Why I hate Reagan still to this day
Krugman is an Op-ed columnist at the New York Times — his beat is Economics. He is a mostly practical intellectual but at times he sneaks some Kool-aid, probably when he is called to the White House for a talking to by the President.
Ronnie Reagan is a hero of 0bama’s — why??? Who knows — probably in his deepest heart he is a Republican and not the nasty Socialist as some on the right are claiming.
My husband holds Reagan in contempt because Reagan was responsible for killing the Metric system — and why we aren’t using metric wrenches for American made cars. What this means for the guys who like to repair and work on their cars not made in America and for an Amazing variety of stuff — you need to have a double set of tools — one for the set for American stuff and one set for everything else which is metric.
Anyway during Reagan’s reign was also when banking and financial regulation rules were tossed out or loosened. Which leads us to Krugman’s remarks about how the House KILLED banking regulations — Republicans and Democrats united to do this. WOW talk about pay-offs — the hell with the voters — Congress has their own constituency. GUESS WHO?
America emerged from the Great Depression with a tightly regulated banking system. The regulations worked: the nation was spared major financial crises for almost four decades after World War II. But as the memory of the Depression faded, bankers began to chafe at the restrictions they faced. And politicians, increasingly under the influence of free-market ideology, showed a growing willingness to give bankers what they wanted.
The first big wave of deregulation took place under Ronald Reagan — and quickly led to disaster, in the form of the savings-and-loan crisis of the 1980s. Taxpayers ended up paying more than 2 percent of G.D.P., the equivalent of around $300 billion today, to clean up the mess.
O.K. there are several other reasons why I don’t believe that Ronnie Ray-gun is St. Ronnie. I’ll save that rant for another day.