Economy: Change won't be so fast

President-elect Barack Obama warned on Friday that economic recovery won’t be as fast as he completed his Cabinet, after naming the secretaries of transportation, labor, trade and small business policy.

“It will take longer than any of us would like — years, not months. It will get worse before it gets better. But it will get better if we are willing to act boldly and swiftly,” Obama said — and he promised to do just that.

Obama declined to put a price tag on an economic stimulus plan he will propose, but signaled that it could be huge because of his priorities: creating jobs, getting the economy back on track and fixing financial markets among them. “That is going to cost a significant amount of money on the front end,” he said.