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President-Elect Barack Obama Announces Economic Team

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Monday, November 24, 2008; 12:22 PM



[*] OBAMA: The news this past week, including this morning's news about Citigroup, has made it even more clear that we are facing an economic crisis of historic proportions.

Our financial markets are under stress. New home purchases in October were the lowest in half-a-century. Recently, more than 500,000 jobless claims were filed, the highest in 18 years.

And if we do not act swiftly and boldly, most experts now believe that we could lose millions of jobs next year.

While we can't underestimate the challenges that we face, we also can't underestimate our capacity to overcome them, to summon that spirit of determination and optimism that has always defined us, and to move forward in a new direction to create new jobs, reform our financial system, and fuel long-term economic growth.

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