December 23rd, 2003

Eye of the Dragon

Are You Better Off Now Than You Were Four Years Ago?

Politicians lie, but numbers don't.

Of course, the willing vassals of the Halliburton Administration will claim that these trends would have happened regardless of who was occupying the Oval Office -- while at the same time insisting that, nevertheless, we're "recovering" from the nose-dive that hit when the Miserable Failure siezed power.

And, yes, the dot-bomb started before the neofeudalists took over -- but understand that, in the words of an old economics prof of mine, "the stock market isn't economics -- it's psychology." More than anything else, it measures investor confidence. Faced with the prospect of an Administration so obviously and heavily biased toward Old Tech -- smokestack industry and Big Oil -- investors lost confidence in the New Technology that fueled the boom of the '90s.

I agree that, at some point, the vaporware speculation bubble would have burst, even with Al "I Invented The Internet" Gore in office -- but I don't know if it would have crashed the way it did, with investors fleeing solid infrastructure companies like Novell Cisco and Cypress with the same panicked terror that they abandoned
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