29 Dec 2025 11:39 pm
https://ideas.repec.org/h/spr/sprchp/97 ... 6-0_9.htmlCannonpointer » 29 Dec 2025, 11:31 pm » wrote: ↑ I didn't give a **** at the time. I already had seen reagan ship raw timber to japan - sat right there at the dock watching my job and my friends' jobs loaded onto ships. Reagan allowed the jappos to take whole sections of virgin timber and hundred year second growth timber, logs ten or moire feet in diameter, and load em onto ships with only one side planed so they were "manufactured." The jappos just bought em to sink em for the future. And then reagan taught me a new phrase I has never heard before - from his mouth to my ear. That phrase was "service ecopnomy."
His administration saw the first bank bailout in 50 years. It saw America transition to a service economy. It saw a massive increase in the size of government - the suits, not the boots. The folks who attack Americans, not foreigners. It saw the end of five decades or growth for the middle class. I donot hold the man in high regard - though I do consider him to have had an excellent sense of humor and the most affable personality of any president in my lifetime.
He was likeable. But his record sucks and his legend is a lie.
On October 15, 1982, President Reagan signed the Garn-St. Germain Act. It was a hallmark piece of Reagan’s agenda to deregulate the banking industry. With the stroke of his pen, Reagan officially removed the regulations governing the Savings and Loan Industry that had been in place since the 1930s. The end result could not have been entirely unexpected: massive failures in the Savings and Loan Industry allowing major banking powers to acquire their weaker counterparts for pennies on the dollar, much as they had during the Great Depression.