Greenspan wasn't head of the Fed when those rate increases were made back in the '90s? The ones that killed the market and put the economy in the toilet?
Maybe you need to hear it from an MBA......
And we had an emergency and a recession, which affected the revenue growth of the U.S. Treasury. I mean, the stock market went down. Some of the pie-in-the-sky projections didn't make, and the investors said, oops. The numbers weren't real. The investors said, well, it looks like the days of everything is going up may end. And so people started selling, and the markets went down. That affected the revenues coming into the U.S. Treasury. Recession -- negative growth means less revenues. And so, of course, we've got a deficit.
-- George W. Bush, Canton, Ohio, Apr. 24, 2003
That's a lot better than I put it, but Bush has an MBA!
jttmab |
