Mr Co-President? Obama upstages Bush on economy

By Jeff Mason

CHICAGO (Reuters) - There may be only one U.S. president at a time, but you wouldn't know it by watching Barack Obama this week.

The Democratic president-elect, who kept a low profile for three weeks after his White House win, has swung into action with a series of economic pronouncements and cabinet selections that have overshadowed President George W. Bush.

If financial markets are clamoring for more leadership, Obama got the message.

"There is a leadership vacuum. If Obama doesn't fill it, more panic will result in (the) short run, and the problem will become greater by the time he officially takes office," said Stephen Wayne, professor of government at Georgetown University.

"It is still Bush's power to act now, but Obama's obligation to tell jittery Americans what he plans to do."

On Monday Obama held a news conference to announce his economic team. Flanked by flags and new staff members, he vowed to jolt the economy with an aggressive new stimulus package.

On Tuesday Obama held another press event, this time announcing his pick to run the White House budget office and intention to cut billions of dollars in wasteful spending.

Both days he took questions from reporters while his heavyweight appointments -- including New York Federal Reserve Chairman President Timothy Geithner as Treasury secretary -- stood behind him, silent. He has another news conference scheduled for Wednesday.