Most of it was a phony economy that mimicked a phony president.
There were so many internet stocks that had no balance sheets, no P&L statements, no revenue, no underlying value that were selling for unprecedented prices per share.
It was all about following the lead of a dishonest president, a dishonest vice president(CCX), and dishonest party hacks like Terry McAwful selling out of global crossing on insider information, making 15 million just before the stock went bankrupt.
Good job Clinton administration.
Yes you are correct that it was a phony economy. It was phony as far as the internet companies. I remember yahoo at like 500 a share, microsoft even higher, (had the chance to buy microsoft back in like 87 cheap and turned it down
) it was THE BIG NEW THING!
What was real was the Y2k problem. Lots of money was spent on that. That and the housing bubble.
Someone posted it here before, I can't remember who, that TheRapist was the beneficiary of four huge economic boosters:
Boomers in their prime earning and spending years and the internet/tech boom were two of them. I hadn't thought about that one.
A Professor and former Trotskyite (slapped to reality by Ronaldus Maximus! ) made the case that Wal-Mart alone did more for the economy than TheRapist ever did.
Your two, Y2K, and the housing bubble was just beginning were the factors. The smart ones got in the market, made their money and got the hell out. And they spent it. Remember day trading?
Bush actually got us out of that recession by his tax cuts. By 2005 we had full employment... then the housing bubble burst. I remember hearing on the radio about how to refi your house and take equity out. Again the smart ones got out.
Out of all of this, we got obumbles. His policies are the direct result of the economy not bouncing back. Then to make matters worse, the fed started buying bonds. Now we are in another bubble waiting to burst. The smart money is starting to get out except this time, bonds are not a safe haven. The next recession, the obumbles recession, will be far worse than the last one. Far, far worse.
Obumbles has succeeded. He has brought this country to her knees. The only question is when does it happen. And do we have a leader in the wings that can bring us back like Reagan did.