Reagan Diaries and the Economy
Vanity Fair is publishing snippets from Ronald Reagan's presidential diaries. Here are some favorites so far:Wed. Feb. 11 Intelligence reports say he Castro is very worried about me. I'm very worried that we can't come up with something to justify his worrying.While I won't suggest it's representative, it is interesting to see how few of these excerpts are about money and the economy. There is one mention of Paul Volcker, as above, and one mention of Wall Street, in a Gorbachev-ian context. Granted, there are a couple of mentions of taxes, but that's about it.Mon. May 18 ... Met with [Paul] Volcker of the Fed. Reserve. Int. prime rates went to 20 today. This is "chicken little" stuff in the money mkt. based on pessimism that Cong. wont give us what we're asking so inflation will go up.
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