SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Biotech / Medical : Biotech Valuation
CRSP 55.84+1.8%3:59 PM EST
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Robohogs who wrote (13601)10/29/2004 8:20:34 AM
From: IRWIN JAMES FRANKEL  Read Replies (1) of 52153
 
OT - Political comment, sorry but Jon hit a nerve

>>Bush has ... presided over the biggest domestic spending increase ever.

I submit that the increased federal deficit (increased spending and reduced taxes) was necessary.

In 2000* the fed rapidly contracted monetary aggregates which sent economic activity into a near free fall. Seeing his error Greenspan tried to reverse the decline by expanding MS. IT DID NOT WORK.

It was widely agreed that fiscal policy was needed to move the economy back toward the upper GDP boundary, the potential GDP. It is when the economy is operating at or near potential that you balance the budget NOT when it is faltering.

None of this is to suggest that the feeding frenzy of federal spending was justified. Increased spending which was necessary need not be foolishly done. But absent a line-item-veto, the President had few choices. He could have vetoed the bills and sent the US into a prolonged recession or sign them and get the economy up and moving again. Once the economy is healthy the budget can be a high priority. It will still take years to return it to a balance.

That is how I see it.

ij

* I'm in the recovery business and saw case flow increase 6 fold in 2000. I have never seen anything like it and I have been doing this since 1975.

PS - I will vote for Bush but give him only a 1 in 5 chance of winning.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News