I believe I explained who I'd blame for the tech bubble: the bought and paid for corporate shills (in BOTH Parties) who spiked accounting reform in the early 'nineties, and again in the mid-'nineties. (And, of course, the ill-advised timing of the flood of liquidity unleashed by Greenspan for Y2K....)
To the Clinton team's CREDIT, they fought on the RIGHT SIDE of this issue (*for reform*) along with the Accounting Standards Board, the SEC, the Fed, etc., etc., but even so, they lost --- and fraud and misstated earning became entrenched in the system (just Levitt and Greenspan and Rubin argued).
To my way of thinking, they should have fought EVEN HARDER... but the final death blow to accounting reform was delivered by Congress (with Republicans newly ascendant)... but, again IMO, Lieberman and Breaux and Dodd deserve a big part of the blame as well.
Re: "That sudden deep valley in the chart is on Clinton's shoulders."
If you say so. That 'deep valley in the chart' that you refer to was a very good thing --- it showed a large decline in the national budget deficit (measured against the rising GNP of an expanding economy) after the tremendous budget damage done during the Reagan/Bush 12 years. |
