Admittedly the guy doesn't have a lot of evidence for this. Bush does so many stupid things though it's easy to forget he was doing dumb things like this and driving down the stock market.
When he was first promoting the tax cuts he started talking the economy down and caught a lot of flak for it. People were saying that his doom and gloom was going to put the economy into recession, and from then on it did get much worse.
It's no secret a president can talk down an economy. O'Neill did it to Brazil, Bush caused a major upheaval by misspeaking and saying the dollar would be devalued. At the time there was a lot of accusations that Bush would damage the economy with his statements. Recently whenever Bush made speeches they would show the Dow at the bottom of the screen, and how what he said made the market panic.
So some unknown amount of the downturn may have been caused by that. The article does make a valid point that no one seems to know what caused so much damage to the economy, it doesn't correlate with 9/11, but seems to occur earlier. I don't think your post makes any kind of refutation either. The fluctuations he was talking about occured on the same day as various statements by Bush and Cheney and so are likely to be caused by speculators getting in and out over perhaps a day. He should however have used the Dow index itself to show his point as that would have removed fluctuations of individual companies.
Current Events » in reply to This has GOT to be the longest reach I've seen yet.
re: This has GOT to be the longest reach I've seen yet.
The whole thread (18 posts)
- why did the Bush recession start?
- Since the clinton recession started in 2000, you tell me. (n/t)
- When you start taking 300 and 400 level classes, let us know. I'm sure we'd all be glad to help. (n/t)
- According to the NBER (the official arbiter of when U.S. recessions begin and end), the economy peaked in March of 2001 . . .
- This has GOT to be the longest reach I've seen yet.
- Correction: why did the Clinton recession start? It began in late spring of 2000 with the dot-com collapse. Don't you remember. I notice that your graph omits this period. (n/t)
- Answer, because Clinton started it a year before.
- Look at the trend. It was falling during Clinton's last year.
