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Why didn't you provide a link to prove your point that the President was against cap gains cuts?

Because it takes work and I'm too busy growing my own food that I can afford under the Bush economy.

Here's an excerpt from a pretty good article describing the battle of the 2003 tax cuts and Bill Thomas's role, and how W had opposed capital gains cuts for years:

Where he actually went was a place where House conservatives, unsuccessfully, had tried to push the president: the supply-side standby of lower capital gains rates. Rep. David Dreier of California, the powerful House Rules Committee chairman, in early January introduced a modified tax cut. "I love it," House Majority Leader Tom DeLay told me. Joining the capital gains cabal was none other than Bill Thomas.
Thomas tried to explain to the White House that so many more taxpayers were touched by capital gains than dividends that it will be much easier to sell. No success. Thomas got the same blank stares from the administration that Dreier had been receiving from Bush economic advisers going back to the 2000 campaign.

The whole article is worth reading and can be found here.

Are bubbles popping? Yes, corrections are underway...but when we haven't yet had a quarter of negative growth, I think many are over-reacting in knee-jerk fashion.

A recession is arbitrarily defined by the NBER, and they won't tell us until months after the fact that we had one. There is neutral evidence that the economy has stopped growing, and that is just as bad in an election year. Cheerleading Republicans can continue in denial and pretend that W is a good economic president, but you're setting yourself up for a slaughter this November.

There is neutral evidence that the economy has stopped growing, and that is just as bad in an election year.

That's the part you don't seem to get...ELECTION YEAR.

And thus the continued repetition of the word "recession" even though ONE quarter of negative growth has not yet been realized.

Your only "proof" that Bush was "against" cap gains is Novak? Sheesh. Novak often gets stuff wrong in his "behind the scenes" gossip. President Bush was on board for cap gains. May not have been his brain-child, of course, as many ideas he brings into being are conceived by those under him. Larry Kudlow also had a hand in promoting cap gains at the WH. But it was included in the bill Bush signed along with other tax cuts. The whole package worked to stimulate the economy for many, many quarters.

Pres. Bush continues to stand against tax hikes today. God bless him for prospering America. It's my guess we will see negative growth for only one quarter...no recession by election day. Poor Hillary.