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Obama Plans News Conference On Belt Tightening Today

President-Elect Obama plans another news conference on the subject of belt-tightening today, and how his new administration will look for areas of waste to cut to help pay for his economic stimulus plans. Obama will also reportedly announce a White House budget chief as well.

So far it has been the actions of President-Elect Obama that has reversed some huge Wall Street stock losses since Friday, through a variety of positive announcements of the immediate actions that he will take as president to help reverse the slide of the American economy into the worst financial crisis since the Great Depression of the 1930's. And Wall Street seems to be very positively responding to the actions of Obama where he seems to be very engaged on the economic crisis issue.

In other economic news related to Obama and the economy, the government of China has hailed the actions of Obama so far, and promises full cooperation with Mr. Obama as president to help stabilize the world economy. Chinese Foreign Ministry spokesman, Qin Gang announced praise for the "far more aggressive" recovery plans announced by Obama, and viewed the United States as the largest and most important economy in the world where Qin believed that, "We hope that the U.S. economy can sustain development, which is good for China and the world. The Chinese side will continuously coordinate and cooperate with the U.S. side to deal with the current international financial crisis".

More and more China considers itself as the most important trading partner with the United States as well as the second most important economy in the world after the U.S. in many important ways.

The signs from China of encouragement for the actions of Obama are also an encouraging sign of U.S.-Sino relations that grow in positive ways and a good sign of foreign cooperation with the U.S. to improve and reverse the world financial crisis.

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Comments (2)


Actually, Wall Street analysts credit the promise of funds to shore up Citibank with the current mini-rally on Wall Street. You should be careful Paul - more bad news, particularly a poor "black Friday" weekend (although I hope it doesn't happen) could pull the market back another 500 points. Will you be giving Obama credit for that as well?

With regard to budget cutting, I'm not particularly hopeful; the government has never managed to do with less, although it tells us to sacrifice all the time. But, in the spirit of "only Nixon could go to China," some pundits say that only a hardcore liberal Democrat (immune from charges of deliberately starving children and making old people eat dog food) could effectively convince the press and Hollywood - and incidentally, Congress - that budget cuts have to happen. Hopefully they're right.


I find it hard to believe that President Bush is not doing a damn thing to help the economy. After all, he is still the president. Why isn't he doing something? Just bailing out the top 5% of people isn't helping main street America, is it?

It figures the GOP is trying to blame Obama for everything and he isn't the president yet! And you have love all the idiots who just know what Obama is going to do, and what he is thinking of. Nice chrystal ball they have.


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