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Politics : Clinton's Scandals: Is this corruption the worst ever? -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (3089)	8/25/1998 12:18:00 PM
From: Doughboy	Read Replies (1) \| Respond to of 13994

I believe the entire S&L bailout was carried out off-budget, i.e. it never had an effect on the numbers of the federal budget deficit. As for its economic effect, IMHO, it's a muddy picture: The S&L crisis surely did squeeze credit, but the bailout which occurred over the same period of Bush's Presidency did not squeeze credit; it expanded credit; it was a way for the federal govt to pour billions and billions of dollars into the economy. The Texas and the Southwest fools who supported bubble economies basically were paid money to extract themselves from the problems they go themselves into. To the extent you are arguing that the economy was stimulated and moving when Clinton came into office, I will agree with that. But I would argue that the deficit--which is what we're arguing about after all-- was ruinous if nothing was done about it, and we were NOT going to grow our way out it. The tax increase was a necessary evil, and it did the job. Doughboy.