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Showing posts from April 1, 2008

The election and the economy

Business Times - 02 Apr 2008


Democrats have upper hand in presidential race

Their approach resonates with call from homeowners, consumers for more govt action

By LEON HADAR
WASHINGTON CORRESPONDENT

IT WAS not so long ago that officials and lawmakers in Washington were joining investors on Wall Street in a warning that the United States was losing its edge in global financial markets.

The culprit, they complained, was the US federal government that was placing burdensome regulations, most notably the Sarbanes-Oxley legislation passed by Congress in 2002 in the wake of the Enron and other financial scandals. The critics concluded that government intervention in the financial markets was driving business away from New York, and strengthening other financial centres around the world such as London and Hong Kong.

Indeed, exactly a year ago, US Treasury Secretary Henry Paulson and Securities and Exchange Commission (SEC) head Chris Cox brought together a group of leading economic figures fr…