After meeting with 17 economic advisers, Barack Obama and Joe Biden will hold a press conference today probably focusing on the worsening financial crisis. The press conference is expected to start at 1:30 p.m. (central time) at the Hilton Chicago. Attending the earlier meeting are billionaire businessman, Warren Buffet, and former Treasury Secretary, Lawrence Summers.

BBC reported today that The US Labor Department’s monthly jobs report this morning showed that “the economy shed 240,000 jobs in October, bringing the year’s total job losses to 1.2 million. The unemployment rate climbed from 6.1 percent to 6.5 percent, the highest it has been since March 1994″.

Obama won’t make any more personnel announcements. Yesterday he announced the appointment of Rahm Emmanual as Chief of Staff. In his statement, Obama said “I announce this appointment first because the chief of staff is central to the ability of a president and administration to accomplish an agenda. And no one I know is better at getting things done than Rahm Emanuel.”

He is expected to appoint David Axelrod as senior White House Adviser, and Robert Gibbs as White press secretary. According to CNN, names circulating for the treasury secretary position include Timothy Geithner (president of the New York Federal Reserve), Summers and Paul Volcker (former Federal Reserve chairman). “This is one of the first times that I can remember that the secretary of the treasury is going to be almost as important as the secretary of state,” said CNN senior political analyst David Gergen.

On Monday, Obama and Bush will meet in the White House to discuss the economy.

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