Hennessey Takes Helm at Economic Council

Keith Hennessey was named the new National Economic Council director for the Bush administration after former director Allan Hubbard resigned to spend more time with family.

The new position becomes available at an unbecoming time in the economy. In the current mortgage crisis and credit crunch, Hennessey faces a challenge to act quickly and respond effectively to a turbulent and worrisome situation.

It seems the mortgage crisis might not be on the top of the list for the Bush administration. This could be an issue he leaves for the next presidency, while the American people stand to lose their homes as a result.

Another issue is the looming potential for recession. Many Americans are finding ways to reduce expenses to offset soaring energy prices, and this could lead to a decrease in spending.