PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: phyxter who wrote (443188)	8/14/2003 11:24:53 PM
From: jimcav	Read Replies (1) of 769670

I just got my power back and have to get things back up and running. Interesting post. I agree some of the Bush economic ideas are questionable at this state of the game. As far as how to temper the upswing, it is my belief that the real driving force behind the boom was the huge credit/debt expansion, and that monetary policies less lax would have been able to slow the pace of debt growth, ideally preventing the need for the impending implosion. Until the debt excesses have been wiped clean, it seems to me that it will be extremely difficult to begin serious economic growth again, and we will see many false starts prior to the ultimate collapse. Record levels in personal debt/income, debt/savings, debt/net worth and corporate increases in debt during a time that historically companies pay down their debt (the boom) would have been the areas to target IMO. "Easy money" extended the boom and will deepen the bust. Certainly not areas easily altered by the gov't, but I don't see any effort what so ever, besides for a few late comments (and not a single policy move) by Greenspan warning lenders of the increased risk they were facing. (too late at that point)

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