Sweet Orange

Contrary to Hunter Lewis’ opinion that policies of the 1980s lead to the Reagan prosperity era, political commenter and former Nixon White House strategist Kevin Phillips has stated that our problems started around Ronald Reagan’s time. Phillips also states that for various reasons these problems have been masked.

I will probably write more on this at some other time, but for now here is a quote:

“Bad money” refers to a new phenomenon in wayward megafinance-the emergence of a U.S. economy that is globally dependent and dominated by hubris-driven financial services.–Barnes & Noble summary of Bad Money

For more information on this, see Phillips’ book Bad Money: Reckless Finance. Failed Politics and the Global Crisis of American Capitalism.