No clear winner in first US presidential debate
Sunday, 28 September 2008
From Fazle Rashid
NEW YORK, Sept 27: Economy and foreign affairs took the centre stage at the first US presidential debate held last even against the backdrop of a failing economy with the collapse of one corporate giant after another. The debate which was interpersed with caustic remarks left no clear winner.
Neither of the candidates -- John McCain of the Republican Party and Barack Obama of the Democratic Party -- had any clear answers to the problems that are wrecking the most robust and healthiest economy of the world.
It was no surprise that the two rivals took two sharply different stand on to tackle the economy and confront the American adversaries abroad, the number of which is mounting. Pakistan, Afghanistan , Iraq and Iran often came into the focus.
Obama said policies of excessive deregulation has led to the financial crisis and growing economic problems. He said the current crisis is the final verdict on eight years of failed economic policies promoted by George Bush and adhered to by John McCain. The Republican Party candidate argued that Obama is not ready for the job. He described Obama 'as green and inexperienced, a risky choice during a very difficult time'.
McCain was feisty and aggressive. McCain posed to be a teacher imparting lesson to Obama. McCain, who called himself a seasoned foreign policy campaigner, called Pakistan president Zardari as Qadari and struggled to pronounce the name of the Iranian president Mahmoud Ahmedinejad.
In the meantime, there is no end to the number of US corporate giants tumbling one after another. Washington Mutual and Wachovia are looking for takeover just to remain afloat. The government bailout plan of $700 billion has hit a snag. Even Republicans are not willing to provide a carte blanche to treasury secretary Henry Paulson. After years of acceding to the White House on a variety of initiatives despite deep misgivings House Republicans found administration's latest proposal to be too much to swallow, The New York Times reported today.
In a stunning disclosure the chairman of the Securities and Exchange Commission (SEC) frankly conceded that the failure in the voluntary supervision programme for the Wall Street had helped to the global financial crisis. The SEC chairman, a longtime advocate of deregulation put down the shutters on the programme. SEC's Inspector General criticised the agency's performance in monitoring.
Christopher Cox, the chairman of the SEC agreed that the oversight programme was fundamentally flawed. Federal Reserve chairman Ben Bernanke and treasury secretary Henru Paulson acknowledged the fact that there has been gross regulatory lapses. The Fed has already started regulating Wall Street firms that borrowed money under a new Fed lending programme. The SEC's examiners will work jointly with Fed examiners. There have been angry protests in the Wall Street against many executives leaving with hefty severance package running into seven digits. The move has invited the ire of the presidential candidates Obama and McCain.
The US chamber of commerce is pressing Congress to oppose limitation on executive pay. AFL/CIO is lobbying in support of not allowing executives leaving with huge severance packets.
NEW YORK, Sept 27: Economy and foreign affairs took the centre stage at the first US presidential debate held last even against the backdrop of a failing economy with the collapse of one corporate giant after another. The debate which was interpersed with caustic remarks left no clear winner.
Neither of the candidates -- John McCain of the Republican Party and Barack Obama of the Democratic Party -- had any clear answers to the problems that are wrecking the most robust and healthiest economy of the world.
It was no surprise that the two rivals took two sharply different stand on to tackle the economy and confront the American adversaries abroad, the number of which is mounting. Pakistan, Afghanistan , Iraq and Iran often came into the focus.
Obama said policies of excessive deregulation has led to the financial crisis and growing economic problems. He said the current crisis is the final verdict on eight years of failed economic policies promoted by George Bush and adhered to by John McCain. The Republican Party candidate argued that Obama is not ready for the job. He described Obama 'as green and inexperienced, a risky choice during a very difficult time'.
McCain was feisty and aggressive. McCain posed to be a teacher imparting lesson to Obama. McCain, who called himself a seasoned foreign policy campaigner, called Pakistan president Zardari as Qadari and struggled to pronounce the name of the Iranian president Mahmoud Ahmedinejad.
In the meantime, there is no end to the number of US corporate giants tumbling one after another. Washington Mutual and Wachovia are looking for takeover just to remain afloat. The government bailout plan of $700 billion has hit a snag. Even Republicans are not willing to provide a carte blanche to treasury secretary Henry Paulson. After years of acceding to the White House on a variety of initiatives despite deep misgivings House Republicans found administration's latest proposal to be too much to swallow, The New York Times reported today.
In a stunning disclosure the chairman of the Securities and Exchange Commission (SEC) frankly conceded that the failure in the voluntary supervision programme for the Wall Street had helped to the global financial crisis. The SEC chairman, a longtime advocate of deregulation put down the shutters on the programme. SEC's Inspector General criticised the agency's performance in monitoring.
Christopher Cox, the chairman of the SEC agreed that the oversight programme was fundamentally flawed. Federal Reserve chairman Ben Bernanke and treasury secretary Henru Paulson acknowledged the fact that there has been gross regulatory lapses. The Fed has already started regulating Wall Street firms that borrowed money under a new Fed lending programme. The SEC's examiners will work jointly with Fed examiners. There have been angry protests in the Wall Street against many executives leaving with hefty severance package running into seven digits. The move has invited the ire of the presidential candidates Obama and McCain.
The US chamber of commerce is pressing Congress to oppose limitation on executive pay. AFL/CIO is lobbying in support of not allowing executives leaving with huge severance packets.