For all the spin, analysis and hand-wringing going on over our economy of late, we often forget it got a start somewhere. Fingers often point in the direction of the 80's where conflicting stories abound, but it's a good bet that the "supply side" theory of the economy had something to do with it.
As this episode of Face The Nation from May 29, 1988 illustrates, Treasury Secretary James Baker just couldn't break himself away from his rose colored glasses, even for a minute.
James Baker: “I noticed the intro to your program, the “yes, but . .” – but if I may say so, people have been out there saying “yes, but” since the spring of 1983. They’ve been telling us that “yes, things are okay now, but the wheels are gonna fall off, the economy’s gonna go in the tank, and it hasn’t. And it is not going to.”
Leslie Stahl: “How long is it not going to?”
James Baker: “Well . . .well into the foreseeable future. Well into the foreseeable future”
During his New Rules segment this Friday evening, Bill Maher wrapped things up by taking both Bob Dole and President Obama to task for their praise of the one who shall never be spoken badly about in Republican circles, St. Ronnie Reagan. Read more...
The right wing's attempt at historical revisionism continued on this Sunday's Face the Nation, where host Bob Schieffer allowed former Secretary of State under Ronald Reagan, James Baker, to pretend his old boss regretted vetoing the anti-apartheid act. Read more...