Shop Talk

A special greeting to Delaware,where I advertised this week.You are the domicile of many corporations,a business center for the region and the nation.Delaware is a logical place for a business publication to reach out.The motorists of the Washington metropolitan area are not reaching out to the Inauguration.They are bitterly critical of the extensive security measures being imposed,such as closing the major bridges from Virginia into the District of Columbia to private cars.These are the same voters who largely supported Mr.Obama in November.They chose this charismatic figure,a man who can draw millions from both home and abroad;now they regret the consequences.His entire presidency may be a special challenge for security agents and motorists wherever he travels.Not that it won't be worth it-that remains to be seen.

Who Is Mary Schapiro?

If Timothy Geithner,the Treasury Secretary-designate, is Mr.Experience,Mary Schapiro,whom President-elect Obama has chosen to head the Securities and Exchange Commission,the financial industry regulator,is Ms.Experience.Appointed by President Ronald Reagan,she served on the commission for six years,rising to the post of Acting Chairman before President Bill Clinton named her to the top job at the Commodity Futures Trading Commission.Currently,she leads the Financial Industry Regulatory Authority,or FINRA,a self-policing organization for the industry.She has worked for them since 1996.

Major Institutions Now Secure

Citigroup has a relatively new management team that has had a lot thrown on its plate to deal with,and is dealing with it well,Hank Paulson remarked.We are not expecting another major financial institution to fail.We have what we need to manage the financial crisis.We're doing everything we know how to work with the transition team.The President-elect made a great decision on Tim Geithner.I take great comfort that this is someone who's got great judgement and knowledge which is there,Mr.Paulson said of the Treasury Secretary-designate,with whom he has worked closely throughout the financial crisis.

Shop Talk

Hello,German pilots.I reached out to you recently.I am thinking about flight this week,as the space shuttle is to be retired in 2010,but there is some talk of President-elect Obama extending its lifespan.He should,because it is unfortunate to have a gap between American spaceflight programs.We would have to rely on the Russians alone for some years to supply the International Space Station-at a time when it is just coming into its own.It is impossible to tell for sure when the follow-on to the shuttle will be ready.All kinds of delays can occur in this complex endeavor.The culture of spaceflight will be lost to some extent because one of its major participants will be partially idled for a period of years.It would be something of a setback for everyone,a loss of momentum.The public needs to be involved in space,but that is difficult without ongoing launches.

The Role of the West

The prime minister,who had been heralded by trumpets,continued his observations:While I see a world that is facing a financial crisis,there is evidence of this new multilateralism at work.Together we can create a new global society.The challenge is to build a consensus for a new global financial system.I believe we in the West should approach these challenges with a degree of humility.The alliance between Britain and America,Europe and America,can and must provide leadership.The election of Barack Obama can only be a source of hope and inspiration.Let that hope be fulfilled with a pact with the rest of the world to lead and fulfill the first truly global society.

Bush Leaving World Stage

President Bush is in the process of taking his leave of international conferences.Mr.Bush hosted the Summit on Financial Markets and the World Economy this past weekend,which he described as a very successful summit.A 44-page statement of principles for preventing financial crises was agreed,such as greater transparency,more participation by emerging markets,the need for new alert systems and closer supervision of financial products and key corporations.The details are to be worked out by a number of working groups.On the other hand,the president indicated there will be further meetings.A meeting is not gonna solve the world's problems,he said,but will help begin a process.President Bush told the leaders that President-elect Obama's transition team has been fully briefed,that the president will work for a smooth transition,and that he hopes the president-elect succeeds.The president thanked the press for covering the summit,then said goodbye with a wave and a smile.

With Clear Eyes:Medium Term Outlook

Two leading business analysts,Meredith Whitney and Dan Niles,have been giving their medium term outlooks.Ms.Whitney specializes in financial services,while Mr.Niles covers technology.Meredith Whitney,Director of Equity Research at Oppenheimer,says that financials and the economy are so far off the tracks right now,it's hard to see how President-elect Obama could help.If banks modify loans,they will make less,not put capital back into the system.The securitization market isn't coming back.You're gonna actually see mortgage contraction.You're gonna see credit taken away from consumers by a large degree.We've never seen that before,Ms.Whitney observed.

Shop Talk

Hello to Taiwan,our old friend.The miles between us are many,but the bonds are strong.Today you will be watching with us as President-elect Obama gives his first news conference just over an hour from now,having conferred with his economic advisers.Few presidents-elect have had to deal with so many crises.Most Americans have gotten behind him,regardless of their political views.They're giving him time to present and implement his ideas.If they don't work,he'll be accountable in good time.Governor Sarah Palin of Alaska is still in the news.She is such a striking individual,there's little chance she will fade into obscurity.She's one of the few interesting conservatives.Her geographic knowledge apparently had gaps,but that is typical of Americans under 50.Geography hasn't been emphasized enough in recent decades.She's a quick study,in any event.Please note that I will not be publishing on Tuesday in observance of Veterans Day.Veterans,thank you for serving.I will try to publish later in the week.