Collapsed? 8 solid years under Clinton and the worst that happened was a very minor recession after he left office. Increasing the size of the economy by 50% and only having it drop 1% or so in the recession after is phenomenal - not a collapse. He also had the good sense to reduce the deficit as the economy grew. Something which George Bush hasn't planned to do. If we're going to deficit spend during slow times we should have the sense to reduce it during good times. That is the idea anyway. Borrow now to smooth out the down economic periods and pay it back during good times.
And if you're talking about the stock market people were, in Greenspan's words, "Irrationally exuberant". Not Clinton's fault.
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