hardheadjarhead
Senior Master
Now that the period of mourning is over, it is now appropriate to reflect on the Reagan presidency.
From a personal perspective, I can say without a doubt that his administration rejuvenated the military following the Vietnam war. In many ways I think the country healed from that debacle under his leadership. He was a likeable and funny man.
That said, there were problems.
The size of the government increased on Reagan's watch...inspite of his open admonitions against big government. Sixty percent of government growth since 1980 has occured under the administrations of Reagan and Bush 41 and Bush 43. Government is bigger, inspite of the fact that Republican presidents have reigned for 16 of the last 24 years.
Deficit spending, and the national debt, have traditionally gone up under Republican presidents. This has led many to question the reputed "fiscal responsibility" of the GOP, including Senator John McCain. Reference this link to see the up and down nature of expenditures under Republicans and Democrats. Deficit spending and national debt always go up under the Republicans, down with the Democrats.
http://www.cbo.gov/showdoc.cfm?index=1821&sequence=0
I can not verify all of the followingÂ…but what IÂ’ve found so far is below, and throw it out for debate.
Things that happened under Reagan:
THE ECONOMY.
On his watch, our national debt increased faster than growth of national income and GDP in eight years. The deficit doubled and our national debt almost tripled.
Spending increased by almost 80 percent. More money was spent by the government during his eight years in office than was spent by the government in the prior fifty years.
Interest rates shot through the roof. Real interest rates stood at 8%, and prime interest rates reached 20%. Home loan interest rates got as high as 16%. (I remember these rates...I financed my first car at this time)
On his watch, unemployment hit a whopping 10.8%...the highest since the Depression.
Under Reagan, there were more farm foreclosures, bank failures, Savings and Loan failures, and personal bankruptcies than under any other President.
During his administration the largest one day percentage decline in DOW history took place, October 19 of 1987. I remember this clearly, too, as I was sitting in my brokerÂ’s office at the time. This was an interesting place to be given this historic event.
As California Governor on a ”conservative” platform he increased spending by 112%. He increased personal income taxes by 60%, a tax increase on cigarettes by 200%, state tax collections by 152%. He gutted California’s mental health programs, thereby placing thousands of people with mental health problems on the street.
SCANDALS.
Because of the Iran/Contra scandal, more members of his administration (over 100) were charged with crimes than the sum total of all other members of all other presidents in the 20th century. An assistant Secretary of State was indicted, and an assistant Secretary of Defense was sent to prison.
During the Iran/Contra investigations he testified under oath 130 times, "I don't remember." This may or may not be significant as a sign of his approaching AlzheimerÂ’s disease, as retired Admiral John Poindexter made the same claim 128 times under oath.
Medal of Honor winner Charlie Liteky, a former Army chaplain who saved 20 soldiers in Viet Nam, returned his medal in open protest after hearing Reagan state “I am a Contra too”. The Contras, a Nicaraguan rebel group, were among a number of U.S. supported Central American right wing organizations that have reportedly killed thousands of men, women and children.
FOREIGN POLICY
Under Reagan arms were sold to both Iran and Iraq. We openly traded to Iraq, secretly to Iran.
Reagan supported the Apartheid government of South Africa, and labeled Nelson MandelaÂ’s ANC a terrorist organization. When Congress voted to level sanctions against South Africa's regime, Reagan vetoed the bill.
MENTAL COMPETENCY.
Once his wife sat nearby and whispered answers to questions. This was, unfortunately, picked up by the microphone. This I can verify. IÂ’ve seen the clip.
He fell asleep while the Pope spoke. He also invited the Pope to visit the White House and told him to “Bring the wife and kids.” While this may reflect the President’s sense of humor, rather than a mental decline, it is at the very least in poor taste if this was an attempt at a joke.
Once his press secretary removed him from the microphone because he could not answer questions. Then, as the reporter yelled out “answer my question” he replied “My handlers won't let me speak”. He'd keep a staff member nearby to tell the press what "he really meant".
He never had a press conference where he didn't make at least one incorrect statement. He made more recorded misstatements than any other President to date.
A Special Assistant said on national TV “sometimes you had to hit him on the head with a 2 x 4 to get his attention”
His official biographer state on national TV ‘After he was shot in 1981 he got slower and slower each year. His speech got slower. He deliberated more and he hesitated more when he spoke. He lost his physical quickness and would not make decisions on the spot. It was a very, very slow and steady mental and physical decline”.
Those of us who remember his service can recall a distinct decline in his performance during his second term versus his first. When his AlzheimerÂ’s diagnosis was released, many of us were not surprised.
GAFFES
His administration tried to classify ketchup and relish as “vegetables” for school lunch programs.
Reagan stated that trees were the number one polluter of the environment.
TRADITIONAL VALUES.
He was the first president to have been divorced, and was openly alienated from his children. His second wife, Nancy, was pregnant with their daughter Patti when he married her.
He was a "shill" in Las Vegas many years ago. If you don't know what a "shill" is, Google it.
Though he promoted his religious faith, he never had an active church membership during his tenure. He used an astrologer while in office, however.
Regards,
Steve
From a personal perspective, I can say without a doubt that his administration rejuvenated the military following the Vietnam war. In many ways I think the country healed from that debacle under his leadership. He was a likeable and funny man.
That said, there were problems.
The size of the government increased on Reagan's watch...inspite of his open admonitions against big government. Sixty percent of government growth since 1980 has occured under the administrations of Reagan and Bush 41 and Bush 43. Government is bigger, inspite of the fact that Republican presidents have reigned for 16 of the last 24 years.
Deficit spending, and the national debt, have traditionally gone up under Republican presidents. This has led many to question the reputed "fiscal responsibility" of the GOP, including Senator John McCain. Reference this link to see the up and down nature of expenditures under Republicans and Democrats. Deficit spending and national debt always go up under the Republicans, down with the Democrats.
http://www.cbo.gov/showdoc.cfm?index=1821&sequence=0
I can not verify all of the followingÂ…but what IÂ’ve found so far is below, and throw it out for debate.
Things that happened under Reagan:
THE ECONOMY.
On his watch, our national debt increased faster than growth of national income and GDP in eight years. The deficit doubled and our national debt almost tripled.
Spending increased by almost 80 percent. More money was spent by the government during his eight years in office than was spent by the government in the prior fifty years.
Interest rates shot through the roof. Real interest rates stood at 8%, and prime interest rates reached 20%. Home loan interest rates got as high as 16%. (I remember these rates...I financed my first car at this time)
On his watch, unemployment hit a whopping 10.8%...the highest since the Depression.
Under Reagan, there were more farm foreclosures, bank failures, Savings and Loan failures, and personal bankruptcies than under any other President.
During his administration the largest one day percentage decline in DOW history took place, October 19 of 1987. I remember this clearly, too, as I was sitting in my brokerÂ’s office at the time. This was an interesting place to be given this historic event.
As California Governor on a ”conservative” platform he increased spending by 112%. He increased personal income taxes by 60%, a tax increase on cigarettes by 200%, state tax collections by 152%. He gutted California’s mental health programs, thereby placing thousands of people with mental health problems on the street.
SCANDALS.
Because of the Iran/Contra scandal, more members of his administration (over 100) were charged with crimes than the sum total of all other members of all other presidents in the 20th century. An assistant Secretary of State was indicted, and an assistant Secretary of Defense was sent to prison.
During the Iran/Contra investigations he testified under oath 130 times, "I don't remember." This may or may not be significant as a sign of his approaching AlzheimerÂ’s disease, as retired Admiral John Poindexter made the same claim 128 times under oath.
Medal of Honor winner Charlie Liteky, a former Army chaplain who saved 20 soldiers in Viet Nam, returned his medal in open protest after hearing Reagan state “I am a Contra too”. The Contras, a Nicaraguan rebel group, were among a number of U.S. supported Central American right wing organizations that have reportedly killed thousands of men, women and children.
FOREIGN POLICY
Under Reagan arms were sold to both Iran and Iraq. We openly traded to Iraq, secretly to Iran.
Reagan supported the Apartheid government of South Africa, and labeled Nelson MandelaÂ’s ANC a terrorist organization. When Congress voted to level sanctions against South Africa's regime, Reagan vetoed the bill.
MENTAL COMPETENCY.
Once his wife sat nearby and whispered answers to questions. This was, unfortunately, picked up by the microphone. This I can verify. IÂ’ve seen the clip.
He fell asleep while the Pope spoke. He also invited the Pope to visit the White House and told him to “Bring the wife and kids.” While this may reflect the President’s sense of humor, rather than a mental decline, it is at the very least in poor taste if this was an attempt at a joke.
Once his press secretary removed him from the microphone because he could not answer questions. Then, as the reporter yelled out “answer my question” he replied “My handlers won't let me speak”. He'd keep a staff member nearby to tell the press what "he really meant".
He never had a press conference where he didn't make at least one incorrect statement. He made more recorded misstatements than any other President to date.
A Special Assistant said on national TV “sometimes you had to hit him on the head with a 2 x 4 to get his attention”
His official biographer state on national TV ‘After he was shot in 1981 he got slower and slower each year. His speech got slower. He deliberated more and he hesitated more when he spoke. He lost his physical quickness and would not make decisions on the spot. It was a very, very slow and steady mental and physical decline”.
Those of us who remember his service can recall a distinct decline in his performance during his second term versus his first. When his AlzheimerÂ’s diagnosis was released, many of us were not surprised.
GAFFES
His administration tried to classify ketchup and relish as “vegetables” for school lunch programs.
Reagan stated that trees were the number one polluter of the environment.
TRADITIONAL VALUES.
He was the first president to have been divorced, and was openly alienated from his children. His second wife, Nancy, was pregnant with their daughter Patti when he married her.
He was a "shill" in Las Vegas many years ago. If you don't know what a "shill" is, Google it.
Though he promoted his religious faith, he never had an active church membership during his tenure. He used an astrologer while in office, however.
Regards,
Steve
