June 2001
A tax to boost share prices?
Washington was in a tizzy last month after the sudden
defection from the Republican party of senator James Jeffords of
Vermont. Jeffords' historic move tipped control of an evenly
divided US Senate to the Democrats and it came within a whisker of
changing the fate of the Bush administration's tax proposals. But
Jeffords decided to stay in the Republican fold for a few more days
until Congress could finish work on that all-important bill. Big
bucks had been riding on the outcome for Wall Street.
This political shocker came on the heels of the recent run-up in
share prices. Last year's bubble, it seems, really hadn't burst
after all, but transformed itself instead into some sort of living,
breathing organism. The thing apparently was just exhaling when
stocks went skidding in February and March. Now the question is:
what has it been breathing in?
Share prices have...
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