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Obama Elected President, Amid A Shattered Economy

By: Steve Johnson

11/5/2008 - 20 Comments

Barack Obama swept to victory as the nation's first black president Tuesday night.

In his victory speech, Obama listed some of the challenges ahead, "two wars, a planet in peril, the worst financial crisis in a century."

In January, when Obama moves into the Oval Office as leader of this country, he will face an almost certain recession where his first order of business will be to tackle the economy.

Congress has also taken several more seats from the Republicans, giving Obama a virtual open door to implement his new policies.

Both McCain and Obama seems to indicate in there speeches that they were not expecting the economy crisis that we are now facing.   Yet, the housing market collapse began more then a year ago.  I guess they believed Federal Reserve Chairman Ben Bernanke and Secretary Treasure Henry Paulson, who repeatedly said the mortgage collapse was contained and would not spread into the financial markets.

It will be interesting to see who Obama recruits as his economy advisors and who he replaces Secretary Treasure Henry Paulson with when his term expires in January. 

Change is coming, that is for sure. We will get to see how effective the ‘spread the wealth’ strategy is and how large the national deficit grows as congress passes bailout after bailout to try and stimulate the economy.

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