Reagan took a two-pronged approach to growth: tax and tight ("sound") money. Can't forget the second part this round, or 2017 policy will look like the mere creation of an asset bubble and excess. How to get tighter money?
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Reagan took office almost the minute a 34-year trend of rising interest and prices ended. They began falling in 1981, putting downward pressure on consumer prices and upward pressure on assets. A great boom.
Even Jimmy Carter understood what was necessary. Hence his appointment of Paul Volcker.
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I'm arguing that the turn of the rates/prices cycle was due to the president (or Fed). And also the boom fueled by falling rates is not a good thing.
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No one at the Fed has backbone Volker did
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Le chargement semble prendre du temps.
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