From: Zhang, Yangkun (Yangkun.Zhang@FMR.COM)
Date: Mon Oct 16 2000 - 14:48:32 PDT
> Again, your own stats support my case. If C/G didn't screw it up, then
> okay... even if the actual advantage is due to the GOP, which I'm willing
> stipulate. What we're arguing here is the definition of "crap." "Crap"
> been an activist economic policy administration that steered the nation
Fair enough! I guess we're actually in agreement. It's just that I consider
any activist economic policy (e.g., Richard Nixon was the most blatant, and
worst example of economic activism gone haywire) to be "crap." So what we
have is essentially a definitional difference.
> How can you prove an *opinion* wrong? Again, we're arguing about what
> constitutes "crap" in economic policy. BTW, my bad about calling your
> assertions "unfacts." More like "rhetorical distortions."
You're right--mediocre performance does not necessarily mean "good"
performance. I should have known better than to fall for that logical
Apropos, it should be added that I'm not saying that the GOP is RESPONSIBLE
for the economic boom, but rather, Clinton/Gore made the economy suffer in
93/94 (note the 200 basis pt rise in 30 yr yield in 94 alone!) until the GOP
got elected--after that, it's GRID LOCK (and not the GOP) that provided the
economic boom. I'm sure if we had a Republican president with a Republican
congress, the result would have been just as bad. Though, the TRA 97 pushed
through by Newt deserves a lot of credit... Too bad Newt was such a
hypocrite and didn't last, as he definitely had the right idea economically.
I've got a Morgan Stanley Dean Witter's (or was it Merrill Lynch? I can't
remember) study around my desk somewhere that showed that historically,
Republican presidents are better for the bond market, and Democrats are
better for the stock market (though I suspect a large portion of this was
due to inflation hidden as capital gains), but grid lock (Rep prez w/ Dem
congress or vise versa) truly produces the share-holder's dream.
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