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

To: Karen Lawrence who wrote (693168)	7/21/2005 1:57:21 PM
From: DuckTapeSunroof	Read Replies (1) \| Respond to of 769670

Yep... he exascerbated the late 'nineties bubble significantly with the flood of liquidity he rolled out for Y2K... and with his 'this time it's different' "Productivity Miracle" talk (said 'productivity miracle' turning out to be a mirage caused by 'hedonic adjustments' and 'chain-weighting' statistical lies....), then 'popped' the bubble immediately after Y2K... then appeared to change his mind again (perhaps startled by the magnitude of what had happened) and opened the floodgates of liquidity once more --- guaranteeing that the asset bubble would move into other assets, like real estate. On the other-hand, he DID speak out in the early nineties (with Treasury Secretary Rubin and SEC Chairman Levitt and the F.A.S.B.) and try to jawbone Congress into closing the HUMONGOUS ACCOUNTING LOOPHOLE they'd opened (non-expensing of stock options for companies) that largely CAUSED the entire asset bubble... and they spoke out in plenty of time to stop the damage before it had happened. Too bad they lost that fight for honest accounting and a handful of 'bought-and-paid-for' pols like Lieberman and Breaux (backed by armies of corporate lobbyists) nixed the reforms. Once the government started handing out 'free money' to corporations (letting them take a tax deduction for all options costs, while telling them it was OK to lie to investors and not report those same expenses on their annual reports as 'costs', thus puffing-up their reported earnings, and enabling the 'Enron/Worldcom era'), it became inevitable that things would end up badly.... Alan is probably getting out while the 'getting is good'.