Lauer Worries About Tax Rebates for the 'Rich'

What are you going to tell people who lose much of their retirement savings in their 401K when there's a downturn?"

Today, Baker said: "The decline in the stock market was an entirely predictable event for anyone familiar with basic arithmetic, even if the exact timing could not be known in advance. The nation's political leaders chose to ignore the stock market bubble and instead focused their attention on distant and relatively minor problems like potential shortfalls in the Social Security trust fund in 30 or 40 years or the reappearance of budget deficits in a decade or two. As a result, millions of families have seen their dreams of a secure retirement or their children's college education vanish with the stock market bubble. The level of negligence of the nation's political leaders in ignoring the stock bubble exceeds anything since the days of Herbert Hoover."

Here's the follow up in 2003: Bursting Bubbles

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