Ted, The bubble has been long gone. Any inventories left over, and that was in the telecom sector, were worked off last year. The economy is floundering because there is way too much uncertainty for a whole bunch of reasons part of which were in Bush's control.
The bubble hasn't been completely worked off yet. Instead, it's been moved into other areas, for example, real estate and consumer debt. It's not just an issue of inventories, either.
The uncertainty you are talking about is still the result of the burst bubble, and the economy needs more time to overcome it. Whether Bush has much control over that uncertainty remains to be seen, but I'm pretty sure his efforts (other than deficit spending) will pay off in the very long-term.
What makes you think Clinton should have known when Barrett and Chambers didn't know? The people who were keeping the president alert missed the whole unraveling until it was too late.
I don't think Clinton should have known. That's my point, that Clinton didn't know when the prosperity would end because he had little to do with sustaining it. Instead, he milked it for all the political capital it was worth, much like you and I and every other investor milked it for all the capital gains it was worth. Fortunately for Clinton, he got out just in time. Wish I did.
BTW did you know that S. Korea was in the process of impeaching their president?
Yeah, I found out yesterday. What happens in South Korean politics makes American politics seem like a snore-fest. Imagine, for example, if punches and shoving matches were the norm inside the halls of the U.S. Capitol. Mind-boggling, wouldn't it be?
Here's the hypocrisy of it all: Right now the conservatives in Korea are having a field day, despite the fact that they too feed from the same scandal and bribe money that President Roh's party feeds off of.
Tenchusatsu |
