President-Elect Obama's press conference on Monday established a reassuring tone that he will make every attempt to do whatever necessary to rescue the American economy and save as many jobs as possible, as well as to aid many troubled business sectors. The Dow Jones Average went up 396 points in response to the positive tone set by the President-Elect.
Despite the fact that George Bush will continue to be the president until well into January, the financial community really needed to hear this reassuring message that President-Elect Obama will make confronting the economy his absolute major priority coming into office, and the announcement of his picks for top economic cabinet members and advisors also sent a assuring tone to the Wall Street community as well.
What the nation saw today in Obama was a very brilliant man who is very engaged and ready to move the country ahead with his feet running on the ground on day one of his presidency. It was a strong image of a leader with steely nerves ready to address any coming challenge and a perfect image of presidential strength as not witnessed in some years.
President-Elect Obama needed to switch from campaign mode to presidential mode today, and he did so perfectly. It was a perfect image of America in very capable hands and another sure sign that Main Street America made the right choice for president earlier month. Main Street America wisely chose the strongest leader and the best leader to address the serious economic problems confronting the nation and Wall Street sure liked what they heard today as well.
The bad state of the economy might also make it easier for President-Elect Obama to get portions of his programs dealing with health care reform and other issues more easily passed by congress as well if Obama can make the case that these issues are tied to the economy.
Maybe nothing really change with the economy today in all reality. But the tone set by President-Elect Obama indeed was what the nation really needed to hear today.
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