Ted, The bubble has been long gone. Any inventories left over, and that was in the telecom sector, were worked off last year. The economy is floundering because there is way too much uncertainty for a whole bunch of reasons part of which were in Bush's control.
The bubble hasn't been completely worked off yet. Instead, it's been moved into other areas, for example, real estate and consumer debt. It's not just an issue of inventories, either.
This may come as a shock to you....it certainly did me. There is no bubble in real estate.......at least in some parts of the country there is not one. Its unbelievable the strength in the housing market. If you doubt that, check the latest quarterly reports for housing companies.
Hell, what am I talking about.....you already know....you just bought a house. I have put off buying a house here for two years expecting that things would slow down due to the heavy hit this area is taking from the recession. WRONG! The market is staying strong so I'm starting to look this spring with prices up 10% in the past two years. :~((
The uncertainty you are talking about is still the result of the burst bubble, and the economy needs more time to overcome it. Whether Bush has much control over that uncertainty remains to be seen, but I'm pretty sure his efforts (other than deficit spending) will pay off in the very long-term.
I disagree. The uncertainty is the war in Iraq, the economy, the quick rise in commodity prices and the budget deficits. I know if I owned a business, I would be cautious. Things do not 'feel right'.
What makes you think Clinton should have known when Barrett and Chambers didn't know? The people who were keeping the president alert missed the whole unraveling until it was too late.
I don't think Clinton should have known. That's my point, that Clinton didn't know when the prosperity would end because he had little to do with sustaining it.
Chambers and Barrett played an important role in sustaining the expansion and they didn't know when the bottom was dropping out until it was too late.
Instead, he milked it for all the political capital it was worth,
That's right......he did a good thing. I would have milked it too.
BTW did you know that S. Korea was in the process of impeaching their president?
Yeah, I found out yesterday. What happens in South Korean politics makes American politics seem like a snore-fest. Imagine, for example, if punches and shoving matches were the norm inside the halls of the U.S. Capitol. Mind-boggling, wouldn't it be?
That blew me away.......the fighting of politicians seems to be fairly common in Asian countries for some reason.
Here's the hypocrisy of it all: Right now the conservatives in Korea are having a field day, despite the fact that they too feed from the same scandal and bribe money that President Roh's party feeds off of.
Yeah.......S. Korea never completely cleans itself up.
ted |
