Obama Moving Quickly to Seek Solution to Crisis

Under the watchful eye of the international community, U.S. President-elect Barack Obama is speeding up efforts to find a solution to the global financial turmoil.

The Illinois senator held an emergency meeting yesterday in Chicago with top economic advisers from his election campaign team, including investment guru Warren Buffett, former Treasury secretaries Robert Rubin and Lawrence Summers, and former Federal Reserve Chairman Paul Volcker.

Other prominent names joined in such as Google Chairman Eric Schmidt, Xerox CEO Anne Mulcahy and Time Warner Chairman Richard Parsons.

Obama was also scheduled to hold a news conference after the meeting, the first of its kind since his election, on his transition committee and measures to counter the credit crunch.

Prior to the meeting, he named Illinois Congressman Rahm Emanuel as White House chief of staff.

Obama said he picked Emanuel as his top aide for his profound insight into the economy, the next administration`s core agenda.

The Dow plummeted 930 points or 9.66 percent over Wednesday and Thursday after Obama’s election.

Obama is also in close consultation with Democratic congressional leaders on additional stimulus measures to boost the real economy.

American media also say Summers and New York Federal Reserve Bank President Timothy Geithner are the leading candidates for Treasury secretary.

Obama will have a one-on-one meeting with President George W. Bush Monday on measures to overcome the financial turmoil, saying collaboration with the incumbent administration will be essential in alleviating the economic crisis.

higgledy@donga.com