Election Day: Obama to kick-start the US economy

Voters all over America will be voting today for Democrat Barack Obama or Republican Senator John McCain to be elected to be the new US President. The election comes amid the worse economy crisis since the Great Depression.

The financial crisis in America has taken 760,000 jobs and 700,000 house foreclosures since January, as well as a US debt of $900 billion. The Democrats have blamed the ailing economy on Republican President George W Bush’s policies which could tilt the election votes in favor of the Democrat candidate Obama, with new policies and fresh idea’s America could see a way out of the financial crisis that has taken its toll under Republican control.

The US economy crisis began with the housing market crash, with mortgage banks providing home loans to borrowers who were not able to qualify for a conventional mortgage due to affordability, they were then offered sub-prime mortgages, these mortgages would start off at a low rate and occur sharp increases as time moved on, resulting in the sub-prime mortgage holders not being able to make their repayments and subsequently their homes foreclosed.

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