Obama Addresses Economy In First News Conference

President-elect Obama says the hardships many Americans are suffering economically are an “urgent reminder''  that the nation's leaders must act swiftly to stabilize the financial industry.

Obama held his first news conference since being elected Tuesday to succeed President Bush. Surrounded by a large group of economic  advisers, he said he has asked his transition team, specifically, to work on some ideas to help the staggering auto industry.   Obama signaled support for economic bailout of the auto industry and second economic stimulus plan. 

Rep. Rahm Emanuel, Obama's newly chosen White House chief of staff, was among those who stood at his side, along with former Federal Reserve Chairman Paul Volcker and Michigan Gov. Jennifer Granholm.