it's what i write about and that is why what  is it that has created this uh uh disparity   and why is it widened so much since 1980. well  the most obvious reason is uh interest rates   reached a peak of 20 in uh 1980 and they've gone  down ever since well in the late 1970s uh my old   00:16:50 boss's boss at chase manhattan paul volcker  said let's raise interest rates to very high   because the 99 are getting too much income their  wages are going up let's uh raise interest to slow   the economy and that will prevent wages from going  up and he did and that was a large uh reason why   carter lost the the election to ronald reagan  interest rates then went down from 20 to almost 0   00:17:20 today the result was the largest bond market boom  in history bonds went way up in price the economy   was flooded with bank credit and most of this  credit uh apart from going into the bond market   went into real estate and there is a uh symbiosis  between finance and real estate and also between   finance and raw materials and also like oil and  gas and minerals uh extraction natural resource   00:17:48 rent land rent and also monopoly rent and most of  the monopoly rent has come from the privatization   that you had from ronald reagan margaret thatcher  and the whole neoliberalism uh if you look at how   did this one percent get most of its wealth well  if you look at the forbes list of the billionaires   in almost every country they got wealth in  the old-fashioned way from taking it from   00:18:13 the public domain in other words privatization  you have the largest privatization and transfer   of wealth from the public sector to uh the private  sector and specifically to the financial sector uh   in in history uh sell-offs and all of a sudden  instead of uh infrastructure uh public health uh   other uh basic needs being provided at subsidized  rates to the population you have uh privatized   00:18:41 owners uh financed by the banks raising the rates  to whatever rate they can get without any market   firing power uh in the united states the  government is not even allowed to bargain with   the pharmaceutical companies for the drug prices  so there's been a huge monopolization a huge   privatization a huge flooding of the economy with  credit and one person's credit is somebody else's   00:19:11 uh debt so you you've described the one percent's  wealth in the form of uh savings but uh i focus   on the other side of the balance sheet this one  percent finds its counterpart in the debts of the   99 so the one percent has got wealthy by indebting  the 99 uh for housing that is soared in price 20   00:19:37 uh just in the last year in the united states uh  for medical care for uh utilities for education   uh the economy is being forced increasingly  into debt and how how can one uh solve this   taxation will not be enough the only way  that you can uh actually reverse this uh   concentration of wealth is to begin wiping out uh  the debt if you leave the debt in place of the 99   00:20:10 uh then uh you're going to leave the one percent  savings all in place uh and these savings are   largely tax exempt uh so basically i think you  you uh left out the government's role in this   wealth creation of the one percent so your  finance has indeed grown faster than economy   absorbed real estate into the finance insurance  and real estate sector the fire sector finances   00:20:39 absorb the oil industry the mining industry  and it's absorbed most of the government so the   financial wealth has spilled over to become  essentially the economy's central planner   it's not planned in washington or paris or london  it's planned in wall street the city of london   and the paris ports the economy is being managed  financially and the object of financial management   00:21:04 isn't really to make money it's capital gains  and again as your statistics point out capital   gains are really what explains the increase  in wealth you don't get rich by saving the   income rent is for paying interest income is for  paying interest you get rich off the government   basically subsidizing an enormous increase in the  value of stocks the value of bonds by the central   00:21:31 banks which have been privatized and uh the reason  that this is occurring is that uh the largest   public utility of all money creation and banking  is left in private hands and private banking   in the west is very different from what government  banking is in say china

Ronald Reagan notecard

"If the Reagans' home in Palisades (Calif.) were burning," Brinkley says, "this would be one of the things Reagan would immediately drag out of the house. He carried them with him all over like a carpenter brings their tools. These were the tools for his trade."

Protect it at all costs. As the historian Douglas Brinkley said about Ronald Reagan’s collection of notecards: “If the Reagans’ home in Palisades were burning, this would be one of the things Reagan would immediately drag out of the house. He carried them with him all over like a carpenter brings their tools. These were the tools for his trade.”

Ronald Reagan actually kept quotes on a similar notecard system.

The Invention of the Welfare State: Education,Health Care, and Social Security

A sign of the NRA’s new determination to influence electoral politics was the 1980 decision to endorse, for the first time in the organization’s 100 years, a presidential candidate. Their chosen candidate was none other than Ronald Reagan,

Governor Ronald Reagan, who was coincidentally present on the capitol lawn when the protesters arrived, later commented that he saw "no reason why on the street today a citizen should be carrying loaded weapons" and that guns were a "ridiculous way to solve problems that have to be solved among people of good will." In a later press conference, Reagan added that the Mulford Act "would work no hardship on the honest citizen."

The Mulford Act was a 1967 California bill that prohibited public carrying of loaded firearms without a permit.[2] Named after Republican assemblyman Don Mulford, and signed into law by governor of California Ronald Reagan, the bill was crafted with the goal of disarming members of the Black Panther Party who were conducting armed patrols of Oakland neighborhoods, in what would later be termed copwatching.[3][4] They garnered national attention after Black Panthers members, bearing arms, marched upon the California State Capitol to protest the bill.

Neuropsychiatrists at UCLA had found a willing partner in Governor Reagan’s California Department of Justice, to the tune of $750,000 (equivalent to roughly $4.5 million today), and a whopping $1.5 million from the state. It was prominently affiliated with researchers like Vernon Mark and Frank Ervin, who had gained scientific fame for their work creating brain implants in human patients to change behavior and motivation; also on board was former LAPD police chief James Fiske, a man known for terrorizing the city’s Black population.

Ronald Reagan also kept a similar system that apparently very few people knew about until he died. In his system, he used 3×5 notecards and kept them in a photo binder by theme. These note cards–which were mostly filled with quotes–have actually been turned into a book edited by the historian Douglas Brinkley. These were not only responsible for many of his speeches as president, but before office Reagan delivered hundreds of talks as part of his role at General Electric. There are about 50 years of practical wisdom in these cards. Far more than anything I’ve assembled–whatever you think of the guy. I highly recommend at least looking at it.

his adulation for Ronald Reagan