Democrats insist that the higher tax rates didn't hurt the market – in fact, they argue the higher taxes helped the market because the deficit went down and Treasury interest rates went down.
Republicans argue that the bull market was triggered by the Internet explosion – that it had little to do with Mr. Clinton.
Still others say that the rally only occurred because of the Republican Revolution in Congress.
Scaling the Abyss - 9 'Buys' if Nation Falls Off Fiscal Cliff
"First, let me say, I lived through that era. It was when my hedge fund was ascendant and I studied the bull market endlessly. So I consider myself a pretty astute examiner of the period in question," said Cramer.
And although it's all a true – largely Cramer says none of it was the main catalyst for the prosperity.
According to Cramer – the massive bull was a direct result of the
explosion of jobs
and expanding profits.
"At the time the White House was deeply wired to creating jobs and allowing the private sector to blossom," he said. "We got tons of new job creation from all parts of the private sector, big, small, everywhere, and that propelled the stock market all the way.
In short, my conclusion about the Clinton era is that the genesis and sustenance of the bull market came from corporate profits.
Tax rates just weren't much of a factor
In fact, to me the greatest thing about the bull market of the 1990s was how little Washington mattered at all.
It was about corporations spewing cash as the world's economies expanded at a terrific pace. We get that to happen again and the Clinton era bull market will be repeated.