With dutiful regularity, America’s president-elect has reminded the US public since November 4 that the country only has one president at a time. What he forgot to add was that his name is Barack Obama, not George W. Bush.

In a series of weekend statements – a radio address to the public on Saturday, a prime time Sunday morning interview and an afternoon press conference in Chicago – Mr Obama made it plain that economic events will not respect America’s oddly archaic 77-day transition.