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Global economics hogs US election campaign

Business Times - 06 May 2008


Global economics hogs US election campaign

Clinton, Obama now portray themselves as protectionists and China bashers

By LEON HADAR
WASHINGTON CORRESPONDENT

THE recognition that American businesses had cut fewer jobs (20,000) than expected (about 90,000) in April and the perception that the US central bank seemed to be containing the threat of a financial meltdown may have helped boost the sense of mild optimism among investors in recent days.

Indeed, there seems to be a feeling in the financial community that things are starting to get better and that, perhaps, the financial crisis is coming to an end.

That sentiment has been reflected in the somewhat bullish mood in the stock markets and in growing expectations on Wall Street that the value of the various financial products will start climbing up soon.

At the same time, officials in the Bush Administration and Republican lawmakers are hoping, wishing and praying that the US$117 billion in federal tax rebat…