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View Diary: Why Clinton's Economy Was Better (174 comments)

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  •  good point (2+ / 0-)
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    The Maven, Coherent Viewpoint

    And a good counter to the tech boom talking point.  It was not so much a boom in the tech industry, but a boom in confidence and that people would be spending.  Confidence goes down and websites selling stuff go bust.

    Impeach Gary Bettman

    by Edanger6 on Thu May 25, 2006 at 01:57:44 PM PDT

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    •  In All Likelihood (4+ / 0-)

      Much of the reason that the tech boom occurred was due to the foundation laid down by the Clinton economic team.  They made it clear pretty much from the get-go that putting the nation's fiscal house in order was going to be the top priority -- thus, the tax hikes (which made the code more progressive) to increase federal revenues while simultaneously keeping a close eye on spending (certainly notable in contrast to the Bush/GOP congress increases in discretionary spending the past 5+ years).

      Once the financial markets were reassured that economic policy and the Treasury Department were not being run by reckless, wanton spenders, but rather by fiscal conservatives (in the traditional, positive sense of the term), the spigots for capital were turned on.  There was no reason to be concerned that the administration was mortgaging away the future.  And we had a very nice run where, indeed, a rising tide did lift all boats.

      The current clown-car crew, by contrast, has shown a remarkable inflexibility in its policies (ever-lower taxes are always good), while frequently shifting its reasoning for those policies.  It would be hard to conceive of a more dangerous combination, and that goes a long way toward explaining the dire circumstances we find ourselves in right now.  We may not be headed for a horrific crash; rather, the prospect of a lengthy, seeping decline becomes more probable with each passing day.

    •  The tech bubble had a silver lining (0+ / 0-)

      It may have been speculative, but the result was that there was a lot of money available for minor players with big ideas. A lot of ideas went bust, but other innovators that are now ubiquitous may have never had the chance if there hadn't been a bit of "irrational exuberance."

      To claim secular societies are rejecting God, is to concede that religious societies are rejecting reality.

      by Kudos on Thu May 25, 2006 at 04:40:32 PM PDT

      [ Parent ]

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