By Paul B. Farrell,
MarketWatchSAN LUIS OBISPO, Calif. (
MarketWatch) — The 30-year Reaganomics Revolution will be over soon. Like the Roaring Twenties, ending in the game changing crash. Though more than 80 years apart, they share a common theme song of irrational exuberance: “I’m Forever Blowing Bubbles.”
Many bubbles, now merging like tornadoes, in a perfect storm, a megabubble itching to blow, signaling the end of the ego-centered Reaganomics Revolution, which must, unfortunately, also take down America’s markets, economy and monetary system.
Yes, folks, that one song captures the collective mind-set of both the Roaring Twenties and the Reaganomics Revolution: “Forever blowing bubbles. Pretty bubbles in the air. Dreaming dreams. Scheming schemes. Building castles in the sky. Fortune’s always hiding. I’ve looked everywhere. Forever blowing bubbles. They fly so high, nearly reach the sky. Then like my dreams they fade and die.”
Then … like our dreams … they fade … and die. Nearly a century ago the bubbles popped in the Crash of 1929. Then the bubbly went flat during the long Great Depression. It repeats with the Reaganomics Revolution’s endless “pretty bubbles.” For a generation we have watched the damage created by a selfish ideology: The S&L disaster. Dot-com crash. Wars. Subprime meltdown. Great Recession. And, yes, there’s more to come, more “pretty bubbles.” ...................(more)
The complete piece is at:
http://www.marketwatch.com/story/rip-reaganomics-revolution-1981-2011-2011-05-31