Economic DramamineCommentary by Pete du Pont
July 17, 2002
The windows rattled in America on Monday, not because the axis of evil attacked but because of the stock market's 400-point bungee jump. Suddenly the predominant challenge to the Bush administration is economic, initially illuminated by corporate dishonesty, accountant manipulation, fraud and financial collapse at a gaggle of hotshot companies: Enron, WorldCom, Adelphia Communications, Global Crossing. As the current issue of The Economist points out, each of these companies has lost between of 94% and 99.9% of its value in the past six months. Each is now trading at pennies per share.