So much that has gone wrong in America—including the subprime mortgage crisis and the meltdown of the financial sector—can be traced directly to Reagan's policies. The financial deregulation launched in the 1980s freed banks and securities firms to squander hundreds of billions of dollars and make a shambles of the economy. Boom-and-bust cycles, obscene CEO salaries, blackouts, drug-company scandals, collapsing bridges, plummeting wages for working people, the flight of U.S. manufacturing abroad—these are all products of Reagan's free-market zealotry and his gutting of the public sector. Reagan pioneered the use of wedge issues like race and the war on drugs to distract America while his administration empowered corporations to lay waste to our traditional ways of life.
In the spirit of Thomas Frank's What's the Matter with Kansas?, Kleinknecht takes us to Reagan's hometown of Dixon, Illinois, to show that he was anything but a friend to Main Street America. Relying on detailed factual analysis rather than opinion, The Man Who Sold the World is the first major work to explode the Reagan myth.