Today brought more evidence that the economy is not doing well and the Commerce Department today revealed that Americans cut back by 3.7% in the last quarter, the most since 1980. Treasury Secretary Paulson said that was partly why the government announced it would buy toxic mortgages and other bad loans. Paulson said things would be much worse if the bailout hadn't been authorized. Paulson said U.S. officials are coordinating their moves with finance ministers around the world and they're working closely with Obama's transition team. The President-elect held a news conference today and said his economic advisors will be balancing the need for swift action and budgetary oversight. Obama said his incoming administration has a mandate for change during these extraordinary times. That's also what global markets are looking for and this analyst says world leaders are hoping to hear that Obama is planning bold and intelligent action to revive the U.S. economy.
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