From Pine View Farm

Bushonomics 0

Truth.

Will Bunch (emphasis added):

. . . The real problem is that the legacy of Ronald Reagan — of deregulating the world of risky finance and leaving a giant mess for all of us to clean up — is betraying the American people, again.

In a way, Reagan was the grandfather of the financial bailout in America. Because it was Reagan who pushed to deregulate the savings-and-loan industry, back when credit default swaps were still a gleam in the eye of the Lehman Brothers.

”All in all, I think we hit the jackpot,” Reagan said on Oct. 15, 1982, when he signed into law a bill that lifted many restrictions on the savings-and-loan industry, giving thrifts the power to make larger real-estate loans and compete with money market funds. Some jackpot. It turned out that the deregulation of the S&L’s unleashed a corrupt rush into risky and often corrupt real-estate dealings, often involving insiders, and the nation’s thrift industry teetered on the edge of collapse just months after the Gipper left the Oval Office in January 1989. Within months, Reagan’s hand-picked GOP successor, George H.W. Bush, was forced to push through a bailout package with a value of $160 billion – which would be a lot of money now but was a huge amount of money 19 years ago. This is what Craig Shirley calls “Reagan’s legacy of small government and deregulation.”

(Gee, sort of sounds familiar, doesn’t it.)

No reconciliation.

Share

Comments are closed.

From Pine View Farm
Privacy Policy

This website does not track you.

It contains no private information. It does not drop persistent cookies, does not collect data other than incoming ip addresses and page views (the internet is a public place), and certainly does not collect and sell your information to others.

Some sites that I link to may try to track you, but that's between you and them, not you and me.

I do collect statistics, but I use a simple stand-alone Wordpress plugin, not third-party services such as Google Analitics over which I have no control.

Finally, this is website is a hobby. It's a hobby in which I am deeply invested, about which I care deeply, and which has enabled me to learn a lot about computers and computing, but it is still ultimately an avocation, not a vocation; it is certainly not a money-making enterprise (unless you click the "Donate" button--go ahead, you can be the first!).

I appreciate your visiting this site, and I desire not to violate your trust.