President-elect Obama names treasury secretary, outlines economic recovery goals

CHICAGO — President-elect Barack Obama, warning that “we are facing an economic crisis of historic proportions,” unveiled key members of his economic team today, led by New York Federal Reserve President Timothy Geithner as treasury secretary, and pledged to push a massive recovery plan quickly.

The goals of that plan, Obama said at a news conference eight weeks before he’s to be sworn in as the nation’s 44th president, include stabilizing the financial system while “addressing our growing foreclosure crisis, helping our struggling auto industry and creating and saving 2.5 million jobs.”

He warned, however, “We know this won’t be easy, and it won’t happen overnight.”

Obama said he talked earlier today with President George W. Bush and Federal Reserve Chairman Ben Bernanke, illustrating how closely he’s coordinating with those in power even though his own inauguration is two months away.

Earlier today, Bush, too, underscored that he’s keeping Obama informed of all major decisions. The point illustrates how troubled these times are and how much the world already is looking to Obama for authority.