookings Institution’s Darrell West:

Obama recognizes that we face an incredible financial emergency and so, he’s surrounding himself with people who have experience, including some people who’ve worked on the financial rescue package, Timothy Geithner, as well as others who have been very involved in past administrations.

Wall Street appeared to like Obama's choices as the Dow recorded its second straight day of big gains, adding to Friday's rally when news of the team was leaked. Analysts say the market also cheered Obama's plan for another large economic stimulus plan that would be implemented almost immediately after he takes office in January.

Hugh Johnson is the chief investment officer of Johnson Illington Advisors.

It's a lot of money, but nevertheless I think the Wall Street is gonna accept it, especially if the payoff is a recovery or the beginnings of a recovery in the economy.

And underscoring the depth of the crisis, Obama warned that despite all of the immediate efforts by his economic team, the US economy is likely to get worse before it gets better.

Jon Decker, Reuters.

参考中文翻译：

11月24日，奥巴马承诺，为刺激低迷的美国经济，明年将耗巨资推出新的刺激方案。

和美国总统布什，财务部长Henry Paulson会晤不到一小时之后，奥巴马表示美国经济将从目前的金融危机中恢复过来。奥巴马表示，1月份执政后，他的经济团队会帮助他操纵从前任手中继承的经济危机。

现在我们的经济陷入恶性循环。华尔街的混乱意味着家庭和公司新一轮的强制性节约。居民生产和消费减少加剧了金融市场的问题。

奥巴马宣布，克林顿政府时期的前财务部长Lawrence Summers将出任国家经济委员会的主任。纽约联邦储备银行的主席Timothy Geithner将出任下一届财务部长。 The Brookings Institution’s Darrell West:

奥巴马意识到我们面临着难以置信的金融危机，所以选择了很多有经验的人，包括曾经为救市计划工作过的Timothy Geithner，还有曾经在过去的政府中任职过的人。

华尔街对奥巴马的选择深表欢迎，道琼斯指数迎来第二个高峰，当周五宣布经济团队时更加鼓舞士气。分析家说市场也为奥巴马1月份上任后马上即将采取的另一个大规模的刺激经济计划欢心鼓舞。

Hugh Johnson 是Johnson Illington Advisors的首席投资官。

那是好多钱，但是我认为华尔街会接受的，尤其如果得到的回报是经济的复苏或者开始复苏。

为了强调危机的严重性，奥巴马警告说，虽然他的经济团队采取了很多及时的措施，但是在经济恢复之前，美国经济还会继续恶化。