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End of Reagans Presidency

In: Historical Events

Submitted By selcon4
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Final Years of Reagan’s Presidency
• Republicans lost control of the Senate in the off-year elections of November 1986. o Hope rose among Democrats that the “Reagan Revolution” might be showing signs of political vulnerability.
• Democrats also relished the prospect of making political hay out of both the Iran-Contra affair and disquieting signs of economic trouble.
• The “double mountains” of deficits-the federal budget deficit and the international trade deficit-continued to grow ominously.
• Falling oil prices blighted the economy of the Southwest, slashing real estate values and undermining hundreds of savings and loans institutions. o The damage to the S&Ls was so massive that a federal rescue operation was eventually estimated to carry a price tag of well over $500 billion.
• Meanwhile, many American banks found themselves holding near worthless loans they had unwisely foisted upon Third World Countries, especially in Latin America. o More Banks and savings institutions were folding than at any time since the Great Depression. o A wave of mergers, acquisitions, and leveraged buyouts washed over Wall Street, leaving many brokers and traders mega-rich and many companies saddled with mega-debt.

Failures Tarnishing Reagan’s Presidential Legacy
Ronald Reagan's successes in economics, politics and foreign affairs are not the most important. Just as important was how he responded to his failures, such as his response to his greatest failure—the Iran-Contra disaster.
For the first six years of Reagan's presidency the foreign policymaking process looked very much like what we see today. The secretaries of state and defense pressed competing policy agendas, and their departments fought one another more than they collaborated. The president often allowed the differences to fester. The national security adviser either proved unable to forge agreement...

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