Obama plans ‘major’ speech on economy
Written on March 26, 2008 by alitor
WASHINGTON (MarketWatch) — With economic issues topping voter concerns this election season, Illinois Sen. Barack Obama is planning to deliver what his campaign is billing as a “major” speech about the economy on Thursday morning in New York City.
Details weren’t available Wednesday morning, but the Democratic presidential contender is scheduled to speak at 9:15 a.m. Eastern Thursday at Cooper Union for the Advancement of Science and Art in New York City.
Obama’s speech on the economy will follow remarks made Tuesday by Republican nominee-in-waiting John McCain about the housing market, and housing market plans laid out by New York Sen. Hillary Clinton on Monday.
McCain said top U.S. mortgage lenders should provide “maximum support” to help cash-strapped but creditworthy customers keep their homes and called for greater transparency in the lending process.
Clinton is seeking a $30 billion emergency housing fund that would go to states and localities to help head off foreclosures, as well as backing other steps like a bill that would expand the government’s capacity to guarantee mortgages that are reworked on affordable terms.
“The Clinton approach demonstrates, in our view, a clear preference to use government intervention in the mortgage markets,” wrote analyst Brian Gardner of Keefe, Bruyette & Woods in a note on Wednesday.
The Democratic candidates are jockeying for position ahead of the next contest, Pennsylvania’s April 22 primary. Clinton is leading Obama in the state, but when it comes to the general election, McCain is competitive with both Democrats.
Housing continues to be a major economic worry for Americans as the slump continues. On Tuesday, Standard & Poor’s said home prices in 20 major U.S. metro areas have plunged a record 10.7% in the past year as prices continued to decelerate.
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