Suppy side economics doesn't work. Supply side economics is what "W" practiced with his Commerce Secretary Don Evans. Supply side economics 'creates' uncertainty. Basically, build it and they will buy it.
When the global economic crisis hit there was already too much supply in the market place. So, it was easy for companies to downsize, lay off workers and still maintain a profit while emptying their warehouses.
They were all ready, but, the citizens of the crisis were not and neither were the USA banks, at least the local banks, the ones that matter to people. A record number of them were closed down by the FDIC and while depositers received their monies from failed banks, it left the lending institutions available for citizens and small businesses at a premium or in many instances absent.
WASHINGTON, May 3, 2005 (U.S. Newswire via COMTEX)
The Financial Services Forum today announced that former United States Commerce Secretary Donald L. Evans will join the group as chief executive officer and lead its executive membership in promoting global competitiveness and robust capital markets.
"Don Evans brings to the Financial Services Forum a keen understanding of both the policy process and the benefits of strong, liquid capital markets," said Henry Paulson, chairman of the Forum and chairman and CEO of Goldman Sachs. "All of our members look forward to his leadership in addressing the broad challenges and opportunities confronting financial markets, economies and policy makers."
Evans will interact closely with the CEOs of the largest financial institutions in the world, representing a broad cross- section of diversified financial services.
"In this fast-paced environment of the new global marketplace, leaders in the financial services industry have an opportunity to participate in the dialogue and events that shape global economic growth," said Evans. "Today I have the opportunity and privilege to bring to this unique organization a vision that will allow our citizens to participate in vibrant and competitive markets, whether they be on a local or global level. This is also a great opportunity to begin a broader based education effort to show the …
http://business.highbeam.com/1208/article-1G1-132086170/former-commerce-secretary-evans-lead-financial-services
