Well, the Reagonites can thank their god for the current economic situation. The people who used him as their mouthpiece for their supply side economics and their deregulation of banking and insurance companies during the 80's (which gave us all those mega bank mergers in the 90's) have killed their golden goose.
It would be funny if so many people weren't being hurt by it, however, many of the people who are being hurt by this, were and are the very people who voted for Reagan and his successors as well as the Republican congress of the 90's and early 2000's who capitalized on this flawed system.
Theodore Roosevelt's trust busting and the banking protections enacted by Franklin Roosevelt because of the depression were rolled back to an irresponsible degree (at least in regard to the Financial Services Industry) to allow a few people to become very rich under the faux-egalitarian cover of "making house ownership available to more people" and "supply side" economics. Maybe we'll luck out and some of that 85 Billion of tax payer money loaned (or backing loans) to AIG will "trickle down" to the people loosing their homes... I’m just saying…
Hi DJBA,
John McCain is running around pretending he was not a big proponent of deregulation. What a liar he has turned into.
Reagan wrecked the economy but Bill Clinton has to take a bit of the blame to, especially with regard to the deregulation of the media and not turning back some of Reagan’s changes.
I hope you are doing well.
I missed your blog!
Posted by: Mes Deux Cents | 19 September 2008 at 11:17 PM
I was just talking with Ami about this yesterday.
The fundamental concept of trickle-down economics is flawed. If the people receiving tax breaks actually spent their money it might have a chance, but they don't. They just invest it, often in foreign interests, so it's not circulating among the poorer classes.
What really makes me angry is the people who insist that the '90s economic boom was thanks to Reagan because apparently the benefits of "Reaganomics" didn't take effect until exactly four years after he left office. Oh, and our current economic woes? All Bill Clinton's fault.
Just you wait, if Obama gets elected and ends up presiding over another boom, they're going to say it's all thanks to Dubya's tax cuts.
Posted by: Will Staples | 20 September 2008 at 08:36 AM
Dude... your spot on the money with that!
Posted by: Amazing DJ Videos | 24 September 2008 at 05:45 AM