Anyone here too young to remember the Clinton administrations 8 year economy? [View All]

[NNN0LHI]

This is how I remember those eight years and if I get something wrong don't be afraid to straighten me out.

Here goes. Clinton took office during a deep recession left over from old man Bush. That is one of the reasons why Clinton had just beaten Bush. The economy was in shambles. The first thing Clinton did was raise the tax rates on the wealthy to roughly the same place Obama wants to raise them to now. The Republicans in Congress were objecting and obstructing like all get out and saying (hoping) Clinton would destroy the economy. On the contrary those eight years turned out to be the longest sustained period of economic growth on record. Except for a few short minor downturns and the what is known as the dotcom bubble that crashed the NASDAQ everything was really good. It was good for the wealthy and it was good for the middle class and even the poor. Everyone I knew was pretty happy.

In a nutshell the dotcom bubble was a bunch of crooks who opened up little companies with just a website and maybe one or two employees. Then one of these companies would sell another one of these companies $50 million dollars worth of ad space. Then that company would sell back to that same company another $50 mil in ad space and in fact no one was giving anyone any money at all. All these big sales of ad space to one another on paper made these companies stock price go through the roof. It wasn't really worth anything. The US government didn't lose anything from that fiasco.

But anyway if Obama can get us back to something resembling that period of time I think the Dems and this country will be in fine shape for a long time.

It won't be easy though. The Rethugs are going to fight us every inch of the way from here on out. They want Obama to fail because they know their own ideas are what has nearly bankrupted this country.

Don

Edit: I am pretty sure the DJ went from about 3000 to around 11000 during this eight year period. Everyones 401k was smoking. You couldn't lose on them. The value of your home was skyrocketing. I remember wishing I had bought a bigger one back then.