{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='WRAP President-elect introduces his economic team; jobs soundbite' data-url='/boclips/videos/5c54c544d8eafeecae16ef0b' data-video-url='/boclips/videos/5c54c544d8eafeecae16ef0b' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nWRAP President-elect introduces his economic team; jobs soundbite\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Mid of US president-elect Barack Obama's new economic team walking into news conference2. Close-up US Vice President-elect Joe Biden and Obama walk in 3. Side-angle of Obama at podium4. SOUNDBITE: (English) Barack Obama, US...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Mid of US president-elect Barack Obama's new economic team walking into news conference\u003cbr/\u003e2. Close-up US Vice President-elect Joe Biden and Obama walk in \u003cbr/\u003e3. Side-angle of Obama at podium\u003cbr/\u003e4. SOUNDBITE: (English) Barack Obama, US President-elect:\u003cbr/\u003e\"The news this past week, including this morning's news about Citigroup, has made it even more clear that we are facing an economic crisis of historic proportions. Our financial markets are under stress. New home purchases in October were the lowest in half a century. Recently more than half a million jobless claims were filed, the highest in 18 years and if we do not act swiftly and boldly most experts now believe that we could loose millions of jobs next year. While we can't underestimate the challenges that we face, we also can't underestimate our capacity to overcome them. \u003cbr/\u003e5. Close up of Biden (OVER FOLLOWING SOUNDBITE)\u003cbr/\u003e6. SOUNDBITE: (English) Barack Obama, US President-elect: (SOUNDBITE STARTS ON CUTAWAY)\u003cbr/\u003e\"I've sought leaders who could offer both sound judgement and fresh thinking. Both a depth of experience and a wealth of bold new ideas and most of all who share my fundamental belief that we cannot have a thriving Wall Street without having a thriving Main Street. That in this country we rise or fall as one nation, as one people.\"\u003cbr/\u003e7. Cutaway of journalist\u003cbr/\u003e8. SOUNDBITE: (English) Barack Obama, US President-elect: \u003cbr/\u003e\"Today Vice President-elect Biden and I are pleased to announce the nomination of four individuals who meet these criteria to lead our economic team - Timothy Geithner, as Secretary of Treasury - Lawrence Summers, as the Director of our National Economic Council - Christina Romer, as Chair of the Council of Economic Advisors - and Melody Barnes as Director of the Domestic Policy Council.\"\u003cbr/\u003e9. Wide pan of reporters listening to Obama\u003cbr/\u003e10. SOUNDBITE: (English) Barack Obama, US President-elect: \u003cbr/\u003e\"Having served in senior roles at Treasury, the IMF and the New York Fed, Tim Geithner offers not just extensive experience shaping economic policy and managing financial markets, he also has an unparalleled understanding of our current economic crisis in all of its depth, complexity and urgency. Tim will waste no time in getting up to speed. He will start his first day on the job with a unique insight into the failures of today's markets and a clear vision of the steps we must take to revive them. The reality is that the economic crisis we face is no longer just an American crisis, it's a global crisis, and we will need to reach out to countries around the world to craft a global response.\"\u003cbr/\u003e11. Cutaway reporters\u003cbr/\u003e12. SOUNDBITE: (English) Barack Obama, US President-elect:\u003cbr/\u003e\"My administration will honour the public commitments made by the current administration to address this crisis. Further, beyond any immediate action we may take, we need a recovery plan for both Wall Street and Main Street, a plan that stabilises our financial system and gets credit flowing again, while at the same time addressing our growing foreclosures crisis, helping our struggling auto industry and creating and saving 2.5 million jobs, jobs rebuilding our infrastructure, our roads, our bridges, modernising our schools and creating the clean energy infrastructure of the 21st century\".\u003cbr/\u003e13. Side-angle of Obama speaking\u003cbr/\u003e14. SOUNDBITE: (English) Barack Obama, US President-elect:\u003cbr/\u003e\"I think the most important thing to recognise is that we have a consensus, which is pretty rare, between conservative economists and liberal economists, that we need a big stimulus package that will jolt the economy back into shape and that is focussed on the 2.5 million jobs that I intend to create during the first part of my administration.\"\u003cbr/\u003e15. Wide, pan of audience\u003cbr/\u003ePresident-elect Barack Obama named his economic team on Monday, tapping New York Federal Reserve President Tim Geithner as Treasury secretary to deal with \"an economic crisis of historic proportions.\"\u003cbr/\u003eAt a news conference 57 days before his inauguration, Obama also said Lawrence Summers would be director of his National Economic Council. \u003cbr/\u003eSummers was Treasury secretary under former President Bill Clinton and a former president of Harvard University.\u003cbr/\u003eObama said that recent news \"has made it even more clear that we are facing an economic crisis of historic proportions.\" \u003cbr/\u003eOffering a grim prediction, he added, \"Most experts now believe that we could lose millions of jobs next year.\"\u003cbr/\u003eHe said his newly named economic team offered \"sound judgment and fresh thinking\" at a time of economic peril.\u003cbr/\u003eObama stepped to the microphones one day after his aides urged the incoming Democratic-controlled Congress to work with unusual speed in passing an economic stimulus package. \u003cbr/\u003eSome lawmakers have said a measure in the range of 700 (b) billion US dollars over two years may be passed, in hopes of achieving the president-elect's goal of securing 2.5 million jobs.\u003cbr/\u003eObama takes the oath of office on Jan. 20 as the nation's 44th president,and will confront economic difficulties as great as any since the Great Depression in the 1930s. \u003cbr/\u003eCongress begins its work on Jan. 6. \u003cbr/\u003e\"The economy is likely to get worse before it gets better,\" he said in a downbeat forecast, delivered as Americans head into the year-end holiday season.\u003cbr/\u003eAt the same time, he expressed confidence the nation would weather the crisis \"because we've done it before.\"\u003cbr/\u003eHe called on Congress to start work on an aggressive plan when it is sworn in January, so that his administration can, as he put it, \"hit the ground running.\"\u003cbr/\u003eObama pledged to honour the commitments the outgoing Bush administration has made to rescue financial markets.\u003cbr/\u003eObama wants action that will stabilize the financial system and get credit flowing, as well as create jobs in areas including rebuilding infrastructure and creating clean energy.\u003cbr/\u003eThe president-elect was mildly critical of the Big Three automakers, saying he was surprised they did not have a better-thought-out plan for their future before asking Congress to approve 25 (b) billion US dollars in emergency loans.\u003cbr/\u003eHe said once he sees a plan, he expects \"we're going to be able to shape a rescue.\"\u003cbr/\u003eObama also announced two other members of his economic team in the making. \u003cbr/\u003eHe named Christina Romer as chair of his Council of Economic Advisers, and Melody Barnes as director of his White House Domestic Policy Council.\u003cbr/\u003eThe emphasis on the economy began on Saturday when Obama outlined the framework to save or create 2.5 million jobs by the end of 2010. \u003cbr/\u003eThe scope of the recovery package is far more ambitious than Obama had spelled out during his presidential campaign, when he proposed 175 (b) billion US dollars of spending and tax-cutting stimulus. \u003cbr/\u003eThe new plan will be significantly larger and incorporate his campaign ideas for new jobs in environmentally friendly technologies - the \"green economy.\" \u003cbr/\u003eIt also would include his proposals for tax relief for middle- and lower-income workers.\u003cbr/\u003eIn the latest bailout, the US government announced late Sunday it had agreed to shoulder hundreds of billions of dollars in possible losses at the banking giant Citigroup, and to put a fresh 20 (b) billion US dollars into the stricken company.\u003cbr/\u003ePresident George W. Bush said he consulted with Obama on the Citigroup rescue, noting \"close cooperation\" between his administration and the incoming Obama camp.\u003cbr/\u003eThe move to rescue Citigroup is the latest in a string of high-profile government bailout efforts.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star-half-stroke text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-regular fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt class=\"educator-rating-title\"\u003eEducator Rating\u003c/dt\u003e\u003cdd\u003e\u003cdiv class=\"educator-rating-details\" data-path=\"/educator_ratings/rrp_data?resourceable_id=1125823\u0026amp;resourceable_type=Boclips%3A%3AVideoMetadata\"\u003e\u003cspan class=\"not-yet-rated\"\u003eNot yet Rated\u003c/span\u003e\u003c/div\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eGrade\u003c/dt\u003e\u003cdd title=\"Grade\"\u003eHigher Ed\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eSubjects\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?grade_ids%5B%5D=259\u0026amp;search_tab_id=1\u0026amp;subject_ids%5B%5D=1216220\"\u003eAll Subjects\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eMedia Type\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?grade_ids%5B%5D=259\u0026amp;search_tab_id=2\u0026amp;type_ids%5B%5D=4543650\"\u003eNews Clips\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eSource:\u003c/dt\u003e\n\u003cdd\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eDate\u003c/dt\u003e\n\u003cdd\u003e2008\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003ci aria-hidden='true' class='fai fa-solid fa-language'\u003e\u003c/i\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eAudiences\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?audience_ids%5B%5D=371079\u0026amp;grade_ids%5B%5D=259\u0026amp;search_tab_id=1\"\u003eFor Teacher Use\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\u003cdd class=\"text-muted\"\u003e\u003ci class=\"fa-solid fa-lock mr5\"\u003e\u003c/i\u003e2 more...\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='concepts-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='concepts-heading'\u003eConcepts\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list concepts' data-identifier='Boclips::VideoDecorator' data-type='concepts'\u003edepth, bill clinton, business, time, barack obama, morning, chicago, george w. bush, markets, economy, fiscal policy\u003c/div\u003e\n\u003cdiv class='concepts-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='additional-tags-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='additional-tags-heading'\u003eAdditional Tags\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list keyterms' data-identifier='Boclips::VideoDecorator' data-type='keyterms'\u003egovernment policy, lead, government and politics, made, united states government, personnel, century, economic policy, domestic, legislature, bold, melody barnes, financial markets, plan, government business and finance, office of the president of the united states, economic stimulus, year, united states congress, underestimate, economic crisis, labor economy, lawrence summers, face, financial crisis, administration, inaugurations, council of economic advisers, wall street, hiring and recruitment, offer, domestic policy, jobs, experience, joe biden, christina romer, crisis, u.s. department of the treasury, nation, timothy geithner, half, emergency management, economic advisers, citigroup inc, clear, today, news\u003c/div\u003e\n\u003cdiv class='keyterms-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='educator-ratings-heading' class='rp-info-section'\u003e\n\u003ch2 class='title sr-only' id='educator-ratings-heading'\u003eEducator Ratings\u003c/h2\u003e\n\u003cdiv id=\"educator-ratings-root\"\u003e\u003c/div\u003e\u003cdiv id=\"all-educator-ratings-root\"\u003e\u003c/div\u003e\u003cdiv id=\"educator-rating-form-root\"\u003e\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-resource'\u003e\n\u003cdiv aria-label='Show resource details' class='rp-show-info' role='button' tabindex='0'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\nShow resource details\n\u003c/div\u003e\n\u003cdiv aria-label='Video player' class='player' id='player-wrapper' role='region'\u003e\n\u003cdiv class='relative container mx-auto' id='lp-boclips-visitor-thumbnail'\u003e\n\u003ca class=\"block\" data-html=\"true\" data-placement=\"bottom\" data-trigger=\"click\" data-content=\"\u003cdiv class=\u0026quot;text-center py-2\u0026quot;\u003e\u003ca class=\u0026quot;bold\u0026quot; href=\u0026quot;/auth/users/sign_in\u0026quot;\u003eSign in\u003c/a\u003e or \u003ca class=\u0026quot;bold text-danger\u0026quot; data-posthog-event=\u0026quot;Signup: LP Signup Activity\u0026quot; data-posthog-location=\u0026quot;body_link_boclips\u0026quot; data-remote=\u0026quot;true\u0026quot; href=\u0026quot;/subscription/new\u0026quot;\u003eJoin Now\u003c/a\u003e\u003c/div\u003e\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" aria-label=\"Play video: WRAP President-elect introduces his economic team; jobs soundbite\" href=\"/subscription/new\"\u003e\u003cimg class=\"resource-img img-thumbnail img-responsive z-10 lp-boclips-thumbnail w-full h-full lozad\" alt=\"WRAP President-elect introduces his economic team; jobs soundbite\" title=\"WRAP President-elect introduces his economic team; jobs soundbite\" onError=\"handleImageNotLoadedError(this)\" data-default-image=\"https://static.lp.lexp.cloud/images/attachment_defaults/resource/large/missing.png\" data-src=\"https://static.lp.lexp.cloud/images/attachment_defaults/resource/large/missing.png\" width=\"315\" height=\"220\" src=\"data:image/png;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs\" /\u003e\n\u003cspan aria-hidden='true' class='flex justify-center items-center bg-white rounded-full w-16 h-16 absolute top-1/2 left-1/2 -mt-8 -ml-8 cursor-pointer z-0 border-2 border-primary drop-shadow-md lp-boclips-thumbnail-playBtn'\u003e\n\u003ci class='fa-solid fa-play text-primary text-3xl ml-1 drop-shadow-xl'\u003e\u003c/i\u003e\n\u003c/span\u003e\n\u003c/a\u003e\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n"}