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Politics : Clinton's Scandals: Is this corruption the worst ever?
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To: Doughboy who wrote (3087)8/25/1998 11:59:00 AM
From: Les H  Read Replies (1) of 13994
 
The S&L crisis caused the recession of 1990 to stretch into 1992 due to contraction in credit. It also contributed to the ballooning deficit directly because of the 60-70 billion dollars a year that were being spent till 1992. It contributed to the deficit indirectly because it prolonged the recession and restricted credit. Clinton had nothing to with the recovery which began before him. Go back to 1992 and you will see growth rate of 7% in the 4th quarter.

By the time Presidents try to pass fiscal stimulus packages for the economy, it is usually too late. The economies have already bottomed and started to recover. The politicians are only reacting to unemployment figures that are lagging indicators. The other motivation is that the politicians want to take credit for an economic recovery. Without looking like having done something, they can't take credit.
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