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

To: Sully- who wrote (388933)	4/9/2003 4:32:43 PM
From: DuckTapeSunroof	Respond to of 769670

I prefer the classic in the literature: "Popular Delusions and the Madness of Crowds" - an excellent book on bubbles and manias. Look, I totally agree that bubbles follow over-speculation, and that the recessions which follow bubble-bursts are worse than the average business cycle recession. History seems to prove that: no argument from me. But, what you haven't proved (despite all your bolded text) is that Clinton was in any way responsible fo inflating the bubble. Stabs at fiscal and monetary prudence ARE NOT CRIMES. If you are looking for someone to blame, I would look to Senators Lieberman and Dodd, and Breaux and DeLay and Armey... who were some of the main ones who blocked Clinton's SEC Chairman Authur Levitt when the SEC and the F.A.S.B. and the Fed tried hard to reform accounting rules to strengthen oversight and expense stock options on company's books. Unexpensed Options were the gasoline on the fire that caused a bubble to flare up. Levitt and Clinton (& Greenspan & Rubin) tried hard for these reforms before there ever was a bubble... but campaign contributions to the Senate and House by Big Accounting and Financial Firms shot down the reform effort. If you are looking fo a point where the bubble could have been headed off BEFORE it got stated, and normal vigorous growth could have been sustained: that was it. And it was politicians from BOTH parties (bought and paid for by industry) who killed reform.