Wave Goodbye to Reaganism

Wall St. collapse shows old policies no longer work for modern US
By Wesley Oliver,  Newser Staff
Posted Oct 5, 2008 8:00 PM CDT
President Ronald Reagan waves as he and Deputy White House Chief of Staff Michael Deaver walk toward Marine One on the South Lawn of the White House in Washington in this Aug. 30, 1984 file photo.    (AP Photo/Barry Thumma, file)
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(Newser) – Reaganism—the graying policy of low taxes, light regulation, small government, and “cowboy capitalism”—is over. Worse, Francis Fukuyama writes in Newsweek, it, along with Washington’s ill-advised foreign policy, is tarnishing the American brand. “Restoring our good name and reviving the appeal of our brand is in many ways as great a challenge as stabilizing the financial sector,” Fukuyama says.

Reagan’s policies worked in their time, nursing the growth of the technology and biotech sectors. But the market meltdown calls for a new era. “The ultimate test for the American model will be its capacity to reinvent itself once again,” asserts Fukuyama, adding, “Good branding is not, to quote a presidential candidate, a matter of putting lipstick on a pig.”