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Politics : PRESIDENT GEORGE W. BUSH
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To: Sully- who wrote (389916)4/10/2003 11:33:41 PM
From: Jorj X Mckie  Read Replies (1) of 769670
 
DMA pointed out that debt increased during the entire inflation of the bubble. To not understand that the prosperity in the late 90s was akin to getting a bunch of credit cards and buying everything in sight and then paying one credit card off with another credit card (who hasn't done that recently!), then they are missing the big picture. The other part of the picture that is being missed is that eventually that pyramid collapses and you have to eliminate the debt. That can be done by paying the debts or declaring bankruptcy. But that debt has to be eliminated. That is what is going on now. We are paying the piper now.

and for the record, I believe that clinton and greenspan made things worse than they would have been, but that the bubble would have happened regardless of their actions.
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