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Showing posts from December 20, 2007

Bye, Bye Tora Bora; Hello Subprime Mortgages

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The conventional wisdom de jour in Washington, DC, can be summed up in a catchphrase popularized by Bill Clinton's 1992 presidential campaign: "It's the economy, stupid!" The former Arkansas governor was challenging then-President George H.W. Bush, who had led the United States into a military victory against Saddam Hussein during the first Gulf War, criticizing Bush Senior for focusing too much attention on foreign policy as opposed to dealing with the economic recession of the early 1990s. Clinton and his aides were suggesting that American voters were sick and tired of Iraq, the Middle East, and other global policy issues and wanted the election campaign to concentrate on the economy.

According to pollsters and pundits, it's déjà vu all over again at the end of George W. Bush's presidency, with the aftermath of another Gulf War, the U.S. economy entering a recession, and Democrats seeming to have a chance of regaining the White House. The promoters of this…