The Times (of London) reports that US companies need to write off one trillion in dotcom losses. Folks, that’s a trillion dollars. No typo, trillion with a capital T and that rhymes with P and that stands for Piss-Poor Stock Market Tech Returns for the Foreseeable Future.
Says The Times, “Although the write-offs are book-keeping exercises that do not involve any cash, they will prove to be embarrassing for many chief executives.” It should also prove embarrassing to the And The Band Marched On supporters of the former Clinton Administration. This tech bubble started under Clinton’s watch, and it was Clinton’s man Joel Klein at the Justice Department who brought it all down with his silly, unproductive, immoral suit against Microsoft.
I don’t mean to harp against Clinton, but this is the spin the Republicans need to take if they are to survive this year’s midterm elections.
And lest you think VodkaPundit is a dyed-in-the-red-white-and-blue-wool right winger, wait until Bush messes up.