It wasn't the Progressives that brought the U.S., to its Financial Knees
Reader comment on: Sumner on Scandinavia
Submitted by don larson (United States), Nov 13, 2015 02:14
The Key question, I guess; is who is responsible for the Deformation of both Capitalism; and, our Monetary System? Who poked a stick in Adam Smith's eye?
David Stockman; Reagan's former W/H Budget Director places the blame for our Financial Demise at the feet of three Republican Presidents: Richard Nixon, Ronald Reagan, & GWB. Nixon Trashed the Gold Standard; stabbing our WWII Allies in the Back; and, floated the Dollar. Huge mistake! Remove a Standard; and, depending who is in Power; any standard will do.
Reagan was a good Patriot and Speaker; but, his Actions didn't match his Rhetoric. He raised taxes five times after cutting them too deeply; and, Tripled the National Debt. He also fed the Nation the BS; on Trickle Down Economics; and, openly stated, that, "Deficits Don't Matter!" Would he hold those views if he were alive today? He also Busted Unions; destroying the Bargaining Base of America's Working Men & Women. He also supported the Off-shoring of what turned out to be - - 20 million good paying jobs. Historians now seem to think Reagan's biggest blunder was Preaching DEREGULATION! The belief is that no single Policy impacted the entire World more; than Deregulation.
Capitalism's achillies heel is the dependence on Trust, Ethics, and Morality, of those who are party to a Financial Transaction. America quickly discovered; in, Economics, the Emperor had no Clothes!. Soon, Beasts & Predators were everywhere; ultimately causing several Recessions; and the Big One in 2008. We have now all discovered; that without tight rules and regulations; loose Capitalism can quickly become a License to steal; and, steal they did - - those Predators & Robbber Barons on W/S; and, in the Corporate Offices of the Giants that have now become to big to fail, jail, and even prosecute.
This ole' Dude needs a break; it's after 12 a.m. at my location. Back tomorrow with more. Don't go away, now.
Note: Comments are moderated by the editor and are subject to editing.
Comment on this item