"Buddy, You are right about the reason for the boom during the Clinton administration,"
Eh? I don't believe I addressed that question at all in my post. Perhaps you misread it?
"but there was another participant that caused the market to soar."
No kidding: the absolute FLOOD of liquidity ('fiat money') unleashed by the Federal Reserve and Alan Greenspan (remember the run-up to Y2K?). Not to mention the 'free pass' given to corporations to 'print money' through accounting fraud (claiming tax deductions for stock option grants, while being allowed to pretend that these grants WERE NOT expenses and did not water the stock when it came time to file their annual reports). A cabal of bought and paid for Senators and Representatives (Lieberman, Breaux, Dodd, etc.) are WHOLELY RESPONSIBLE for striking this match that began the asset inflation bubble of the 'nineties. They fought the accounting reform movement (the N.A.S.B, Clinton's Treasury Department under Rubin, the S.E.C. under Arthur Levitt, the Federal Reserve under Alan Greenspan, the I.A.S.B., etc., etc.) until the hide-bound forces for corruption won the day, and accounting reform (enabling Enron, Anderson, etc.) was KILLED.
There likely would have been no asset bubble (despite the surge in liquidity), or else the bubble would have been much smaller, if the accounting reformers had won.
"All of the damage was done before GWB took office."
LOL! Plenty of *new damage* been done since.... |
