[ReleaseTheHounds]

The STOCK MARKET collapse began in March 2000 -- it specifically started the day that Clinton and Tony Blair got together and said that the promised discoveries related to the human genome and biotech advances "were too important" to the world and that any patents should be "shared with the world." That wacked the entire biotech industry and raised questions about that value of intellectual property in all industries.

The assault on Microsoft had started a year or two earlier, but the rulings on Microsoft were coming to a head later that spring. The CONTEMPT of Joel Klein and Janet Reno for Microsoft and virtually ALL PRIVATE INDUSTRY was just stunning and, I believe, chilling to investors and business leaders.

The refusal to allow Worldcom and Sprint combine (yes, it would have been a horrible combination, in retrospect, but that wasn't the reason the Justice Department didn't allow the combination) was another terrible signal that discouraged investors.

All of these things, along with the internet/technology bubble, led to the wipe-out of $7 trillion of investor "wealth" (or perceived wealth). Sorry to disagree with people who don't buy into a "wealth-effect" on our economy: you don't have $7 trillion evaporate and not have a significant impact on the economy or growth.

[Gritty]

The STOCK MARKET collapse began in March 2000 --

Most of the carnage took place before President Bush came into office in late January, 2001.