Below is the edited version of an AP story that ran on the top of the Lexington Herald-Leader’s Nation/World page on Thursday, Nov. 27, 2008 – mentioning the fact that former Federal Reserve Chairman Paul Volcker is a Trustee Fellow at Georgetown College.


By Sara Kugler and Stephen Ohlemacher
Associated Press

CHICAGO – President-elect Barack Obama sought to reassure the nation and nervous holiday shoppers about the ailing economy Wednesday as beleaguered stores braced for their most important month of the year.

“Help is on the way,” he proclaimed at his third news briefing on the economy this week. Fifty-five days away from taking office, he declared he would have an economic plan ready for action “starting day one.”

Investors’ improved spirits kept pace. The Dow Jones industrials climbed 247 points, marking the first time since last spring that the average had risen for four straight sessions.

To help with ideas from outside the White House, Obama announced he was forming a new team of advisers with former Federal Reserve Chairman Paul Volcker as the head.

“There is no doubt that during tough economic times family budgets are going to be pinched,” Obama said. “I think it is important for the American people, though, to have confidence that we’ve gone through recessions before, we’ve gone through difficult times before, that my administration intends to get this economy back on track.”

Volcker, 81, will head the President’s Economic Recovery Advisory Board. The board’s top staff official will be Austan Goolsbee, a University of Chicago economist, Obama said.

Volcker, who is a Trustee Fellow at Georgetown College, is no stranger to economic crises, having led the Fed under two presidents from 1979 to 1987.