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Politics : Politics for Pros- moderated

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To: Nadine Carroll who wrote (12519)	10/16/2003 2:23:54 PM
From: carranza2	Read Replies (1) of 793587

No, we didn't just have a "bubble". We had a full-bore, devil-take-the-hindmost mania. Tulip city. The workout after such a mania is not quick, and frankly I'm amazed that it hasn't been even worse than it has been. Presidents have some effect--they've got the bully pulpit-- but to blame them for all economic woes is incorrect. The most congenitally opimistic president in American history was FDR. Yet his Presidency witnessed the longest Depression that I think we've ever seen. His optimism did nothing to keep people out of work. Clinton was blessed by factors over which he had little or no control, namely, the fact that low interest rates and an incredible tech-based increase in productivity occurred at about the same time, not to mention the stock market recovery after the 1987 crash. A happy confluence of things over which Clinton was simply lucky to preside. Serious people were seriously discussing whether the economic cycle had been conquered.

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