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The Reagan Memo
Keywords:
The memo to U.S. president Reagan written by his economic advisors in November 1980 before his first inauguration. Inflation was running at 13% and the economic problems looked as intractable as they do today. Advisors included Milton Friedman and George Shultz. The memo called for setting steady policies for the long run to encourage investment and growth, and at the same time steady monetary policy. This is different from the repeated quantitative easing efforts by the Federal Reserve responding to financial markets, and the Obama administration's stimulus efforts that have not led to long term growth. On the long term perspective the memo said: "The need for a long-term point of view is essential to allow for the time, the coherence, and the predictability so necessary for success." The memo was released by George Shultz.
Ronald Reagan
02/04/2011
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Ronald Reagan's Life on TV, 100 Years After His Birth
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Gramm and Hubbard: What a Romney Recovery Might Look Like
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Allan Meltzer's action plan for the economy includes reversing the excessive monetary easing starting now in October 2009 so that it can be done gradually and not hurt the economy through sudden contraction later on.
10/01/2009
Allan Melzer was co-founder an co-chairman of the Shadow Open Market Committee for over two decades, advisor to Presidents Kennedy and Reagan, and one of the foremost experts on the Federal Reserve System. He calls for the U.S. Federal Reserve to adopt an early exit strategy from loose monetary policies.
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Once Again, the Fed Shies Away From the Exit Door
Wall Street Journal 07/11/2013
Bhidé and Phelps: Central Banking Needs Rethinking
Wall Street Journal 07/16/2013
Preventing the Next Financial Crisis
Wall Street Journal 10/23/2009
Is the U.S. Economy Turning Japanese?
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Economist 10/15/2009
Jobs Now, Deficit Reduction Later
BusinessWeek 10/29/2009
John Taylor and other experts on the U.S. budget, deficits, and private investment for jobs
01/27/2009
Taylor asks why the U.S. cannot get by on a budget that is 20% of GDP, when this is what the budget was in 2007 and GDP is much larger today. He says private investment can do a better job reducing unemployment and creating a growing U.S. economy. Taylor provides advice on the Romney Plan.
Grouped Articles
Bhidé and Phelps: Central Banking Needs Rethinking
Wall Street Journal 07/16/2013
Obama's Permanent Spending Binge
Wall Street Journal 04/22/2011
Five Lessons for Deficit Busters
Wall Street Journal 06/20/2011
Wall Street Journal 06/27/2011
Charlie Rose Talks to Robert Rubin
BusinessWeek 08/04/2011
Washington Post 08/07/2011
John Taylor on U.S. leadership for the world economy
11/01/2011
Grouped Articles
A Slow-Growth America Can't Lead the World
Wall Street Journal 11/01/2011
Greenspan image tarnished by newly released documents - The Washington Post
Washington Post 01/13/2012
Wall Street Journal 01/25/2012
Wall Street Journal 02/11/2012
Wall Street Journal 05/26/2012
Wall Street Journal 05/26/2012
Raghuram Rajan on the risks to the U.S. economy and society before the 2008 financial crisis
01/02/2009
Is Bernanke making the same mistake made by Greenspan by keeping interest rates too low for too long. Would a stronger safety net in the US ease pressures on the US Federal Reserve to do excessive monetary easing and instead allow the Fed to let a more natural rise in employment take place? He isn't ideological and joins John Taylor, George W Bush's economic advisor, and Allan Meltzer of Carnegie-Mellon, in questioning Bernanke's excessive monetary easing. In 2005, Rajan was prescient in questioning the Greenspan Fed's policies and the risks from excessive leveraging in the financial system at the Jackson Hole conference.
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Mr. Rajan Was Unpopular (But Prescient) at Greenspan Party
Wall Street Journal 01/02/2009
Interest Rates: The Zero Percent Solution
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BusinessWeek 11/04/2010
The Case Against the Bernanke-Obama Financial Rescue
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Charting the Economic Fault Lines
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Wall Street Journal 02/05/2011
Martin Feldstein and other experts renew their call to stem the decline in house prices with a new policy for homeowners under water - 2010-2012
01/05/2009
The cost would be an estimated $350 billion to cancel some of the mortgage debt of homeowners. Feldstein says this is a necessary step to revive the U.S economy. Letting the forest fire of foreclosures burn itself out would damage the U.S. economy further. Feldstein says this is not an option.
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A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
The Case Against the Bernanke-Obama Financial Rescue
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New York Times 05/19/2014
New York Times 05/04/2009
How to Stop the Drop in Home Values
New York Times 10/12/2011
Martin Feldstein on the risks for the American Economy after failures in the Obama Economic plan.
09/12/2007
Failures to address problems on the housing front, especialy the problems for 15 million homeowners under water- see the links to opeds by Feldstein suggesting focus on these issues throughout 2008-2009. And the focus on health care which diverted attention from this problem and the problem facing bad loans in commercial real estate. Other problems are failure to get bank lending up for businesses. And the failure of Obama health care plans to control the increase in the nation's surging health care spending, instead increasing the deficit to unsustainable levels. Public sentiment as shown in WSJ/NBC polls confirm Feldstein's sense of the situation.
Grouped Articles
New York Times 12/08/2013
From President Obama, Economic Clarity but Little Courage
Washington Post 04/15/2009
Wall Street Journal 09/12/2007
How to Stop the Mortgage Crisis
Wall Street Journal 03/07/2008
Wall Street Journal 02/20/2008
Enough With the Interest Rate Cuts
Wall Street Journal 04/15/2008
Declining U.S. Labor Force Participation Rate for 2010-2016 and its implications for unemployment and economic growth
06/06/2009
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Job Growth Eases Fears About Effect of Closing
New York Times 11/08/2013
Candid Criticism for Fed That Wasnât on the Agenda
New York Times 11/08/2013
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New York Times 01/28/2014
More Men in Prime Working Ages Don't Have Jobs
Wall Street Journal 02/06/2014
New York Times 04/05/2012
Takeaways From the Monthly Jobs Report
Wall Street Journal 04/05/2014
Is this shaping up to be a lost decade for the U.S. economy?
10/18/2009
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Japan Is a Model Not a Cautionary Tale
New York Times 06/09/2013
Sluggish Economic Recovery Proves Resilient
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Eighty Years After the Great Crash -- 'Is It the '30s Again?'
Wall Street Journal 10/18/2009
U.S. Hears Echo of Japanâs Woes
New York Times 10/29/2010
Wall Street Journal 03/17/2011
Strategies for U.S. economic growth 2011-2014
07/30/2011
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'Secular Stagnation' May Be for Real
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Stimulus and the Depression: The Untold Story
Wall Street Journal 09/26/2011
Shiller, Mankiw, Frank, Thaler and Romer offer their ideas about the U.S. economy for 2012-2013
01/04/2010
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Stimulus and the Depression: The Untold Story
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Shiller Metric Carries Warning for Stocks
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The Reagan Presidency
01/26/2011
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New York Times 07/21/2011
The Wrong Way to Double Exports
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Reagan's Level Field for World Trade
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Ronald Reagan's Life on TV, 100 Years After His Birth
New York Times 02/04/2011
The Roots of Ronald Reagan's Ambition
Wall Street Journal 02/08/2011
Wall Street Journal 05/26/2012
David Stockman, Reagan's Budget Director prodigy, on bank behaviour and solutions to the banking and economic crisis.
01/20/2010
Stockman takes on the banks as instruments of the impoverishment of the U.S. economy and of the American middle class. He derides the loose monetary policy of the Fed, that has encouraged insane and socially unproductive behaviours of the American banks.
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Tom Keene Talks with David Stockman
BusinessWeek 08/12/2010
Opinions Are Split on Fed Policy Move
Wall Street Journal 11/01/2010
Allan Meltzer's program for the economy and advice to the Fed and policymakers in 2011-2012
08/11/2011
Allan Meltzer on the dangers of a loose monetary policy and the need for an early exit strategy.
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Once Again, the Fed Shies Away From the Exit Door
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John Taylor on U.S. Federal Reserve policies and booms and busts in the U.S. economy and no clear exit strategy
01/27/2009
Taylor points out that the dual mandate for maintaining unemployment and inflation goals has led to discretionary policies that have hurt the economy by leading to booms and busts. He calls for a single mandate on inflation goals. Taylor provides advice on the Romney Plan.
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Martin Feldstein: The Federal Reserve's Policy Dead End
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Shadow Fed chairman John Taylor
01/20/2011
Taylor provides advice on the Romney Plan.
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Stimulus Has Been a Washington Job Killer
Wall Street Journal 10/03/2011
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Wall Street Journal 01/25/2012
Feldstein's proposal for a 2% cap on reduction in taxes from deductions and exclusions.
05/04/2011
Feldstein says its important to increases taxes not tax rates. And the the way to go is to follow the President's Bowles-Simpson Deficit Commission's proposal on tax expenditures. As it is politically difficult to eliminate deductions and exclusions he suggests another proposal- limit the reduction in taxes with a 2% of adjusted gross income cap on the reduction any taxpayer gets.
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Tom Keene Talks to Martin Feldstein
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Wall Street Journal 07/12/2011
Top Democrats laud GOP debt-ceiling move - The Washington Post
Washington Post 07/14/2011
Martin Feldstein and the mortgage crisis 2009-2010.
09/12/2007
See the solutions suggested by Feldstein to the crisis in a series of articles.
Grouped Articles
Wall Street Journal 09/12/2007
How to Stop the Mortgage Crisis
Wall Street Journal 03/07/2008
Wall Street Journal 02/20/2008
Enough With the Interest Rate Cuts
Wall Street Journal 04/15/2008
The Problem Is Still Falling House Prices
Wall Street Journal 10/04/2008
Martin Feldstein - The Stimulus Plan We Need Now
Washington Post 10/30/2008
Martin Feldstein, Sheila Bair and other experts on the Bowles-Simpson Deficit Commission proposals
11/17/2010
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The Deficit Dilemma and Obama's Budget
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America's budget deficit: Speak softly and carry a big chainsaw
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Sheila C. Bair - Will the next fiscal crisis start in Washington?
Washington Post 11/26/2010
Debt and Taxes: Will Washington Ever Grow Up?
BusinessWeek 11/17/2010
Martin Feldstein - How to cut the deficit without raising taxes
Washington Post 11/29/2010
CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
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Inequality, education and economic mobility in the U.S. compared with Western Europe and Canada
01/11/2010
Issues raised by Jeb Bush, Krugman, and people in leadership positions.
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New York Times 06/22/2013
OECD report cites rising income inequality - The Washington Post
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New York Times 09/12/2013
Patchwork of Local Wage Laws Fuels Debate Over Raising Federal Minimum
Wall Street Journal 12/01/2013
The Economy Needs a Bit of Ingenuity
New York Times 08/06/2010
Lawrence Lindsey on how Bernanke's Fed has boxed itself in with no choice but to keep interest rates low and no clear exit strategy
01/04/2010
Economist Lindsey says Fed chairman Bernanke has to keep interest rates low for the U.S. government to be able to cope with the increase in borrowing costs that normal interest rates would bring. The normalized interest rate - the rate at which the U.S. government was able to borrow for the last three decades- is about 5.7%. At that rate the U.S. government would add $800 billion to borrowing costs for 2021, says Lindsey. The U.S. now borrows at about 2.5%
Grouped Articles
Once Again, the Fed Shies Away From the Exit Door
Wall Street Journal 07/11/2013
Wanted: A Boring Leader for the Fed
New York Times 08/20/2013
Reflections by America’s Buddha of Banking
New York Times 01/16/2014
Wall Street Journal 06/15/2011
Fed Darkens Its Outlook but Plans No Changes
Wall Street Journal 06/23/2011
The Deficit Is Worse Than We Think
Wall Street Journal 06/28/2011
Structural solutions for U.S. jobs growth and economic growth- 2011-2020
01/04/2010
Michael Spence and other experts discuss longer term solutions to the high unemployment facing the U.S.
Grouped Articles
Uncertainty Is the Enemy of Recovery
Wall Street Journal 04/28/2013
Confronting Old Problem May Require a New Deal
New York Times 01/28/2014
Bayer: Pressure on Prices Has Bad Side Effects
Wall Street Journal 02/07/2012
The world economy: Wealth without workers, workers without wealth
Economist 10/06/2014
Why the Old Jobs Aren't Coming Back
Wall Street Journal 06/24/2011
Middle-Aged Job Hunters Struggle in Weak Recovery
Wall Street Journal 07/30/2011
The Reagan Memo of 1980 by Shultz, Friedman and other advisors on prudent economic policies for growth
01/04/2010
George Shultz, Milton Friedman, Paul McCracken and other economic advisors jointly sent this memo to U.S. president Ronald Reagan before his first inauguration. The memo provides advice on economic policies and methods at a critical time of soaring inflation and a stagnant economy, with economic difficulties matching what the U.S. economy faces today from the housing bubble and slow growth. Advice on the Romney Plan.
Grouped Articles
New York Times 07/21/2011
Wall Street Journal 05/26/2012
Wall Street Journal 05/26/2012
Gramm and Hubbard: What a Romney Recovery Might Look Like
Wall Street Journal 06/06/2012
George Shultz: Memo to Romney — Expand the Pie
Wall Street Journal 07/14/2012
Uncertainty and the Slow Recovery
Wall Street Journal 01/04/2010
The Reagan memo with advice by George Shultz and other advisors and the Romney plan for economic recovery in 2012
05/26/2012
Similiarities in the approach of relying on the private sector for investment and job creation, with the Presidents job being to set the tone and put the right policies in place for the long term.
Linked Articles
Gramm and Hubbard: What a Romney Recovery Might Look Like
Wall Street Journal 06/06/2012
Wall Street Journal 05/26/2012
Romney and the potential for a Reagan style economic recovery 2013-2016- (1) George Shultz's memo to Reagan and insights from Krugman
05/26/2012
Linked Articles
New York Times 06/07/2012
Wall Street Journal 05/26/2012
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