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Politics : PRESIDENT GEORGE W. BUSH
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To: gao seng who wrote (222311)1/25/2002 7:59:08 PM
From: JEB  Read Replies (1) of 769670
 
Try to remember back to that time.

We believed our economy was bullet-proof. We believed we could tweak this and that to help certain parts of the economy.

Oil was too low for quite some time which had fueled the great expansion of the 90's but was hurting the oil and gas industry (i.e. Enron, as well as countries such as Russia).

AG had pumped too much money into the economy for Y2K (which turned out to be a bust as threats go), so he had to recover a lot of that extra money for fear of inflation.

I can see President Clinton under these conditions, viewing a temporary raise in price as a winning idea to boost the Russian economy (Long Term Capital Management) and our own oil industry (Enron). I believe it started as a temporary thing and bloomed into a crisis (more money, ...more money, ..more money).
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