Seems to lead to the same problems. Remarkable similarity between the Reagan and Bush the Second administrations. (Would be ironic if it took a Clinton both times to clean it up a bit.)

These rate cuts seem to have the same rationale as staying drunk to avoid a hangover.

"Wall Street pulls back after new data. Fears about bond insurance industry taking center stage."

"Reagan's spending cuts barely nicked the fastest-growing parts of government, his tax cuts reduced revenue so much that later in his tenure taxes had to be raised repeatedly, his regulatory approach was criticized for leading to the savings and loan crisis and his unbalanced budgets to a near-tripling of the federal debt in eight years. Many economists give most of the credit for whipping inflation to former Federal Reserve Board chairman Paul A. Volcker."

Arf