Obama Taps Volcker, Says 'Help on Way'

By Sara Kugler and Stephen Ohlemacher

CHICAGO -- President-elect Barack Obama pledged on Wednesday to have an economic plan ready for action on the nation's financial crisis on his first day in office. "Help is on the way," he declared.

He also said his Cabinet would "combine experience with fresh thinking" and pushed back against criticism that he was recycling former Clinton administration officials as he builds his new economic team.

In his third news conference on the economy in as many days, Obama announced he had chosen former Federal Reserve Chairman Paul Volcker to head a new White House panel to help create jobs and bring stability to the ailing financial system. ...