When the stock market started tanking in September, there was no shortage of good reasons offered. Most analysts cited high oil prices, the slumping euro, weak corporate earnings, and fear that the Fed would leave money too tight or not tight enough, triggering inflation or slower growth. A lot of observers thought the high price-to-earnings ratio of the late 1990s had primed the market for a fall, given the right events. Then in mid-October, escalating Middle East conflict, coupled with more bad news on profits, pushed the market even lower.
But James K. Glassman, co-author of Dow 36,000 and a longtime superbull, offered his own thesis. He blamed Al Gore.