President-Elect Barack Obama unveils his core economic team

“There are no shortcuts or quick fixes to this crisis,” Barack Obama said as he presented his economic team in Chicago on Monday. “The truth is, we do not have a minute to waste,” Mr. Obama said. “These extraordinary stresses on our financial system require extraordinary policy responses.”

CHICAGO — President-elect Barack Obama, calling for “sound judgment and fresh thinking” to address the nation’s economic crisis, announced Monday his selection of Timothy Geithner, president of the New York Federal Reserve, as Treasury secretary, and Larry Summers, a former Treasury secretary, as head of the National Economic Council.

Obama also named Christina Romer, an economics professor at the University of California at Berkeley, to chair his Council of Economic Advisers, and Melody Barnes, of the Center for American Progress, as director the Domestic Policy Council.

In making the announcement, Obama said the country is facing an economic crisis of “historic proportions.”

“If we do not act swfitly and boldly most experts believe that we could lose millions of jobs next year,” he said.

To that end, Obama said, he sought an economic team with “sound judgment and fresh thinking.”

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