As the economy boomed, bond traders did not insist on pushing up interest rates in expectation of rising inflation. And Alan Greenspan, the Federal Reserve chairman, gambled successfully that the economy could expand more rapidly than in the past without more inflation. So he let the boom proceed without raising rates. There is truth in these explanations. But if Mr. Clinton and Mr. Greenspan deserve some of the credit for the boom, they almost certainly will get some of the blame for allowing the excesses to develop that now threaten the economy.
Business cycles have a life of their own, of course, and a perverse sense of humor.
A persistent slowdown, or a recession, during a Gore presidency would be hard for Mr. Gore to explain without tarnishing his old boss. And a similarly weak economy with Mr. Bush in office would visit on the son the same unhappy reputation that has saddled the father. Ask questions about Business News , Personal Finance , Investing and more. Get answers and tell other readers what you know, in Abuzz, new from The New York Times.