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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: TigerPaw who wrote (284694)	8/8/2002 10:00:50 AM
From: jlallen	Respond to of 769670

Ridiculous.

To: TigerPaw who wrote (284694)	8/8/2002 11:25:09 AM
From: DavesM	Read Replies (3) \| Respond to of 769670

re:"I think that the inability of the government to react and respond to the unfolding economic crisis was the reason the telecom sector crashed" I seem to recall that the datacom/telecom sector began to crashed in March/April 2000. And you are right, the Government in 2000 seemed to have an "inablity to react and respond to the unfolding economic crisis". Did the Administration even ask the FED to loosen up on the interest rate hikes, instead of raising them (as the market dumped)? - I don't remember. In fact, it is widely acknowledged, that, the FED did not react to the crisis quickly enough. The Fed did not reduce the FED Funds rate till Jan 3, 2001; leaving the markets to decline for 8 months before adding liquidity or monetary stimulus to the situation. The Tax cut began while the National Economy was already in recession. Disclosure of accounting irregularities (that apparently began in the late 90's) from telecom companies like, Global Crossing and World Com didn't help either.