PeakTrader.com

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PeakTrader said...

It's easy to underestimate Bush like it's easy to underestimate Wall Street.

The 2002-07 asset-equity bubble helped raise U.S. living standards at a steeper rate than the 1995-00 tech bubble.

In the 2000s, the U.S. became more efficient by increasing output faster than increasing inputs.

For example, the U.S. created 17.6 million jobs between 1993-98, and created only 3.7 million jobs between 2001-06. Yet, U.S. real GDP growth was only slightly higher from 1993-98 than from 2001-06.

Over a five-year period in the 2000s, U.S. corporations had a record 20 consecutive quarters of double-digit earnings growth, two million houses a year were built, 16 million autos per year were sold, U.S. real GDP expanded 3% annually, in spite of 6% annual current account deficits (which subtract from GDP).

When the gains-in-trade are included, U.S. living standards rose up to 9% annually from 2002-07. It was one of the greatest eras of prosperity, and in a structural bear market that began in 2000.

Also, Bush won two of the most decisive wars in history. Of course, U.S. troops will stay in the Middle East, like they did in Europe after WWII. Iraq's people and oil are now free.

Bush was Reagan without the teflon. Being able to put together a sentence would've helped.

Positives: Iraq either has the largest or second largest oil reserves and the world needs that oil. More democracies in the region may lead to more peace, prosperity, human rights, etc.. Saddam and his sons, with trillions of dollars of oil, are no longer a threat to the region or the world.