BUFFALO, N.Y. (WIVB) - - President-Elect Barack Obama spoke to reporters Friday as thenation awaits his take on the Wall Street meltdown.
In his first public appearance since the election,President-Elect Barack Obama said stabilizing the economy is hismajor priority.
Obama said, "We are facing the greatest economic challenge ofour lifetime and we are going to have to act swiftly to solveit."
Obama said that if the lame-duck Congress doesn't pass astimulus package for the middle class before he takes office inJanuary, that will be his first move.
Two local financial experts that watched the press conferencewith News 4, disagree on whether that's the right move.
Mike Lomas (Next Financial Group) said, "No I think the toppriority should be jobs, jobs, jobs, jobs."
Buffalo State College Economics Professor Doctor TedSchmidt said, "A short term fiscal stimulus is trying to stabilizethe economy and prevent more job losses. So creating jobs is whatwe need to do in the long run but preventing job losses is anotherway of keeping jobs."
Standing around Obama was his council of 17 economicadvisors.
Dr. Schmidt said, "You've got some really strong names inthis group and that alone says to me I'm confident with whatthey're going to come up with."
The Dow dropped 100 points during Obama's speech, but it closedup about 250 points at the end of the day.
Lomas said, "Some economists thought he should wait until themarkets close so they could digest it over the weekend The realityis if you're buying stocks for what they look like tomorrow orMonday or Friday you shouldn't be in the market."
Obama made no new personnel announcements Friday. But Thursdayhe did name United States Congressman Rahm Emanuel of Illinois ashis chief of staff.
A man who was wrongly convicted of second degree murder in 2009 has been set free after spending four years in prison.
Investigators are trying to determine who dumped a dog on the side of the road inside a zipped up Coors Light thermal bag.
A woman was arrested Sunday after she allegedly tried to bite her neighbor during an argument over offensive odors.
Buffalo's running community has lost an icon. John Beishline has died.
Lake Snow On the Move Tonight; May Return Briefly North Wed; Lengthy "Event"
New research shows three popular methods of quitting smoking do not increase risk of heart attacks and strokes.