President Barack Obama

President Obama has been working at a furious pace to craft coherent policy responses to the worsening economic crisis. His Secretary of the Treasury, Timothy Geithner, has been approved by the Senate and is now on the job. Obama’s $819 billion economic stimulus bill has been approved by the House of Representatives, albeit without a single Republican congressman voting for it, despite attempts by Barack Obama to win bipartisan support. In the meantime, the economic and unemployment data betray a fast deteriorating American and global economy.

Barack Obama has announced his intentions to formulate a plan that responds to both the economic crisis and the collapse of the U.S. banking sector. President Obama will have a difficult decision to make with respect to the banking crisis. Even with the $700 billion TARP program, the bank crisis in the U.S. is getting worse. It may eventually require trillions of dollars of taxpayer money to recapitalize the banks.

President Barack Obama is beginning his term in office with the worst financial and economic crisis since the Great Depression on his plate. President Obama has warned the American people that things will get worse before they improve. Obama has also warned that doing nothing will lead to an even larger disaster as the Global Economic Crisis cripples the U.S. and other major economies.