Over the past few weeks we have struggled to find an appropriate parallel 
to the economic situation in the aftermath of September 11. In a recent 
paper we argued that the appropriate parallel for the post 9/11 was the 
Gulf War. In both cases the incident punctuated what we already knew: that 
the economy was in recession. We also pointed out some interesting 
similarities. In both cases, Alan Greenspan was chairman of the Fed and 
George Bush was president. However, there are some major differences this 
time. The George Bush in the White House now is proposing to lower tax 
rates. For that reason we believe that the recovery is going to be stronger 
than that of the previous recession. More on this subject anon.

LJE


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