Reaganomics Go to Jail

Last week, a New York judge ruled that on May 4, 2009 – more than two years after he was indicted David A. Stockman will go to trial on charges of fraudulent accounting and of misleading banks and
shareholders.

“From 1981-1985, David Stockman was President Reagan’s budget director,
the 20th century’s youngest member of the US Cabinet. With his
notorious “black books” of economic accounting ever present under his
arm, Stockman was Washington’s keeper of the holy scriptures of “the
Reagan Revolution” which promised to reduce taxes, cut federal
government spending and liberate the entrepreneurial spirit of American
capitalism.”

“Along with former colleagues who are now co-defendants, Stockman will
be accused of overseeing the ruination of Collins and Aikman Corp – a
Detroit-based supplier of components to the automotive industry which
was founded in 1891 and supported 15,000 jobs worldwide. The sum total
of the defendants’ alleged malfeasance is $1.35bn.”

“The neo-conservative ‘trickle-down’ economic ambitions of a succession
of Republican presidents, have all been embodied in this slight,
earnest, dome-headed figure with his big, harvest mouse eyes and even
bigger spectacles. Now, by the most acute paradox, as he stands
awaiting trial, Stockman has become the living incarnation of the
credit crunch and the impending crash of the Western world’s economy.”

The full failed premise of conservative republican economics the over feeding of the rich and allowing middle class and poor feed on the table scraps is having its guru go to trial.

Full Story here

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