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Inflating the Next Bubble
In the beginning of the first George W. Bush administration the U.S.  was experiencing the aftershocks of what is referred to as the “the bursting of the dot com bubble,” the collapse of tech stocks. Wanting to avoid beginning an administration with a serious economic downturn, the President, in concert with his financial advisers, decided to cut taxes and pump money into the economy as a means of avoiding recession.
 
Their strategy seemed to work. As the country drifted into an eight month recession—near the end of which September 11th occurred--Fed Chairman, Alan Greenspan, lowered interest rates and the economy, after struggling to find its footing, began a long upward climb. The administration had postponed the recession by inflating the next bubble.
                                                                                                                                                   
The first Bush tax cut provided a significant stimulus, and easy money was the rule. Investors—and many pseudo-investors—jumped on the bandwagon, driving stock prices upwards. Many chose to put their money into real estate, for how could you lose? There were occasional warnings during this time, but no one took them seriously. Few imagined that the bubble could burst, for we’d all been taught to buy real estate, it can only go up. More than ... more

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