Roosevelt wouldn't even make public statements. "There was one time when reporters tried to ask him questions," Leuchtenburg said. "He smiled and held his index finger to his lips."
That would hardly work today, not with 24-hour cable news channels, Internet videos and markets gyrating on the slightest hint of news. When the media began suggesting last Friday that Obama had picked New York Federal Reserve Bank President Timothy Geithner as treasury secretary, the Dow Jones Industrial Average jumped nearly 500 points, or 6.5 percent.
"People feel a need for immediate action," Edwards said. "In the past, you could usually wait."
Obama, analysts argue, needs to appear in control not only to reassure markets but also to establish his credibility. The former Illinois U.S. senator has no record of economic management and was barely known outside his home state until he ran for president.
"It's not unusual for the president-elect to have news conferences, but in an economic crisis, it's particularly important that you give people confidence," Edwards said.
Bush has his own motivations.
"To a large degree, Bush's legacy is in the hands of Barack Obama," said Tim Blessing, the director of the presidential performance study at Alvernia University in Reading, Pa. The more they're seen working together, the more Bush could get some credit for any Obama successes next year.
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