| >> |
10/28/10(Thu)00:06 No.2673556  >>2673449
Under
Reagan the federal budget deficit grew at an unprecedented rate, income
and wealth inequality became more pronounced. His deregulation caused
problems in airline and mining safety and caused huge losses in the
savings and loans industry. At the same time average wages and median
family income barely rose. The savings rate and business investment
actually declined. Also investments at the time declined in new plants
and equipment, or research and development, but increased in
unproductive activities such as hostile corporate takeovers, leveraged
buyouts, junk bonds and tax shelters.
America was already in long
term decline but these things just accelerated the process, in 86
Germany pulled ahead of the US to became the world's largest exporter.
In 87 Tokyo Stock Exchange share of world equity surpassed that of New
York SE. In 88 America lost its lead in world GNP per capita, in the
same year only 1 of the 25 top banks in the world were still American,
15 of these were still American back in 1970. Then in 1989 only 5 of the
world's largest 25 corporations were American.
Someone should integrate some of this stuff into that too |
