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6
6th December 22:15
External User
Posts: 1
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As I've said before, much (though not all) of the seeming prosperity in
the 1990's was artificial, built on rampant speculation in the stock market. It was prosperity in the same sense that the "Roaring 20's" was prosperous--a speculative bubble whose eventual blowout will take years and years to correct. Clinton, OTOH, kept touting the soaring stock market as an ACHIEVEMENT of his Administration. It was as much of an "achievement" as the rising stock market had been under Coolidge and Hoover. Of course he considered it an "achievement". The endlessly rising stock market generated the tax revenues (from capital gains taxes and corporate profits) that Clinton used to balance the Federal budget. I fault Clinton for not warning the American people that this kind of thing couldn't go on forever. -- Steven D. Litvintchouk Email: sdlitvin@earthlinkNOSPAM.net Remove the NOSPAM before replying to me. |
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