The latest US national budget deficit numbers set a record high and represented one more sign of an economy in distress, along with foreclosures rising, home prices falling, soaring energy prices and nearly a half-million jobs lost since January.
After returning from his overseas trip, Democratic presidential hopeful Barack Obama, met with more than a dozen economic advisers in Washington, DC. Obama's economic team includes deregulators Paul Volcker, Robert Rubin and Paul O'Neill.
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"it's not clear that these are the people that are going to lead us to a new regulatory environment that can prevent some of the problems that we're living through right now," said economist and author Ellen Frank.
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