AMERICAN DREAM PT.2 REAGAN NIGHTMARE
July 18, 2008
Americans want to put Ronald Reagan on Mount Rushmore. Again and again he ranks high in their popular memory. Jimmy Carter however correctly called him one of the worst presidents in US history, leaving behind a federal debt equal to all his predecessors combined. His legacy as well was was the Pax Americana’s last gasp—US bullying particularly in Latin America. His thuggery in Grenada, Panama, Nicaragua, Salvador and Guatemala made Americans feel good after the trauma of Vietnam.
But his real success was in foisting deregulation on a pliant Congress, removing all checks and balances on am already privileged people living well beyond their means. In 1986 Reagan had a chance to solve the oil crisis we face now by instituting modest regulations on oil addiction. He went the other way fulfilling the wishes of his huge backers the oil companies, Cars got bigger and bigger. Small minds like Lee Iacocca were feted. Corporate pirates were lionized. the Japanese began to develop fuel efficient cars. Wind and solar power were ignored.
During this time the poor were scapegoated. Welfare queens (read blacks) were excoriated. Unions were broken while government handouts to the wealthy continued. Tax cuts for the rich and tax breaks for corporations was the sacred creed. The Reagan Revolution of deregulation was in full swing. Environmental safeguards were gutted in the US and around the world. The Market became a religion.
Today’s economic catastrophes symbolizied by Freddie and Fanny-Lack of oversight of mortage lenders, energy brokers, accounting firms, and banks which has resulted in the housing crisis, energy crisis, Enron, Worldcom, Bear Stearns can be laid at the Great Communicator’s feet and tarred legacy.







