OBAMA WATCH: President-Elect: Hard Work Needed On Economic Crisis

CHICAGO (AP) - President-elect Obama says the hardships many Americans are suffering economically are an "urgent reminder"
that the nation's leaders must act swiftly to stabilize the financial industry.

Obama held his first news conference since being elected Tuesday to succeed President Bush. Surrounded by a large group of economic advisers, he said he has asked his transition team, specifically,
to work on some ideas to help the staggering auto industry.

Rep. Rahm Emanuel, Obama's newly chosen White House chief of staff, was among those who stood at his side, along with former Federal Reserve Chairman Paul Volcker and Michigan Gov. Jennifer
Granholm.

Obama apologizes to Nancy ReaganCHICAGO (AP) - President-elect Obama has called Nancy Reagan to apologize for joking that she held seances in the White House.

At a news conference today, Obama said he had spoken with all the living presidents. Then he smiled and said he didn't want to get into a "Nancy Reagan thing" about doing seances.

The former first lady had consulted with astrologers during her husband's presidency. But she did not hold conversations with the dead.

Obama spokeswoman Stephanie Cutter says the president-elect called Mrs. Reagan to apologize for the remark which the spokeswoman characterizes as "careless and offhanded."

Obama says he appreciates Bush's help
CHICAGO (AP) - President-elect Obama says he is appreciative of the cooperation that President Bush has offered in smoothing his transition to the White House.

He said "we only have one president at a time." Obama also told reporters Friday that he's confident that "a new president can have an enormous impact. " But Obama also said that he understands that until next Jan. 20, the current administration is in charge.

He said he also appreciated Bush's "commitment that his economic policy team keep us informed." He also said he was "grateful" that he has invited Obama and his wife, Michelle, to the White House on Monday.

He said he expected to have a substantive conversation with Bush at that time and that "I am not going to anticipate problems."

Obama said he wants to go into the talks with Bush with "a spirt of bipartisanship and a sense that both the president and various leaders of Congress all recognize the severity of the situation right now."

Obama steers clear of Iran strategy
CHICAGO (AP) - President-elect Obama is declining to say what proposals he might pursue in connection with Iran, saying "we have only one president at a time."

Obama was asked at Friday's news conference what approach he might take with Tehran, given the drawn-out dispute between the United States and Iran over its nuclear program. Obama said he will move deliberately on how to respond to Iran and what the response might be, but that he won't do it in a "knee-jerk fashion."

Obama declared: "I am not the president and I won't be until Jan. 20."