US Vice President Joseph Biden says, US needs more stimulus

Vice President Biden aboard Air Force 2, said Friday the US economy needs more stimulus to get it moving, putting in a plug for government intervention shortly before the White House unveils new proposals to boost job growth in September.

At the end of a trip to Asia, Mr. Biden said a final decision had not been made on whether Washington would sell Lockheed Martin F-16 fighter jets to Taiwan.

After his visit to China, Mongolia and Japan, the US Vice President will turn his attention to domestic policy as the White House prepares a major new initiative to boost job growth in the nation.

The United States is struggling and reeling from a credit downgrade by Standard & Poor's in the aftermath of a divisive political debate over deficit-cutting between Democrats and Republicans.

Reacting to a leadership switch at the top of S&P after the downgrade, Mr. Biden said his instinct was that pressure from disgruntled businesses likely influenced the change, though he made clear that he did not know the agency's internal workings.

S&P's parent McGraw-Hill Companies Inc, said Tuesday that Deven Sharma, who has served as S&P President since Y 2007, will be succeeded on September 12 by Citibank Chief Operating Officer Douglas Peterson.

I don't know how they made the judgment, about the new leader, Mr. Biden said in an interview with 3 reporters traveling on his plane, Air Force Two on the way back to the USA.

My instinct is they got a lot of pressure from a lot of places. I think there were probably an awful lot of businesses out there going, what the hell did you guys do? You know, I mean, because it rebounded back to impacting on Wall Street and impacting on American business.

Businesses are eager to see what President Barack Obama will unveil in his new package of measures to boost job growth and the economy when he returns from his vacation in September

Mr. Biden declined to reveal specifics of the plan, which is expected to be released in the coming weeks, but he said it was clear the economy could use a kick. Stay tuned...

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.