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

To: Lazarus_Long who wrote (287361)	8/15/2002 9:35:46 PM
From: TigerPaw	Read Replies (1) \| Respond to of 769667

that's what happened starting back in 1997 You apparently think that the 90's were a decade in which nothing happened. That's absurd! There was a great productivity boom, along with some exagerated earnings from energy companies and players who were falling behind. The higher interest rates of the late 90's exposed much of the excesses. What Junior did, mostly with his incredibly stupid tax cut, was to also kill off the actual productivity growth. The government, which had been a partner in the technological boom, suddenly became a competor for capital funds. We experienced not only a bubble burst, but the destruction of the growth engine of the economy. That was the KO. Deflating the bubble was a necesary and good thing and was consistent with the various crisis intervention that the fed had been managing all along. If junior hadn't knocked the foundation out of the rest of the economy we would still be enjoying a prosperous growth in broadband telecom with something new on the horizon. TP