Quote:
Originally Posted by spanky part 2
Oh yeah, Bush's fiscal plan has been a work of wonder. gimme a break
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"That recession". We're talking about the recession that started March, 2001. What "fiscal plan" of Bush's caused, say, industrial production to peak 2 months BEFORE he came into office (October of 2000) ? What did he do in the 38 days from his inauguration until March to cause a sudden recession?
Real personal income peaked in November 2000. There was evidence of slowing in late 2000.
December 6, 2000 beige book.
"District reports indicated some further evidence of slowing in economic growth, along with ongoing increases in cost pressures ...
Manufacturing activity was said to be leveling off or slowing in most Districts. The sector was described as flat in Philadelphia, Richmond and Kansas City, and slowing in Boston, Cleveland, Atlanta, Chicago, St. Louis, and Dallas. However, continued expansion was reported in Minneapolis and San Francisco"
So you had a slowdown in industrial production and economic growth in general in late 2000, a slowing to leveling off in manufacturing activity and of course a historic stock market bubble especially in tech. Then in March the tech bubble burst causing the loss of hundreds of billions of dollars in market value. wow, webvan really wasn't worth $1.5 billion? The tech bubble bursting was coincident with a decrease in business investment which was followed by a further decrease in manufacturing and production and then a rise in unemployment.