As retail sales decline, manufacturing slows and unemployment benefit claims rise, the economic situation looks more grim by the day. Rises in the stock market that show a glimmer of hope are invariably followed by dips. The housing markets declines steadily and the recession shows signs of lingering well into next year. George Bush has called for a mid November summit to discuss the international economic situation. (Reuters)

With the U.S. Presidential elections less than two weeks away, both candidates are heavily focused upon the economy as their chief task. The declining economic situation propelled by the fall of Lehman Brothers has certainly worked in Obama’s favor. People are associating the bad economy with Republican values. Both candidates have outlined an aggressive economic recovery plan.

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