Alan Greenspan who was formerly Federal Reserve Chairman told Walls Street Journal that there is a fifty fifty chance that the economy of US is in recession. For Democratic candidates in the Nevada caucus scheduled for Saturday, this came as nothing new. John Edwards said that he was the first among candidates to loudly say that the economy has to be given a big push by the federal government to make it move. The ex North Carolina senator was addressing union members in Las Vegas. He said the federal government should come forward with billions and shuffle the job scenario so that those in need are benefited. He also wanted the formation of a home-rescue-fund by the government to deal with “this terrible mortgage crisis’ raging across the country with it being the most intense in Nevada. Nevada is the top ranker in foreclosure listings. Most of the units were not locally owned but the buyers had come from outside the state. They have walked away leaving thousands of abandoned houses creating problems for the society at large.

Weeds are growing pointed out Senator Hillary Clinton during her campaign in Las Vegas. The foreclosed houses do not contribute to taxes. The police are overburdened with work patrolling the deserted neighbourhoods and yet there are no funds in the treasury to finance the extra work. Everything is interconnected – she commented. Senator Hillary Clinton further suggested a three month hold on the foreclosure proceedings and a five year freeze on the interest rates. These apart the federal government should pump in extra $25 billion into the economy as emergency help to ease the foreclosure crisis. She outlined her plans for boosting up the economy last Friday. Two days later Senator Obama came forward with his suggestions. He talked about nothing but economics wherever he went in Nevada.

Obama and Hillary differ on certain points. Clinton offers suggests immediate payment of $250 to each workers and recipient of social security in the country. The total would come to $45 billion. The figure would double if number of recipients increased with the economy sliding down further. However all – including economic experts agree that a stimulus package is a must. Austan Goolsbee, adviser to Obama said that this must be done without delay and immediately and placed in the hands of the people who can “use it right away”.

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