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Those who praise Ronald Reagan as a good president rarely, if ever mention his numerous (and very serious) failures. Rarely do we hear from them any mention of immigration AMNESTY, Briggs Inititative, Iran-Contra, the Lebanon Marine barracks fiasco, or the worst job growth and GDP growths since 1950.
To boot, the combination of significant tax cuts and a massive increase in Cold War related defense spending 91981-1988) resulted in large budget deficits, an expansion in the U.S. trade deficit, as well as the stock market crash of 1987, while also contributing to the Savings and Loan crisis. The ultimate cost of the Savings and Loan crisis is estimated to have totaled around $150 billion, about $125 billion of which was consequently and directly subsidized by the U.S. government. John Kenneth Galbraith called it "the largest and costliest venture in public misfeasance, malfeasance and larceny of all time."
In order to cover new federal budget deficits, the United States borrowed heavily both domestically and abroad, raising the national debt from $997 billion to $2.85 trillion, and the United States moved from being the world's largest international creditor to the world's largest debtor nation. Reagan described the new debt as the "greatest disappointment" of his presidency.
Trickle-Down Economics: Four Reasons Why It Just Doesn't Work | United for a Fair Economy
FDIC: The S&L Crisis: A Chrono-Bibliography
John Kenneth Galbraith, The Culture of Contentment. (Houghton Mifflin, 1992).
http://www.treasurydirect.gov/govt/r...ebt_histo4.htm
http://www.washingtonpost.com/wp-dyn...-2004Jun8.html
Ronald Reagan: The Presidential Portfolio: History as Told through the Collection of the Ronald Reagan Library and Museum: Lou Cannon: 9781891620843: Amazon.com: Books (see page 128)
Reagan had little to do with the market crash of 1987.
Mostly at the time it was reported to be programmed trading that developed momentum and things just tanked. Market psychology was also tied into it.
The market recovered quickly.
This is just another example of the bull the left will throw in an effort to somehow make itself look smart.
huge numbers of Democrats under Reagan voted for his policies; that's why they are called Reagan Democrats
when will you left-wing losers stop crying you were victims of things your Jackass Partyu went along willingly with?
progressives are convinced that people are better off living under the oppression of soviet communism.
Sent from smartphone using my wits and taptalk
off topic!!
Those who praise Ronald Reagan as a good president rarely, if ever mention his numerous (and very serious) failures. Rarely do we hear from them any mention of immigration AMNESTY, Briggs Inititative, Iran-Contra, the Lebanon Marine barracks fiasco, or the worst job growth and GDP growths since 1950.
To boot, the combination of significant tax cuts and a massive increase in Cold War related defense spending 91981-1988) resulted in large budget deficits, an expansion in the U.S. trade deficit, as well as the stock market crash of 1987, while also contributing to the Savings and Loan crisis. The ultimate cost of the Savings and Loan crisis is estimated to have totaled around $150 billion, about $125 billion of which was consequently and directly subsidized by the U.S. government. John Kenneth Galbraith called it "the largest and costliest venture in public misfeasance, malfeasance and larceny of all time."
In order to cover new federal budget deficits, the United States borrowed heavily both domestically and abroad, raising the national debt from $997 billion to $2.85 trillion, and the United States moved from being the world's largest international creditor to the world's largest debtor nation. Reagan described the new debt as the "greatest disappointment" of his presidency.
Trickle-Down Economics: Four Reasons Why It Just Doesn't Work | United for a Fair Economy
FDIC: The S&L Crisis: A Chrono-Bibliography
John Kenneth Galbraith, The Culture of Contentment. (Houghton Mifflin, 1992).
http://www.treasurydirect.gov/govt/r...ebt_histo4.htm
http://www.washingtonpost.com/wp-dyn...-2004Jun8.html
Ronald Reagan: The Presidential Portfolio: History as Told through the Collection of the Ronald Reagan Library and Museum: Lou Cannon: 9781891620843: Amazon.com: Books (see page 128)
Reagan had little to do with the market crash of 1987.
Mostly at the time it was reported to be programmed trading that developed momentum and things just tanked. Market psychology was also tied into it.
The market recovered quickly.
This is just another example of the bull the left will throw in an effort to somehow make itself look smart.
1. I am a staunch CONSERVATIVE (not the "left")
2. The market crash of 1987 happened on Reagan's watch. Hundreds of economists say that the President of the US bears some responsibility. I'll go with them.
3. An ounce of prevention is worth a pound of cure.
Those who praise Ronald Reagan as a good president rarely, if ever mention his numerous (and very serious) failures. Rarely do we hear from them any mention of immigration AMNESTY, Briggs Inititative, Iran-Contra, the Lebanon Marine barracks fiasco, or the worst job growth and GDP growths since 1950.
To boot, the combination of significant tax cuts and a massive increase in Cold War related defense spending 91981-1988) resulted in large budget deficits, an expansion in the U.S. trade deficit, as well as the stock market crash of 1987, while also contributing to the Savings and Loan crisis. The ultimate cost of the Savings and Loan crisis is estimated to have totaled around $150 billion, about $125 billion of which was consequently and directly subsidized by the U.S. government. John Kenneth Galbraith called it "the largest and costliest venture in public misfeasance, malfeasance and larceny of all time."
In order to cover new federal budget deficits, the United States borrowed heavily both domestically and abroad, raising the national debt from $997 billion to $2.85 trillion, and the United States moved from being the world's largest international creditor to the world's largest debtor nation. Reagan described the new debt as the "greatest disappointment" of his presidency.
Trickle-Down Economics: Four Reasons Why It Just Doesn't Work | United for a Fair Economy
FDIC: The S&L Crisis: A Chrono-Bibliography
John Kenneth Galbraith, The Culture of Contentment. (Houghton Mifflin, 1992).
http://www.treasurydirect.gov/govt/r...ebt_histo4.htm
http://www.washingtonpost.com/wp-dyn...-2004Jun8.html
Ronald Reagan: The Presidential Portfolio: History as Told through the Collection of the Ronald Reagan Library and Museum: Lou Cannon: 9781891620843: Amazon.com: Books (see page 128)
Reagan had little to do with the market crash of 1987.
Mostly at the time it was reported to be programmed trading that developed momentum and things just tanked. Market psychology was also tied into it.
The market recovered quickly.
This is just another example of the bull the left will throw in an effort to somehow make itself look smart.
1. I am a staunch CONSERVATIVE (not the "left")
2. The market crash of 1987 happened on Reagan's watch. Hundreds of economists say that the President of the US bears some responsibility. I'll go with them.
3. An ounce of prevention is worth a pound of cure.
As I remember, one of the key features of "Reaganomics" was spending cuts. Real cuts, not just reductions in baseline increases.
When did those ever occur?
Reagan had little to do with the market crash of 1987.
Mostly at the time it was reported to be programmed trading that developed momentum and things just tanked. Market psychology was also tied into it.
The market recovered quickly.
This is just another example of the bull the left will throw in an effort to somehow make itself look smart.
1. I am a staunch CONSERVATIVE (not the "left")
2. The market crash of 1987 happened on Reagan's watch. Hundreds of economists say that the President of the US bears some responsibility. I'll go with them.
3. An ounce of prevention is worth a pound of cure.
I looked for those hundreds of economists on line and was not able to find them. Please show me where they are hiding.
Next, I lived through it. It was basically a short lived thing and with a couple of months, the market had almost completely recovered. If things had been so bad (as in when Obama was dealing with stuff), it would have taken longer.
What prevention. All economic indicators looked good.
That's exactly right. Reagan took Tip O'neil at his word, and Tip welched on the deal. Not surprising that a Democrat would not keep his word.As I remember, one of the key features of "Reaganomics" was spending cuts. Real cuts, not just reductions in baseline increases.
When did those ever occur?
Lessons for Today from Reagan's 1982 Deficit Reduction Compromise | The Foundry: Conservative Policy News from The Heritage Foundation
Former Attorney General Edwin Meese III:
The president had no interest in increasing taxes, but he agreed to consider some kind of compromise with Congress. His representatives began meeting with members of House Speaker Tip ONeills team to find some way to hammer out a deficit-reduction pact. So began what, in our opinion, became the Debacle of 1982.
From the outset, the basic idea of the GOP participants was to trade some kind of concessions on the tax front for a Democratic agreement on spending cutbacks. The negotiators knew that Ronald Reagan would be hard to sell on any tax hikes. So they included a ploy they felt might overcome his resistance: a large reduction in federal spending in return for a modest rise in business (but not individual) taxes.
The ratio in the final deal the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) was $3 in spending cuts for every $1 in tax increases. It sounded persuasive at the time. Believing it to be the only way to get spending under control, most of the presidents colleagues signed on. He disliked the tax hikes, of course, but he agreed to it as well.
You dont have to be a Washington veteran to predict what happened next. The tax increases were promptly enacted Congress had no problem accepting that part of the deal but the promised budget cuts never materialized. After the tax bill passed, some legislators of both parties even claimed that there had been no real commitment to the 3-to-1 ratio.
1. I am a staunch CONSERVATIVE (not the "left")
2. The market crash of 1987 happened on Reagan's watch. Hundreds of economists say that the President of the US bears some responsibility. I'll go with them.
3. An ounce of prevention is worth a pound of cure.
I looked for those hundreds of economists on line and was not able to find them. Please show me where they are hiding.
Next, I lived through it. It was basically a short lived thing and with a couple of months, the market had almost completely recovered. If things had been so bad (as in when Obama was dealing with stuff), it would have taken longer.
What prevention. All economic indicators looked good.
Even the heavies relate Reagan actions and policies to the '87 crash. You can start with Matthew Rees, Murry Rothbard and Louis Navellier.
As I remember, one of the key features of "Reaganomics" was spending cuts. Real cuts, not just reductions in baseline increases.
When did those ever occur?
They never do. They've been at it since the Founding of this Republic. They were then know as the Anti-Federalists. By any measure, name? They're still scumbags.That's exactly right. Reagan took Tip O'neil at his word, and Tip welched on the deal. Not surprising that a Democrat would not keep his word.As I remember, one of the key features of "Reaganomics" was spending cuts. Real cuts, not just reductions in baseline increases.
When did those ever occur?
Lessons for Today from Reagan's 1982 Deficit Reduction Compromise | The Foundry: Conservative Policy News from The Heritage Foundation
Former Attorney General Edwin Meese III:
The president had no interest in increasing taxes, but he agreed to consider some kind of compromise with Congress. His representatives began meeting with members of House Speaker Tip ONeills team to find some way to hammer out a deficit-reduction pact. So began what, in our opinion, became the Debacle of 1982.
From the outset, the basic idea of the GOP participants was to trade some kind of concessions on the tax front for a Democratic agreement on spending cutbacks. The negotiators knew that Ronald Reagan would be hard to sell on any tax hikes. So they included a ploy they felt might overcome his resistance: a large reduction in federal spending in return for a modest rise in business (but not individual) taxes.
The ratio in the final deal the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) was $3 in spending cuts for every $1 in tax increases. It sounded persuasive at the time. Believing it to be the only way to get spending under control, most of the presidents colleagues signed on. He disliked the tax hikes, of course, but he agreed to it as well.
You dont have to be a Washington veteran to predict what happened next. The tax increases were promptly enacted Congress had no problem accepting that part of the deal but the promised budget cuts never materialized. After the tax bill passed, some legislators of both parties even claimed that there had been no real commitment to the 3-to-1 ratio.
Even if Reagan had done all those things, it's nothing compared to whoever cut off your medications. You are one sick puppy!It boggles my mind, that cons idolize an Alzheimer patient that promised to balance the budget in his first four years, and then tripled the national debt with a fantasy of "STAR WARS" and building thousands of nuclear bombs that sit rotting in silos. Raygun also sold chemical weapons to Iraq, and sold cocaine with Noriega. He was a fucking asshole, and I'm really glad he's dead. If he's not in hell, then neither is Hitler.
He couldn't get the dems to go along with any cuts but he's responsible for all the spending. Go figure. I personally am glad he's still shaving years off the life spans of liberals with all the vitriol and hate, which was Bush's best feature in my opinion.Even if Reagan had done all those things, it's nothing compared to whoever cut off your medications. You are one sick puppy!It boggles my mind, that cons idolize an Alzheimer patient that promised to balance the budget in his first four years, and then tripled the national debt with a fantasy of "STAR WARS" and building thousands of nuclear bombs that sit rotting in silos. Raygun also sold chemical weapons to Iraq, and sold cocaine with Noriega. He was a fucking asshole, and I'm really glad he's dead. If he's not in hell, then neither is Hitler.
It boggles my mind, that cons idolize an Alzheimer patient that promised to balance the budget in his first four years, and then tripled the national debt with a fantasy of "STAR WARS" and building thousands of nuclear bombs that sit rotting in silos. Raygun also sold chemical weapons to Iraq, and sold cocaine with Noriega. He was a fucking asshole, and I'm really glad he's dead. If he's not in hell, then neither is Hitler.
progressives are convinced that people are better off living under the oppression of soviet communism.
Sent from smartphone using my wits and taptalk
off topic!!
Truth hurts eh Komrade!
Reagan had little to do with the market crash of 1987.
Mostly at the time it was reported to be programmed trading that developed momentum and things just tanked. Market psychology was also tied into it.
The market recovered quickly.
This is just another example of the bull the left will throw in an effort to somehow make itself look smart.
1. I am a staunch CONSERVATIVE (not the "left")
2. The market crash of 1987 happened on Reagan's watch. Hundreds of economists say that the President of the US bears some responsibility. I'll go with them.
3. An ounce of prevention is worth a pound of cure.
^ Sounds like Jake, posts like Jake, smells like Jake
Note the complete ignorance regarding the '87 Crash
