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The "Misunderestimated" President II

 
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PostPosted: Sun Jan 25, 2009 1:27 pm    Post subject: The "Misunderestimated" President II Reply with quote

When Bush became president in 2001, I also underestimated his abilities. People now forget. However, Bush's political abilities destroyed the Democratic leadership in both the House and Senate, and revealed the truth about other leading Democrats.

Also, Bush proved adept at turning the worst stock market crash in history, i.e. the tech bubble, into a mild recession, and then began a period of prosperity in the 2000s unmatched by history.

In the 2000s, U.S. living standards rose at a steeper rate, U.S. firms became substantially more efficient, and the U.S. government was able to borrow almost for free. What's amazing is these huge improvements took place after a spectacular structural bull market, from 1982-00. So, Bush's economic achievements took place during a severe structural bear market.

Bush made some mistakes in 2008. However, he was working in uncharted waters. It was amazing he avoided major mistakes until he allowed Lehman to fail in September 2008, which began to freeze the credit market, and turned a potential soft-landing into a severe recession.
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