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Pastimes : THE SLIGHTLY MODERATED BOXING RING
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To: Lazarus_Long who wrote (3302)3/18/2002 8:01:05 AM
From: Dayuhan  Read Replies (1) of 21057
 
He's hardly the first to claim credit for a good economy.

Of course... they all do it if they can. That doesn't make it less silly.

Now if they wanted to blame the boom, bubble, and bust on the Federal Reserve....

I wouldn't even go that far. I would attribute the boom to two simultaneous factors: the maturation of microprocessor-based technologies to the point where they significantly increased productivity and the arrival of the baby boom generation at their peak years of earning, spending, and investing.

It might be argued that the Federal Reserve could have done more to restrain the bubble factor that the boom generated, but even the powers of the F.R. are limited. In the face of sufficiently overwhelming irrational exuberance, there is little they can do to cool things down.
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