U.S. markets led a global rally, surging for the second straight day yesterday as the Dow Jones Industrial Average gained roughly 5 percent (Chicago Tribune). The gains came following President-elect Barack Obama’s announcement of several important members of his economic advisory team, including New York Federal Reserve chief Timothy Geithner for Treasury Secretary, former Treasury Secretary Lawrence Summers as the head of Obama’s National Economic Council, and Berkeley economist Christina Romer to chair the Council of Economic Advisers. Obama also indicated he will seek to push through a large economic stimulus plan (WSJ) in an effort to boost long-term spending and economic recovery.

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“The reality is that the economic crisis we face is no longer just an American crisis, it is a global crisis – and we will need to reach out to countries around the world to craft a global response. [Tim Geithner's] extensive international experience makes him uniquely suited for this work.  Growing up partly in Africa and having lived and worked throughout Asia; having served as Under Secretary of the Treasury for International Affairs – one of many roles in the international arena; and having studied both Chinese and Japanese, Tim understands the language of today’s international markets in more ways than one.”

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President-elect Barack Obama said in his weekly address on Friday that his economic team is forging a two-year Economic Recovery Plan that will create 2.5 million new U.S. jobs. Here is the video of Obama’s address:

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Congressional Quarterly reports the potential appointment of Gov. Janet Napolitano (D-AZ) to Homeland Security Secretary could indicate a “shift in focus away from the war on terror and toward domestic concerns, especially immigration,” on the part of the Obama team.

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As forecasters predict a grim holiday season for retailers (AP) and the travel industry, U.S. companies are struggling to figure out how to survive. Three top U.S. business executives discussed the impact of the crisis and how the government should act in a Wednesday panel sponsored by the Chicago Council on Global Affairs and the Chartered Financial Analyst Society of Chicago.

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The Obama-Biden transition team announced its policy working group leaders on Wednesday. Among the leaders are Daniel Tarullo on economic issues, Carol Browner on energy and the environment, T. Alexander Aleinikoff and Mariano-Florentino Cuéllar on immigration, and James Steinberg and Susan Rice on national security.

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Journalist and author Tariq Ali warned that U.S. military action in Pakistan and escalation of the war in Afghanistan would create widespread instability in the region. Speaking Tuesday in a public discussion with Chicago Council on Global Affairs president Marshall Bouton. Ali said he was “extremely disturbed” by President-elect Barack Obama’s assertion during the presidential campaign that he would be willing to strike al-Qaeda targets inside of Pakistan with actionable intelligence if the Pakistani government was unwilling or unable to do so.

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An expert panel discussed the new face of American leadership Tuesday night at New York University. CFR.org contributing writer Julie Ginsberg filed this report from the event.

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News reports indicate the Obama-Biden transition team will likely select Eric H. Holder Jr. as its attorney general (NYT). Holder was the deputy attorney general under the Clinton administration.

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This week’s CFR Forum features experts blogging on what a liberal foreign policy agenda from the Obama administration may look like. Bloggers in this forum include:

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