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To: BDR who wrote (192708)	9/19/2002 9:47:27 AM
From: BDR	Respond to of 436258

One man's (a Democrat and economist) view of how we got here: The Atlantic Monthly \| October 2002 The Roaring Nineties As the chairman of Bill Clinton's Council of Economic Advisers, and subsequently as the chief economist of the World Bank during the East Asian financial crisis, Joseph Sitglitz was deeply involved in many of the economic-policy debates of the past ten years. What did this experience tell him? That much of what we think we know about the prosperity of the 1990s is wrong. Here is a revised history of the decade, by the winner of the 2001 Nobel Prize in Economics theatlantic.com My summary of the Players according to Stiglitz: Clinton - good but very lucky Bush - bad though unlucky Arthur Levitt - good Alan Greenspan - very good Robert Rubin - bad and good Cause of the Bubble - creative accounting, crony capitalism, deregulation Radio interview (6.5 minutes) npr.org If falling deficits and interest rates resulted in recapitalization of shaky bank balance sheets by propping up the prices of long term Treasuries, what does it portend for banks if higher deficits are on the way, higher interest rates seem more likely than lower, and much of the other stuff in bank portfolios look like so much junk?