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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: KLP who wrote (757)	5/9/2003 8:21:29 PM
From: JohnM	Read Replies (2) \| Respond to of 793928

I'm not certain just what the point of the dating of the bubble bursting is, Karen. If you wish to argue that folk knew a bubble was in place before Bush was elected, I can certainly agree with that. I watched that terrific PBS program on WorldCom and the Telecom bubble last night. One of the telling moments for two of the analysts was a meeting of the central players, an annual meeting, that Grubman ran, in January 2000. Major speaker was Bob Rubin, who by then was no longer Treasury Secretary in the Clinton admin. Rubin started his speech by saying that Sandy Weill of CitiGroup (who Rubin now worked for) has asked him not to give this speech, but he was going to do so anyway. And then proceeded to lay out a defining speech on the telecom bubble. Of course, the Nasdaq didn't start down until March of that year (as many of us can vividly remember). If we wish to go back and trace the blame for the bubble, which I'm willing but not eager to do, there is plenty to go around as between the Clinton administration, Reps and Dems in Congress, and more than a few criminal actors in the business world.