Oh Alan, it's all so clear today and yes, what could you have done to see what many others saw as you scoffed at talk about a bubble and economic woes, thought slashing taxes during a war made great sense and had nothing to saw about the now tanking GOP economy? Yes, it could have happened to anyone as you point to other historical crashes in the market. Too bad there's actually a record of your muddled words as well as your actions and inactions. Too bad you never hesitated when the GOP thought easy money was the wave of the future and you never hesitated to introduce common sense lending and economics. No, what could you have done as one of the highest ranking economic specialist in the federal government? What could be done with such power? Gosh, I just can't imagine but keep thinking about it and maybe a little, itty bitty light bulb might go off.
Bubbles can't be defused through incremental adjustments in interest rates, he suggested, the paper reported. The Fed doubled interest rates in 1994-95, and "stopped the nascent stock-market boom," but when stopped, stocks took off again. "We tried to do it again in 1997," when the Fed raised rates a quarter of a percentage point, and "the same phenomenon occurred."No wonder Alan worked so well with Bush because neither could ever see anything wrong with their plans, no matter how much reality shoves it back into their face. Ahhh, ignorance is bliss.
Main & gay blog