By Ed Driscoll · June 10, 2004 01:00 PM · Capitalism, the Unknown Ideal
In 1982 the Dow Jones industrial average hit a low of 800. After the final pieces of the Reagan tax cuts were installed, the market rocketed upward for 18 consecutive years. From 800, the Dow rose to 10,000 — creating between $15 trillion and $20 trillion in new wealth and industries. The Dow would have to climb to 100,000 by 2020 to match this Herculean performance. By clearing away the wealth destroyers of high tax rates and high inflation, U.S. companies became far more productive, profitable, and valuable.Moore quotes Arthur Laffer, who says that at Reagan's first cabinet meeting as president, "Reagan, the seasoned actor, waited for silence in the Cabinet Room. He then stood and said, 'Gentlemen and ladies, I hate inflation, I hate taxes, and I hate Communism. Do something about it.'"
UPDATE: Get a load of this quote by Tom Brokaw, from a 1983 interview with far-left magazine Mother Jones:
“I thought from the outset that his ‘supply side’ [theory] was just a disaster. I knew of no one who felt that it was going to work, outside of a small collection of zealots in Washington and at USC – Arthur Laffer, Jack Kemp. What I thought quite outrageous was the business community, which for years carped and complained that it could never get a President sympathetic to its needs, finally got its champion, Ronald Reagan. Then, to its horror, it discovered that he was actually going to press ahead with supply side – a theory whose disastrous consequences businesspeople began desperately to prepare for, but did not publicly warn the rest of the country about. They knew it simply could not work. But what they did was look to their own little life raft and not to anyone else’s.”Lots more quotes in a similar vein via that same link.
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Ed Driscoll says the L.A. Times spiked a column suggesting that the paper join up with older artists to give away free music. And he's got the goods.--Howard Kurtz, the Washington Post, July 26, 2007
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