IMO. Prez. Bush just inherited a clinton hangover...Which he is trying to fix. :o)
Although I have to agree that economic conditions are long-term effects and add that Greenspan's policies were the primary reason for the market bubble and hence the subsequent crash, I have to say that I do not see Bush "trying to fix" anything about the economy. Unless, of course, you are talking about his plans to ravage the oil fields of one particular oil-rich country we all know by now.
In late 2001 and 1H2002, Bush et al point blank lied to the American consumer, saying everything would be great in 2H2002, so that they would continue to spend. Now the whole nation is a group of debtors who are going to be in deep trouble once interest rates start creeping up, or even before, as the savings of the increasing army of the jobless dwindle.
Have you seen the EUR/USD parity recently? 1 Euro is now worth 1.04 Dollars. This happened after Fed Governor Bernanke announced the US is ready to print money, which, as any student of macroeconomy tell you, is an error of incredible stupidity, unless their intention was to devalue the USD.
If you have reason to believe Bush is really trying to fix the economy he inherited, I would love to hear what you think he is going in this direction. Because, frankly, I don't see anything of the sort. |
