Tuesday, March 11, 2008

Economics 101

It is often said the Republican Party is the party of business. That the economy does better when Republican administrations allow it to operate unfettered by oppressive regulation and allow the natural order of business to balance things out on its own.

If that’s true, how come Republicans seem to own the franchise on financial collapse?

1929 stock market crash, leading to the Great Depression – Herbert Hoover, President.

1981-1982 liberalization of saving and loan regulations leads to S&L crisis – Ronald Reagan, President.

“Black Monday” stock market crash, October 19, 1987 – Ronald Reagan, President.

Subprime lending crisis – George W. Bush, President.

Is it true that Republicans have a better understanding of economics, or that they can’t tell the difference between sound policy and unsustainable greed?

The MBAs can leave now.

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