Quote:
Originally Posted by gstelmack
I mentioned this in the other thread, but the prosecutions during W's reign proved pretty conclusively that Clinton's "wonderful economy" was based on fabricated earnings and funny money. It all came crashing down and we're still dealing with the fallout.
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Replace "wonderful economy" with "wonderful stock market" and I'd agree with you. But as I tried to point out, there were a lot of positive economic developments in the late 90s that still bear fruit today, such as globalization, the knowledge economy, and the ability of the U.S. to relentlessly commercialize innovation.
I mean, take a look at your industry for example, Greg. Wouldn't you see the 90s, and the late 90s in specific as the catalyst years for your industry that took it from a niche industry to a heavy component of the overall entertainment industry?
Ecommerce was basically invented in the late 90s. We can laugh at pets.com, but I'm more talking about Amazon. Apple's success now is based on innovations made in the late 90s.
I don't want to overstate this, and I take your point that irrational exuberance over the stock market artificially inflates how much "real" growth there was, but I really do feel that the 2nd half of that decade really provided a catalyst for success we have had, and will have, in this century (or at least the first half).