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Obama’s plans for the economy cannot reform overnight, say economists

Creating history and igniting hope, we wonder whether the presidential elections will bring about a much-needed change in the Wall Street too.

Though ending recession is a far away dream as of now, economists contemplate on whether there will be a positive change in the credit market and a turnaround in the stock market.

They theorize –

It is obvious Barack Obama the president elect is not going in for any quick fix methods which in itself a good sign. He plans to go about it in a steady manner as is evident in his statement that the next one year cannot expect any resolve for the economic troubles.

According to Private Wealth Managements, JP Morgan, New York’s chief economist, Anthony Chan we are here today after years of hard work. Recovery will not be easy either. There is no way we can resolve the issue in a thirty-minute segment.

He went on to say that it will not be until the second half of the year 2009 that we will see the economy at its lowest. So, we may have a long wait before we find the economy and prosperity crawling back.

Another theory states that if Obama picks the right members for his economic team, there could be a positive rally in the Wall Street.

According to Loomis, Sayles & Co’s portfolio manager David Sowerby, the commendable efforts by the Federal Reserve in interest rates restructuring could actually lead to a yearend rally as this could propel a boost in the supply of money.

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