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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.

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