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Force Majeure Markets~ How long can this Alice in Wonderland Market ignore the numbers?
Reagan was tough, as his medical record shows.
http://www.chron.com/disp/story.mpl/reagan/2611680.html
Interestingly, Hinckley was the son of a Texas oilman and prominent HW Bush supporter.
http://en.wikipedia.org/wiki/John_Hinckley,_Jr.
Recently PATCO let children direct planes before their parent and supervisor were put on paid leave.
http://www.cnn.com/2010/TRAVEL/03/03/air.traffic.child/index.html
Reagan was the only President to reduce the size of the Federal Register, the number of Rules and Regulations Federal Agencies issue each year.
Reagan also slowed government spending, reduced capital gains and income tax rates from 70% to 28%, which increased government tax revenues, and slowed the growth of the money supply, reducing inflation that hit 15% in 1980 to 2% before he left office.
Reagan increased government revenues at an 8% rate while limiting government spending to a 7% rate. He doubled the size of government debt for defense spending, which led to problems later on.
Reagan also eliminated petroleum price and allocation controls in January 1981 upon taking office. He lowered the Windfall Profits tax on Oil Companies the Summer of 1981, single-handedly ending the Energy Crisis.
That tax cut took domestic oil prices from over $70 a barrel to under $20 a barrel.
In 1988, during the subsequent oil glut, Reagan eliminated windfall profits taxes altogether. Oil prices stayed around $20 a barrel despite the Gulf War.
By 1998 oil prices were under $10 a barrel, not quite the $2.50 to $3 from 1948 through the 1960s, but better than the $17 to $19 price in inflated 2008 dollars.
http://www.wtrg.com/prices.htm
