Monday, November 24, 2008

Two Presidents at a Time

As the incoming president introduced his economic team and said there isn't "a minute to waste" in putting them to work, there was a brief, almost ghostly sighting of George W. Bush and Henry Paulson on cable news to promote the Citibank bailout, which Bush said he had discussed with Obama before it was announced.

"My commitment is to do what is required," Obama said at his Chicago news conference today. "President Bush has indicated that he has the same approach, the same attitude."

The President-Elect added that he has asked his new team to consult with Congress, the Bush Administration and the Federal Reserve on economic developments over the next two months.

So much for one president at a time, but the cooperative effort is not going to solve the main problems. The Citibank bailout was needed but drew immediate criticism from economists for being too large. too generous and without adequate supervision.

No matter how hard both Administrations try to deal with it, the two-presidents trap is going to be messy and expensive from now until January 20th.

No comments: