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Text 11770, 47 rader
Skriven 2009-06-03 20:46:00 av Dave Drum (1:124/311)
Ärende: Reagan Did It!
======================
Also known as "stirring the pot" like Ross (take your pick) does sometimes.

Reagan Did It
By PAUL KRUGMAN

“This bill is the most important legislation for financial institutions in the
last 50 years. It provides a long-term solution for troubled thrift
institutions. ... All in all, I think we hit the jackpot.ö So declared Ronald
Reagan in 1982, as he signed the Garn-St. Germain Depository Institutions Act.

He was, as it happened, wrong about solving the problems of the thrifts. On the
contrary, the bill turned the modest-sized troubles of savings-and-loan
institutions into an utter catastrophe. But he was right about the
legislation’s significance. And as for that jackpot — well, it finally came
more than 25 years later, in the form of the worst economic crisis since the
Great Depression.

For the more one looks into the origins of the current disaster, the clearer it
becomes that the key wrong turn — the turn that made crisis inevitable — took
place in the early 1980s, during the Reagan years.

Attacks on Reaganomics usually focus on rising inequality and fiscal
irresponsibility. Indeed, Reagan ushered in an era in which a small minority
grew vastly rich, while working families saw only meager gains. He also broke
with longstanding rules of fiscal prudence.

On the latter point: traditionally, the U.S. government ran significant budget
deficits only in times of war or economic emergency. Federal debt as a
percentage of G.D.P. fell steadily from the end of World War II until 1980. But
indebtedness began rising under Reagan; it fell again in the Clinton years, but
resumed its rise under the Bush administration, leaving us ill prepared for the
emergency now upon us.

Complete column by Nobel Prize winning economist Krugman is here:

http://tinyurl.com/reagan-did-it

ENJOY!!!

From Uncle Dirty Dave's Kitchen
Home of YAHOOOOAHHHH Hot Sauce & Hardin Cider 

 

... The hole in the end of your penis is so you can maintain an open mind!
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