A New Era

This is a momentous day and make no mistake it's a pivot point in American history. Just as Ronald Reagan's election marked the end of New Deal politics, the Obama inauguration brings to end Reaganomics. The so-called Reagan Revolution--less taxes, more spending on defense (and in the case of Bush II--wars), low interest rates, handcuffed regulation--turned out to be another version of the Roaring Twenties.