Challenges ahead for Barack Hussain Obama

"Yes We Can" shouted he crowd as President Barack Hussain Obama attended crowd in Chicago, USA. History was made 40 years after Martin Luther King Said" Judge people by quantity of character and not by colour of skin". Barack Obama Became the first Afro-American to be elected to the world's most powerful post,-44th President of USA.

A sand sculpture of U.S. President-elect Barck Obama, created by Sudarshan Pattnaik, is seen on the beach in Puri, India, Wednesday, Nov. 5, 2008.

Mr. Obama and his expanded Democratic majority on Capitol Hill now face the task of governing the country through a difficult period: the likelihood of a deep and prolonged recession, and two wars. He took note of those circumstances in a speech that was notable for its sobriety and its absence of the triumphalism that he might understandably have displayed on a night when he won an Electoral College landslide. “The road ahead will be long, our climb will be steep,” said Mr. Obama, his audience hushed and attentive, with some, including the Rev. Jesse Jackson, wiping tears from their eyes. “We may not get there in one year or even one term, but America, I have never been more hopeful than I am tonight that we will get there. I promise you, we as a people will get there.” The roster of defeated Republicans included some notable party moderates, like Senator John E. Sununu of New Hampshire and Representative Christopher Shays of Connecticut, and signaled that the Republican conference convening early next year in Washington will be not only smaller but more conservative. Mr. Obama will come into office after an election in which he laid out a number of clear promises: to cut taxes for most Americans, to get the United States out of Iraq in a fast and orderly fashion, and to expand health care.

An Indonesian schoolboy reacts to the announcement that Barack Obama had won the election for the U.S. Presidency Wednesday Nov. 5, 2008 at Obama's former school in Jakarta, Indonesia. Throngs have packed plazas and pubs around the world to await U.S. elections results, many inspired by Barack Obama's promise of change amid a sense of relief that no matter who wins, the White House is changing hands
Yet financial experts say there are five basic steps the new president can take to assure the public that something is being done.
1. Get Everyone on Board
"The first thing to do will be to get an economic plan that everybody agrees on in place and start restoring confidence to the market," says Peter J. Tanous, president of Lynx Investment Advisory in Washington, D.C., and co-author of "The End of Prosperity," a book that examines the extent to which higher taxes will decimate the economy. "That's clearly job one." Lack of a consistent plan of attack has hindered Washington from stemming the damage caused to the economy from the crumbling financial infrastructure. Free-market Republicans have clashed with interventionist Democrats in a perpetual conflict that has culminated in conflicting regulations and monetary policy. The result has been easier access to capital but reluctance by banks to use that money to lend. That has to stop, says Tanous, an Obama supporter who rejects the notion that the new president's economic plans will bring contemporary capitalism to its knees. "We won't have the end of free markets. What we will have is the end of laissez-faire capitalism as we knew it," he says. "We will have new regulations to make sure it never gets out of hand again as it did this time."

Democratic presidential candidate Barack Obama greets supporters during an election rally in Minnesota

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Still, Tanous adds that Obama is the first Democrat he supported for president since John F. Kennedy, and warns that the Obama presidency will have to include significant participation from the Republican side.
"If I'm right in thinking that the (Obama) mandate is going to be huge, the periods of time when Democrats especially have controlled all three branches of government have not been happy," he points out. "But one has to hope that a President Obama will manage it well and not leave things to the far left wing of the party."

Senator Barack Obama with his wife, Michelle, and Senator Joseph R. Biden Jr. with his wife, Jill, in Chicago on Tuesday night

2. Create a New Mindset
Most market analysts see Wall Street getting at least a modest post-election bounce, and there's hope that a change in mood also can affect the economy in a broader sense. To do so, the president will have to show he means business right from the start. Video: Bank of America's Mickey Levy talks about challenges facing the next president. "The issues are trust and confidence, which doesn't necessarily cost the country much," says Kurt Karl, chief economist at Swiss Re. "The president has to take charge, along with the secretary of the Treasury, as well as working with the chairman of the Fed and the regulatory authorities, to make sure we get through this." The candidates have spent time discussing the role of the US in the world and the new president will need to address that issue aggressively, with coordinated, global policy moves critical, Karl says.
"It's a global problem and with our global connections, working with our major partners, will be a benefit and increase confidence," he says. "That kind of cooperation and effective action and taking charge is part of the solution, part of the confidence-trust solution, which is less about money and more about changing the psychology."

Barack Obama speaks at a primary night rally

Tanous predicts that could be the one area where the new president might have an advantage by sheer strength of the changing of the guard. "I think that there will be a burst of enthusiasm than for no other reason than this interminable process is over," he says. In a recognition of the difficult transition he faces, given the economic crisis, Mr. Obama is expected to begin filling White House jobs as early as this week. Mr. Obama defeated Mr. McCain in Ohio, a central battleground in American politics, despite a huge effort that brought Mr. McCain and his running mate, Gov. Sarah Palin of Alaska, back there repeatedly. Mr. Obama had lost the state decisively to Senator Hillary Rodham Clinton of New York in the Democratic primary.

Extended family members of U.S. Democratic Presidential candidate Barack Obama react as election results come in, at the family's homestead in Kogelo village, Kenya, Wednesday, Nov. 5, 2008. The village is where Barack Obama's step-grandmother lives. Africans organized all-night parties to watch the U.S. election results roll in, determined to celebrate a moment in history as Barack Obama tries to become the first black American president.