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It was a sign of what dire straits the economy finds itself in, CBS' Dean Reynolds observed, that Obama should "put his economic team in place before his national security team." Reynolds called crafting the stimulus an "unenviable job." ABC's George Stephanopoulos reckoned that "we have never seen an entire economic team appointed so quickly." NBC's Savannah Guthrie dubbed the President-elect the "de facto leader in the economic crisis." His hiring of Geithner for Treasury meant little on-the-job training concerning the financial crisis, ABC's Jake Tapper pointed out, since he "has been dealing with Wall Street's woes for months" as head of the Federal Reserve Bank of New York.
CBS substitute anchor Harry Smith inquired about the need for a fiscal stimulus package of Arthur Levitt, former Chairman of the Securities & Exchange Commission. His answer was grim: "We are talking about three basic pillars of the economy--finance, automobile and housing. If all three of those are in the tank we have an economy absolutely in the depths of despair." ABC's Stephanopoulos assessed the size of the stimulus, once $175bn, now $500bn, or even $700bn over two years. He predicted that Speaker Nancy Pelosi can organize the House of Representatives to have a bill ready to sign on Inauguration Day. The slower Senate might insist on "full hearings and full debate."
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