Obama: 'This is the Greatest Economic Challenge of Our Time'

Today, another first for the Obama Presidency. The President-elect redefined the Weekly Democratic Radio Address by recording it on radio...and video. The traditionally four-minute speech is now a YouTube video posted on his site, www.change.gov.

In his speech, Obama acknowledged President Bush's efforts to bring leaders of the G-20 countries -- a group that includes the world's largest economies -- together in Washington. At the same time, he said his immediate concern is the recession Americans face at home. 

"Make no mistake: this is the greatest economic challenge of our time," said Obama. "And while the road ahead will be long, and the work will be hard, I know that we can steer ourselves out of this crisis ." 

NBC5's Phil Rogers reported on Friday that IOC members were clearly impressed with the presentation and applauded when it was over.

Obama's presentation came at a time when the president-elect's celebrity is felt around the world. On NBC5's "City Desk," senior advisor David Axelrod noted that Obama is now something of an ambassador for Chicago and the nation.

"I think there is a really positive feeling about this president-elect," he said. "I think that spirit will help in terms of attracting the Olympics."

The meeting was the largest gathering voting European members Chicago's bid committee will see before the final vote is taken 11 months from now, Rogers reported. Committee members, in fact, awoke Friday morning with their newspapers wrapped in a glossy celebration of the city's bid. They ended their day with Obama's message.

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