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SMW for 27 June 2023




AT THE CLOSING BELL ON 27 June 2023


Dow Jones 33,926.74 +212.03 (0.63%)
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Quote for the Day:

An amazing episode of conservative stupidity at its most costly was the now-forgotten savings and loan fiasco, which bled the Treasury of hundreds of billions and imposed unknown costs on the national economy. Young taxpayers who have never heard the S&L scandal mentioned on cable TV don't realize that they're paying for its cleanup, hidden under the category of interest expenses. Reagan and his advisors believed that in every sector government was the problem, and that if they simply deregulated the financial industry, a bonanza of growth and investment would soon follow. (As usual, the worst Republican ideas attracted a number of foolish Democrats as well.)

When he signed the bill to deregulate thrift institutions in October 1982, the Gipper quipped, "All in all, I think we've hit the jackpot."

Joe Conason. Big Lies: The Right-Wing Propaganda Machine and How It Distorts the Truth. St. Martin's Press. © 2003.