BUFFALO, N.Y. (WIVB) - Things will get worse before they get better. That's the latestword on the money meltdown from President-Elect Barack Obama.
As he pushes Congress to begin work on a major stimulus package,Obama said millions of people could lose their jobs in the nextyear.
President-Elect Barack Obama said, "We are going to do what'srequired to jolt this economy back into shape."
President-Elect Barack Obama announced his economic team Monday,amid yet another bailout - this time to Citigroup for another 20billion.
Buffalo resident Carolyn Pierce said, "I don't think he will beable to do anything without surrounding himself with the rightpeople that can help him."
And that is Obama's goal.
He announced Monday that Former Treasury Secretary Larry Summerswill head up his National Economic Council and New York FederalReserve President Timothy Geithner will be his TreasurySecretary.
Buffalo State Economics Department Chair Ted Schmidt said, "Italmost pushes Paulson aside a little bit now that Geithner's theincoming treasury secretary and he certainly will help shape thingsas we transition."
University of California, Berkeley Economics Professor ChristinaRomer will take over as chair of the President's Council ofEconomic Advisors.
And the one surprise pick Monday was policy expert and relativeunknown Melody Barnes.
Schmidt said, "That's an interesting pick because especiallysince he emphasized this idea of long-term growth with health care,education, infrastructure, and her area of expertise being healthcare and education."
President-Elect Obama also talked about his economic stimulusplan to create 2.5 million jobs, but didn't give any details as tohow he would fund it.
Schmidt said, "Well it's preventing job losses but also buildingback and growing jobs again."
Many western New Yorkers just hope he sticks to his campaignpromises.
Kenmore resident Lloyd Tanner said, "His platform her ran on, Ihope he doesn't change his platform."
As Obama spoke Monday, stocks dipped about 150 points, but thenrebounded to end the day up nearly 400 points.
An airman from Niagara Falls was away training for the Air Force for months. After being apart from his family, he decided to surprise them at Kelly’s Country Store in Grand Island.
A Buffalo city jail cell block attendant was arrested early Saturday morning on multiple animal cruelty charges.
Family and friends created a memorial for James complete with notes and candles.
Detectives say Brandon Cahee, 28, was found in an upper apartment of a home on Ericson Avenue, and he had been shot.
It's been one month since Typhoon Haiyan barreled through the Philippines, leveling towns and killing nearly 6,000 people.
Rookie Mike Glennon rebounded from one of his worst performances of the season to throw two touchdown passes and lead the Tampa Bay Buccaneers a 27-6 victory over the struggling Buffalo Bills on Sunday.