Obama, Romney Clash on Economy in First Debate

By JULIE PACE and DAVID ESPO
Associated Press
DENVER
Primed for a showdown, President Barack Obama accused Republican rival Mitt Romney in campaign debate Wednesday night of wanting to "double down on the top-down policies" that led to a devastating economic downturn four years ago. Countered the challenger: "That's not what I'm going to do."

Romney rebutted the president from a few feet away on the stage of their first debate, declaring that under Obama's policies "middle income families are being crushed."

The clash took place in the opening moments of a national televised debate before tens of millions of voters with the power to settle the 2012 race for the White House _ a campaign that polls suggest tilts Obama's way despite lingering high unemployment and only sluggish economic growth.

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The past several months have seen the price of gold slump even as the Fed and other central banks have accelerated their massive expansion of paper money. Gold is off about 20% so far this year with silver down almost 30%. The old adage--“don’t fight the Fed”--particularly comes to mind now because the US equity markets have been setting new highs during this same period. All of these gains are nominal, you understand, but for terrified American policy makers and investors, nominal is just fine.

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