Dot-com boom, and Republicans taking advantage of Clinton acting like Clinton and forcing him to sign budgets that put us in a surplus situation to stay in office. The country was a hair's breath away from putting that clown Al Gore into the Oval Office, if you remember what was happening at that time.<quoted text>
This is the most ridiculous, simplistic "analysis" I've seen from the moronic right and I've seen it quite a bit. Why did this only happen for these two elections cycles? Why didn't the global economy collapse when Clinton was elected and had a Democratic Congress? Its not difficult to understand. We had a housing and credit bubble fueled by easy credit and low interest rates and the junk was packaged with the good stuff and traded globally. That much malinvestment is sustainable only by perpetually rising markets, a sort of Ponzi scheme.