In three quick days, Barack Obama has seized the nation's economic recovery plan from President George W. Bush and propelled it in a direction long opposed by the White House.
For evidence of Obama's sudden ascendancy, look no further than the corner of the television screen during the president-elect's third and final economic news conference of the week. Stocks were rising from earlier declines Wednesday as Obama promised to get the economy back on track.
"Markets hate uncertainty, and if they're not getting direction from the current administration they'll look to the next," said Vincent Reinhart, a former director of the Federal Reserve Board's Division of Monetary Affairs during the Bush administration.
What's striking in this case, however, is the market's tolerance for the widely different approach that Obama is promoting, compared to recovery plan laid out by Bush.
Obama is promoting multi-billion dollar economic stimulus package that the Bush administration vowed to veto.
For evidence of Obama's sudden ascendancy, look no further than the corner of the television screen during the president-elect's third and final economic news conference of the week. Stocks were rising from earlier declines Wednesday as Obama promised to get the economy back on track.
"Markets hate uncertainty, and if they're not getting direction from the current administration they'll look to the next," said Vincent Reinhart, a former director of the Federal Reserve Board's Division of Monetary Affairs during the Bush administration.
What's striking in this case, however, is the market's tolerance for the widely different approach that Obama is promoting, compared to recovery plan laid out by Bush.
Obama is promoting multi-billion dollar economic stimulus package that the Bush administration vowed to veto.
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