To: tejek who wrote (161837 ) 2/21/2003 10:37:50 AM From: tejek Read Replies (1) | Respond to Patience Wears Thin for Bush's Economic BotchesSome of this decline can be traced directly to the fecklessness with which the Bush team is handling the economy. Understand, the stock market likes deregulation, as long as the crooks don't win out, a la energy trading. It likes free trade. It also likes gridlock, because that keeps Congress from spending. Now, understand, the reasons people like me have been reluctant to criticize the president are three-fold: time of war (who wants to look like someone who railed against FDR during WWII?), a belief that Bush is basically a good man and, most important, the continual decline in interest rates, including the amazing performance of the 10-year. If the budget really were busting, if we really were in trouble as expressed by a deficit as a function of total GDP, bonds wouldn't be flashing green. I hate to bring up the hated subject of President Clinton, but his economic team, as expressed by Bob Rubin and Larry Summers, the two Treasury secretaries, simply would not be managing the economy this poorly. I want to give John Snow and Steve Friedman the grace period they deserve. But people on Wall Street are getting unforgiving. They are beginning to wonder if there is a plan, a real plan to make things better, away from tax cuts. I can't blame people for worrying. Too much is going wrong for my tastes right now.
