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« What A Cycle | Blog Home Page | Georgia Senate Runoff Update »

Strategy Memo: Turkey Week

It's Turkey Week already, and here on Capitol Hill things are pretty quiet. After a week of bustle inside the Capitol, most of the news for now will be coming out of Chicago...

**The President-elect is set to announce this morning key members of his economic policy team, whose goal it will be to lead the country out of its financial slump. The noon ET press conference, being held in Chicago, will introduce New York Federal Reserve president Timothy Geithner as Treasury Secretary, former Treasury Secretary Larry Summers as National Economic Council director, and University of California - Berkeley economics professor Christina Romer as chair of the Council of Economic Advisers, ABC News reported this morning.

**Those advisers may oversee a stimulus package totalling as much as $700 billion over the next two years -- more than the U.S. has spent in Iraq over the last six years, the Washington Post reports. "This is as big of an economic crisis as we've faced in 75 years. And we've got to do something that's up to the task of confronting that," Goolsbee said on CBS's "Face the Nation." "I don't know what the exact number is, but it's going to be a big number."

**Over on the RCP Blog, Tom Bevan welcomes readers to "another week in our brave new world." As the New York Times reports, Federal regulators yesterday "approved a radical plan to stabilize Citigroup in an arrangement in which the government could soak up billions of dollars in losses at the struggling bank."

**While Rep. Barney Frank (D-Mass.), the House Financial Services Committee chairman, is upset with the plan, as Politico reports, it's already produced some results. The Dow Jones is reportedly up 300 points so far this morning, though the Wall Street Journal's Benoit and Curran note a key point: "That the U.S. government felt compelled to backstop a bank of Citi's scale shows how fragile the financial system is, and how limited the success from the drastic measures already implemented by governments and central banks."

Check back later for updates on the Senate elections still going on in Georgia and Minnesota, as well as updates on all things political.