Economic Problems of the United States

 Democratic vice-presidential candidate Joe Biden opened up his debate with Republican Vice-Presidential candidate Sarah Palin by blaming excessive deregulation as the root cause of the economic woes of the United States . Biden claimed that American creditors were baited into borrowing more money than what they would regularly need. For instance, a creditor was persuaded to borrow $300,000 for a housing loan when what he actually needed was only $100,000. Wall Street turned loose, without stepping the brakes, thus causing the present economic chaos.

 During the debate, Palin paled in comparison with Biden, except for some gutshy remarks. She lacked the arguments and the facts and figures, in comparison to Biden who was able to convincingly list his arguments, delivered with flair and gusto. Palin clearly lost to Biden the momentum in the debate.

 As of this writing, the $700-billion bailout bill was already approved by the Senate, and there were some positive reports that some of the congressmen who voted against the bill have now changed sides and would readily endorse the bill when it is up for voting next week.

 But for one thing the $700 billion bailout money is not a carte blanche. There will be restrictions. Companies which avail of the plan will not be allowed to pay excessive salaries to their chief executive officers, no more millions of dollars in salaries, bonus and retirements benefits.

 Biden also promised that if the Democratic ticket wins, there will be a timeline, to end the Iraq and  Afghanistan wars, in which the USA is spending $10billion a month . Palin quickly termed the withdrawal as raising the flag of surrender. When Americans are watching their sons and daughters getting killed in the warfront, the two wars are becoming hard to defend because they get into their emotions and their pockets.

 It is not very hard to predict a victory for Barack Obama and Joe Biden in the next November elections, in fact, the polls already predicted and advantage for the Democratic team. - Eye Opener Column from Sunday Post Newspaper