Washington’s best-kept secret is that Barack Obama has the largest and most disciplined presidential transition team anyone can recall. Headed by John Podesta, former chief of staff in Bill Clinton’s White House, it started work well before the financial meltdown hit in September but has been swamped by its implications ever since.

Transition insiders, who are under strict orders from the Obama campaign not to talk to the media to avoid giving the impression Mr Obama thinks he has won already, contrast it particularly with Mr Clinton’s transition in 1992, which was based in Little Rock, Arkansas, and turned into an extended symposium on every subject under the sun.