Describe Ronald Reagan's tax and regulatory policies. What were the positive and negative consequences of the policies?
Answer:
An ideal answer will include:
1. Tax and regulatory policies: Reduction of federal income taxes and government regulation of business practices.
2. Positive Consequences: Taxpayers benefited from reduction in income taxes. The stock market's Dow Industrial Average more than doubled.
3. Negative Consequences: Deregulation led to insider trading on the stock market and financial malfeasance in the savings and loan industry. Taxpayers had to shoulder the cost of bankrupt savings and loan associations because customer deposits were guaranteed by the federal government.
4. Provide a concise and effective conclusion.
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