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Politics : President Clinton: Leader?
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To: anyer who wrote (198)8/9/1998 12:11:00 PM
From: Ed Brynes  Read Replies (2) of 206
 
Can I try to get back to stocks, at least the political aspect? Under Market Trends, Lessons Learned, #472, I said that the 299-point meltdown of last week was caused by the fact that Senator Phil Gramm, a tax-cut conservative if ever there was one, came out with a proposal (jointly with Domenici) to keep most of the surplus for bailing out Social Security. The WSJ asked him about this and he said it was a political necessity; the Republicans can't fight Clinton on the issue. So the market can't recover very much until the Social Security issue is resolved in a more tax-cut-oriented fashion.
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