PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: Neocon who wrote (587037)	7/1/2004 6:31:12 PM
From: DuckTapeSunroof	Read Replies (2) of 769670

"It is strange that Bush should be blamed for the dot com bust that started the recession. Let's see, who was it who contributed to the frenzy?........" Agreed. He had little to do with it. It was Greenspan who initiated the massive flood of monetary liquidity in the Y2K run-up period... and then aggressively tightened it up afterwards, precipitating the bubble's pricking. (It was also a bipartisan group of Fat Cat Senators and Congressmen who --- in the early to mid nineties --- opposed the SEC's and Treasury Department's and F.A.S.B.'s accounting reform efforts to provide for the expensing of stock options... which provided tech companies with the primary tool for tax avoidance and asset over-valuation, and provided the tool for inflating earnings multiples.) At the forefront of this group of campaign contribution sicophants were Lieberman, Dodd, Breaux, and DeLay, among many others. Clinton and his SEC Chairman Levitt fought the 'good fight' over several years for accounting honesty, but were narrowly defeated by entrenched financial interests.

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