I have happened to notice that, in the Reagan discussions providing the litanies of why he was an evil disaster of a President despite current in-vogue revisionism and mythology among the media and delusional public, many here at DU forget to mention the...
SAVINGS AND LOAN DEBACLEThe most expensive financial con-job/scandal in American history up to that time.
http://en.wikipedia.org/wiki/Savings_and_loan_scandalThe US Savings and Loan crisis of the 1980s and 1990s was the failure of several savings and loan associations in the United States. More than 1,000 savings and loan institutions (S&Ls) failed in "the largest and costliest venture in public misfeasance, malfeasance and larceny of all time." The ultimate cost of the crisis is estimated to have totaled around
USD $160.1 billion, about $124.6 billion of which was directly paid for by the U.S. government, which contributed to the large budget deficits of the early 1990s. The resulting taxpayer bailout ended up being even larger than it would have been because moral hazard and adverse-selection incentives compounded the system’s losses.
A taxpayer-funded government bailout related to mortgages during the S&L crisis may have created a moral hazard and acted as encouragement to lenders to make similar higher-risk loans during the 2007 subprime mortgage financial crisis.
This is ON TOP OF the union-busting, the racist-baiting welfare mythology, the Iran-Contra impeachment-deserving LYING, the supporting of nun murderering "freedom fighters," the SOARING national deficit and the AIDS deaths.
Reagan proudly, in an effort to make his rich buddies richer, even as many sounded an alarm, provided pen to paper to create this disaster, the effects of which, as noted in the Wikipedia post, we are still feeling today.
Just a reminder.