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    President Obama held his first news conference since the election and emphasized the urgent need to address the economic crisis. He had met with a council of economic advisors that included former Treasury Secretaries, a former Fed Chairman, and business leaders like Warren Buffett. In additional troubling economic news, the Labor Department reported job losses of 240,000 in October, bringing the yearly total to 1.2 million, while the unemployment rate rose to 6.5%. General Motors also reported a much larger than expected loss of $4.2 billion and warned they were low on cash and in danger financially in the coming months.

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    President Obama held his first news conference since the election and emphasized the urgent need to address the economic crisis. He had met with a council of economic advisors that included former Treasury Secretaries, a former Fed Chairman, and business leaders like Warren Buffett. In additional troubling economic news, the Labor Department reported job losses of 240,000 in October, bringing the yearly total to 1.2 million, while the unemployment rate rose to 6.5%. General Motors also reported a much larger than expected loss of $4.2 billion and warned they were low on cash and in danger financially in the coming months.

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    Download as PDF, TXT or read online from Scribd
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    12 views1 page

    w10 Lab ConnieKim

    Uploaded by

    Connie Kim
    President Obama held his first news conference since the election and emphasized the urgent need to address the economic crisis. He had met with a council of economic advisors that included former Treasury Secretaries, a former Fed Chairman, and business leaders like Warren Buffett. In additional troubling economic news, the Labor Department reported job losses of 240,000 in October, bringing the yearly total to 1.2 million, while the unemployment rate rose to 6.5%. General Motors also reported a much larger than expected loss of $4.2 billion and warned they were low on cash and in danger financially in the coming months.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    of 1

    DLI

    DESIGN LAB ONE

    GROCS DL1 cPortal


    2009
    "We are facing the greatest economic
    challenge of our lifetime and we are
    going to have to act swiftly to solve it,"
    Obama said in his first news conference
    since his election.
    Before the press conference, Obama and
    Biden met with a 17-member council of
    economic advisers.
    Among the panelists were former Trea-
    sury Secretaries Lawrence Summers and
    Robert Rubin, former Fed Chairman Paul
    Volcker, billionaire businessman Warren
    Buffett and other leaders in business and
    politics.
    The Labor Department's monthly jobs
    report Friday morning showed that the
    economy shed 240,000 jobs in October,
    bringing the year's total job losses to 1.2
    million. The unemployment rate climbed
    from 6.1 percent to 6.5 percent, the high-
    est it has been since March 1994. Also 1 2
    Friday, General Motors Corp., the nation's 3 4 5 6 7 8 9
    largest automaker, reported a huge loss 10 11 12 13 14 15 16
    17 18 19 20 21 22 23
    that was much worse than expected and 24 25 26 27 28 29 30
    warned it's in danger of running out of 31
    cash in the coming months. GM said it
    lost $4.2 billion, or $7.35 a share, exclud-
    ing special items.

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