Barack Obama is only the President-elect while George Bush remains officially U.S. president until January 20, 2009. However, as far as the world’s political and business leaders are concerned, Barack Obama is the one in charge. Bush is seen as a lame duck while the global economic crisis worsens, and his statements on the American financial collapse are viewed as increasingly irrelevant. However, when Obama holds a news conference or announces a senior appointment, the whole world listens with riveted attention.

It appears that the American people and most of the world cannot wait until the Bush presidential term is finally history, and Barack Obama is inaugurated as the 44th president. What is also clear, however, is everyone is looking to Obama to provide leadership that will lead America out of its worst financial crisis since the Great Depression. Judging by his initial responses, it seems apparent that Barack Obama has no illusions as to the depth of the challenge and responsibility he is now assuming.