PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: JDN who wrote (134107)	3/29/2001 4:45:20 PM
From: Les H	Read Replies (1) of 769667

Interest rate cuts and tax cuts don't fix a problem created by malinvestment. We saw this same thing a number of years ago, about 5 or 6, when people were plowing money into the emerging country funds. We saw the big buildup in factories and real estate over there, followed by the bust in Latin America first, then in Asia last. The bad government projects and bad businesses need to be liquidated over time so that the economy is rational again. If things were rational, interest rates would've been 15% in Silicon Valley and other telecom alleys in the boom period and 4% elsewhere in the country. Unfortunately, we have one central bank for "one economy" where there are several regional economies.

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