In Crisis, Opportunity for Obama

By GERALD F. SEIB
Wall Street Journal

As the economic signs grow ever more grim, so do the problems facing the incoming Obama administration.

That's one way of looking at things. Here's another:

As the economic signs grow ever more grim, the opportunities for the Obama administration to drive through its agenda actually are getting better.

The thing about a crisis -- and crisis doesn't seem too strong a word for the economic mess right now -- is that it creates a sense of urgency. Actions that once appeared optional suddenly seem essential. Moves that might have been made at a leisurely pace are desired instantly.

Therein lies the opportunity for President-elect Barack Obama. His plans for an activist government agenda are in many ways being given a boost by this crisis atmosphere and the nearly universal call for the government to do something fast to stimulate the economy.

This opportunity isn't lost on the new president and his team. "You never want a serious crisis to go to waste," Rahm Emanuel, Mr. Obama's new chief of staff, told a Wall Street Journal conference of top corporate chief executives this week.

(More here.)