Washington ? America has never seen anything quite like this: The president and president-elect acting like co-presidents, consulting and cooperating on the day’s biggest crises.

This transition lacks the formality — and the coolness — of the last two transfers of power that occurred during tough economic times, the 1980-81 change from Jimmy Carter to Ronald Reagan and the 1993 end of George H.W. Bush’s term as Bill Clinton took office. Both new presidents had defeated the former ones.

Monday gave a vivid illustration of the relationship: Bush had a cup of coffee in midmorning with Treasury Secretary Henry Paulson to discuss the government’s decision Sunday to help ailing banking giant Citigroup. Later, on the steps of the Treasury building, Bush assured the nation that Washington was ready to take similar action to help other financial institutions.

His statement included this paean to his successor: “I talked to Obama about the decision we made. I told the American people, and I told the president-elect when I first met him, that anytime we were to make a big decision during this transition, he will be informed, as will his team.”

About an hour and a half later, Obama unveiled his economic team and mentioned that he’d spoken to Bush and Federal Reserve Chairman Ben Bernanke earlier Monday.

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,” said George Edwards, a presidential expert at Texas A&M University, in College Station.

Bush has his own motivations. “To a large degree, Bush’s legacy is in the hands of Barack Obama,” said Tim Blessing, 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.