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Paul Kiesel
Paul Kiesel
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Biden to Focus on Economy, Housing Crisis, Foreign Policy and Life Story at Convention Tonight

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During a Democratic primary debate, in August, 2007, Joe Biden saw what many others didn’t see or realize until months later: The credit crunch was running so deep — it could effect several sectors of the economy — that Biden predicted it would be more disastrous on the U.S. and even the global economy than the savings-and-loan debacle of the 1980s and early 1990s.

According to The Wall Street Journal, Biden said the then-nascent credit crunch was “almost as deep in terms of dollars, not liability, as the savings-and-loan crisis.”

Biden went on to say in another 2007 debate that hedge funds and private-equity funds were to blame for the credit crunch. “We need more transparency, particularly with regard to hedge funds. They are the ones that are causing this thing to go under. And there’s no transparency, no accountability. We don’t know how deep this problem is.” But Biden had a sneaky suspicion it was deep.

Tonight, Biden is the main speaker at the Democratic Convention, following a speech by President Bill Clinton. Both political heavyweights will focus on foreign policy at first, but it is expected that Biden and Clinton will also speak candidly on the economy, its continued struggles, the housing crisis, and what steps are appropriate to get the country out if this economic contraction/recession (depending on which economist you ask).

Biden is then likely to talk about his personal tragedies and triumphs, which should cap off a rather erudite and entertaining speech.