Whether you like the fact that Obama was elected as the next president or not, he was and therefore it is President George Bush's responsibility to make sure that the transition is handled as smoothly as possible and he is doing just that.
An announcement today shows that Bush is doing exactly that.
“Secretary, thank you very much for inviting me in for a cup of coffee. The secretary and I share the concerns of our citizens: concerns about jobs, concerns about their savings accounts. This is a tough situation for America, but we'll recover from it. And the first step to recovery is to safeguard our financial system.
“Now, last night on Air Force One, coming back from Peru, I talked at length to the secretary about his recommendation on the decisions made to safeguard Citigroup — Citicorp. Now, we have made these kind of decisions in the past. We made one last night. And if need be, we're going to make these kind of decisions to safeguard our financial system in the future.
“I talked to President-elect Obama about the decision we made. I told the American people, and I told the president-elect when I first met him that any time we were to make a — a big decision during this transition, he will be informed as will his team.
“Secretary Paulson is working closely with the president-elect's transition team. It's important for the American people to know that there is close cooperation. It's important for the American people to know that we will safeguard the financial system as the first step necessary for financial and economic recovery. .. Mr. Secretary, thanks for your hard work. ‘Preciate it. Thank you.
Many disagree with all the bailouts being proposed, but that is a discussion for another post. The issue here is the cooperation between the President's team and Obama's transition team in making sure that when Obama takes over in January he has the knowledge available and the handover is as smooth a possible.
[Update] Obama says he and Bush are "united" in their efforts to get the economy back on track.
President-elect Barack Obama on Monday called the financial crisis one of "historic proportions" and said that he and the Bush administration are "united" in their efforts to get the economy back on track.
As Obama unveiled his economic team, he said there isn't "a minute to waste" when it comes to rebuilding the economy.
"My commitment is to do what is required. President Bush has indicated that he has the same approach, the same attitude," Obama said at a news conference in Chicago, Illinois.
Obama's remarks came just hours after the federal government announced a massive rescue package for Citigroup -- which President Bush said he'd spoken about with Obama before it was announced.
Today's Bailout News:
Democrats' Stimulus Plan May Reach $700 Billion
Joint Statement by Treasury, Federal Reserve, and the FDIC on Citigroup
The Citigroup Bailout
U.S. Pledges Top $7.7 Trillion to Ease Frozen Credit