A more immediate post-election task, however, is one in which many financial experts expect policy to be driven less by ideology than by financial-market exigency: trying to control the still-unfolding crisis in credit markets. In recent weeks, this has proved to be a daunting task.
“Both campaigns have moved to bring in more experienced hands,” says John Silvia, chief economist at Wachovia Corp. in Charlotte, N.C. “You need to call in people who have … some gray on their temples.”
The roster of advisers for Obama includes former Treasury secretaries from the Clinton administration: Robert Rubin and Lawrence Summers.
In the final presidential debate earlier this month, the Illinois senator also emphasized his ties with a billionaire investment whiz from Nebraska and the man who jacked up Federal Reserve interest rates two decades ago to end 1970s inflation. “Let me tell you who I associate with,” Obama said. “On economic policy, I associate with Warren Buffett and former Fed Chairman Paul Volcker.”