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At 5:48 PM -0400 10/6/99, bullandbear@xxxxxxxxx wrote:
>I had NO idea that you guys felt that way about Bill Clinton, please
>understand that I am not an american and all of my information came
>from the media which painted a beautiful picture of Bill Clinton in
>reference to financial and corporate america and how he saved
>America from recessions and balanced the books and brought
>"stability" to Financial america.I thought the information was
>correct and accurate for this I apologize.
You are basically correct in the above but we tend to conclude that
"he didn't screw it up", which is what many administrations do.
The time constants for such decisions is very long so Clinton is also
benefiting from previous policies. But most of the credit should go
to Alan Greenspan, the Chairman of the Federal Reserve Bank, and
Robert Rubin, the Secretary of the Treasury up until recently. Both
understand the financial markets very well.
But one wonders how much longer it can last. A recent quote says it very well:
From Paul Volker, Former Chairman of the Federal Reserve Board
"The fate of the world economy is now totally dependent on the growth
of the U.S. economy, which is dependent on the stock market, whose
growth is dependent on about 50 stocks, half of which have never
reported any earnings."
From the Hussman Econometrics newsletter.
Bob Fulks
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