Posted on 03/11/2009 6:04:13 AM PDT by fiscon1
Before I begin my analysis, I want to put the reader into the shoes of Alan Greenspan at the time in question. We have heard ad nauseum that this current economic crisis is the worst since the Great Depression. We have heard it so often that we forget just how dire things were at the beginning of the mlllenia. We entered the millenia with the bubble bursting on the internet revolution. Throughout the nineties, it looked as though our economy would be revolutionized all through the internet, and then all of that was put to an end when the bubble burst. Still, the economic downturn was predictable because it still had all the similarities to other speculative bubbles. Then, just as the economy was attempting to turn the corner and recover from this speculative bubble, an economic storm hit that had no historical context. That economic storm was 9/11. There was no playbook for the economic impact of that event. To top it off, it was only months before it was first revealed that Enron had cooked their books, and this started a domino of several large companies that also admitted to cooking their books throughout the 1990's as well.
(Excerpt) Read more at theeprovocateur.blogspot.com ...
Exactly. That was the key to the go-go 1990s where the SEC, FDIC and Rubin etc. simply closed their eyes to massive manipulation of earnings projections (and) thus stock prices ever, probably as bad as the 1920s.
Worldcom, Lucent, and dozens of others went belly up eventually.
The names were huge.... and there were countless Clinton administration officials who took stock options and made a fortune.
When Bush took over, the adults came back in charge and naturally the bubble bursted even more than the last six months of Clinton.
A sober look at the Clinton 1990s will reveal the beginnings and the cause of the eventual crash of 2007-2008.
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