Reagan Did It..Paul Krugman

[Stuart G]

http://www.nytimes.com/2009/06/01/opinion/01krugman.html?_r=1


Published: May 31, 2009
“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.”

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.

[Captain Hilts]

1. Jake Garn never gets nailed for his responsibility for the Savings and Loan crisis. nt

[RufusTFirefly]

2. Big deal. Reagan worshippers already think the Gray Lady is a liberal rag

I'm not even going to try to foist this article on any wingnuts I know. It's pointless.
When did common sense and reality ever serve as a basis for right-wing ideology?

[Martin Eden]

3. K&Rugman

Conservative economic policy fosters unacceptable risk for short-term gain that lines the pockets of financial speculators & swindlers -- it is not "conservative" at all. It is, essentially, government-sponsored looting in which the public iltimately foots the bill.

[dtotire]

4. Good Article--I was about to post it.

[madamesilverspurs]

5. And Reagan's successor, Daddy Bush,

produced in record time the voluminous 'Resolution Trust Corporation'... Of course he also produced Neil Bush, who got his little wrist slapped for his part in the collapse of Silverado S&L. He also produced W, one of the most vile toxins ever to be unleashed on the human race.

(wish I could read the NYT article, but NYT and my dialup don't get along)

[nxylas]

6. You can read it at Common Dreams

http://www.commondreams.org/view/2009/06/01-2