http://www.latimes.com/news/politics/2004/la-fi-bushstreet21oct21,1,2102062,print.story?coll=la-home-headlinesPresident Bush's tax cuts have been a boon for high-income stockbrokers and money managers, and his plans for new investment accounts would bring a torrent of money to Wall Street.
Yet an undercurrent of concern exists among the nation's financial elite about the broader consequences of Bush's policies.
Record federal budget deficits -- swelled largely by the tax cuts passed in 2001 and 2003 -- are fueling fears that the economy and securities markets are headed for serious trouble. Those pressures could be exacerbated if Bush makes permanent the tax reductions, as he has pledged.
"There is a day of reckoning out there, and it's closer than a lot of people realize," said Brett Gallagher, who directs stock market strategy for Bank Julius Baer in New York.
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