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Politics : PRESIDENT GEORGE W. BUSH
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To: Orcastraiter who wrote (508932)12/13/2003 4:56:29 PM
From: Lazarus_Long  Read Replies (1) of 769667
 
All you clowns who claim the recession started under GWB, please stand up.

In my opinion, the secular bear market and the Muddle Through Economy really started in the third quarter of 2000. The market collapse in March of 2000 really was the collapse of NASDAQ related stocks. In a true sense, the resulting tumble was far more than a bear market. That was a bubble bursting.
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The third quarter of 2000 was the slowest growth quarter since 1993 and the 2001 recession followed hard on its heels. In fact, the recession may have begun in 2000. The Bureau of Economic Analysis told us this week they made a small mistake back in 2000. The BEA gave us revised GDP numbers all the way back to 1929. According to the new figures, Q3 of 2000 had negative GDP of 0.5% instead of the reported +0.6%. They are evidently removing the effects of hedonic pricing of computers as they now believe it might "distort" actual GDP numbers. No kidding. Bill King sarcastically (and appropriately) wonders what effect an accurate announcement that we were in recession would have had on the presidential election? There wouldn't be any home team bias in government figure, would there? Surely not. (Source: The King Report)

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